If tax week has you extra-angsty, here's some good news: It's the best possible time to sell your house, according to Realtor.com.
Historical data shows that April 16-22 offers the most shoppers, sentiment is more positive, and prices are higher than the average week. April 18 is the deadline to file taxes this year.
"This week represents a balanced selection of market conditions that favor sellers," Realtor said in a statement. "While it does not have the highest price or the lowest time on market, this week offers higher than average prices and lower than average time on market while also offering a higher than average number of buyers–measured as viewers per listing."
- Home prices are historically 12.1% higher during this week compared to the average week throughout the year.
- The homebuyer market is typically more dense, with 16.4% more views per listing through these dates compared to the average week.
- Rising home buyer and homebuilder sentiment could create strong conditions for the Spring.
Realtors have always known that spring was the hottest time for the market, because families wanting to relocate know that's when they'll need to start working on selling their home, buying a new one and loading up the moving van if they want to relocate in time for the next school year.
“Many home shoppers kick off their search in the early spring, and they often beat the majority of home sellers to the punch,” said Realtor Chief Economist Danielle Hale. “For this reason, sellers who list on the earlier side will get more buyer attention and therefore be more likely to sell quickly and for a higher price.”
While housing has languished this year as higher mortgage rates drove up the cost of buying, and homeowners with low-rate mortgages were less willing to sell, leading to a dearth of homes for sale, Realtor.com sees a ray of sunshine in 2023 for the market.
Conditions improved slightly in January. Realtor said. While prices rose 8.1% from January 2022, affordability improved, meaning the spring market could be a time of opportunity for both buyers and sellers.
Why April 16-April 22 is the best time to sell
Realtor looked at 2018-2019, and 2021-2022, skipping the pandemic year of 2020. According to the analysis, homes sold for 2.1% more between April 16 and April 22 than the average week, and 12.1% higher than at the start of the year.
If 2023 follows those trends, the national median listing price could reach $8,400 above the average week, and $48,000 more than at the start of the year.
The week typically has 16.4% more home viewings per listing than the average week, and homes have sold 18% faster. Another reason to check out sales prospects soon: Median sales prices for single-family homes dropped 0.2% in February to $363,000, breaking a streak of almost 11 years.
Realtor still anticipates high mortgage rates throughout 2023 as the Federal Reserve tries to curb inflation, so buyers will likely still see high borrowing costs throughout the year.
Inventory improved in 2022 and is growing, though it hasn't returned to pre-pandemic levels.