May Is Best Month For Home Listing According To Zillow
Home listing for spring has officially begun, but according to most real estate agents the spring housing market started about a month ago. With the demand of homes for sale not even close to supply, competition had been fierce.
This had changed the rules of the real estate market. It is a seller's market, but not every home sells quickly, especially if they are not priced right and if the time is not right. Economists have weighed in on the best time to sell and it greatly differs depending on who you ask.
Stan Humphries, chief economist at Zillow Group said that the best time is early May, and the reason was because inventory is tight that many homebuyers had put in multiple offers. This had extended the length of the homebuying season, such that later in the season. As such, people are more eager to purchase the house because they had been frustrated with previous offers, and they were willing to pay a little bit more money, according to CNBC.
Home listings this buying season were 9 percent fewer compared with a year ago, according to Zillow. So, selling in early May resulted in selling homes about 18 days faster and for about 1 percent more than they did otherwise.
In other words, Zillow predicted that a buyer-desperation factor will come by May. This will result in buyers splurging more. Back in 2011 and 2012, when there was fewer buyer competition, March was optimal for sellers. Zillow then compared the last two years, when competition was greater. He found May was more positive in 18 of the 25 largest housing markets. Humphries said that in most markets right now, they were seeing the normal way of buying to have changed to staging for various offers, which is a big change from where it was just 3 or 4 years ago, according to Zillow.