Tag Archives: best time to list

Summer is the Best Time to Buy

Most inventory and price cuts occur in August and September

By Jeff Sorg, OnlineEd Blog

(April 5, 2017)

canstockphoto2590514 sun flowers 4(SEATTLE, May 4, 2017) PRNewswire — Patience pays off for home buyers. The best time to buy a home is late summer when there are the most options and frequent price cuts.

As summer approaches, overall inventory of homes for sale is down 5.3 percent from a year ago, signaling another competitive home shopping season for buyers this year. Even in markets that have seen a recent uptick in the number of homes for sale, inventory is still well below the levels of five years ago.

A new Zillow® analysis shows that there are more homes for sale at the end of summer than at any other time of year, giving buyers the greatest selection. In most major metros, August had more for-sale listings than any other month. In Los Angeles, for example, there were about 8,000 more homes for sale in August than in April. In Seattle, the difference was about 5,000 listings.

At the same time, price cuts are more common as home sellers start to worry about not selling their homes. Across the country, 15 percent of listings in August have had price reductions. In most large markets, buyers are most likely to find a home with a reduced price tag in either August or September.

The home shopping process can be stressful for buyers. On average, buyers spend more than four months shopping for a home, and put in at least two offers before buying, according to the 2016 Zillow Group Report on Consumer Housing Trends. Buyers who have been unsuccessful so far may find better luck in the later months of the summer.

“In such a competitive housing market, it’s easy for buyers to get frustrated when they are putting in multiple offers without success,” said Zillow Chief Economist Dr. Svenja Gudell. “Buyers who start their home search in the spring may still be looking months later – but for those who can wait it out, the end of summer will bring more favorable conditions. Homes that may have been overpriced earlier in the year are more likely to have a price reduction, and those listings passed over in earlier months may look better with a fresh perspective.”

Spring traditionally kicks off the home shopping season – most new listings hit the market during these months. April in particular had more new listings than any other month in 2016.  However, shopping in spring can be competitive, and these homes are more likely to sell for a premium. Homes listed in late spring sell faster and for a $1,500 premium on average, according to Zillow’s Best Time to List analysis.

Share of Active Listings with a Price Cut – 2016

Metropolitan Area March April May June July August September October
United States 12.6% 12.8% 12.8% 14.3% 14.4% 15.1% 14.3% 13.0%
New York/Northern New Jersey 11.5% 12.2% 12.3% 13.2% 12.3% 11.9% 12.5% 11.2%
Los Angeles-Long Beach-Anaheim, CA 10.8% 10.3% 10.7% 12.6% 13.2% 14.3% 13.5% 11.9%
Chicago, IL 13.2% 15.9% 16.2% 18.6% 18.6% 19.7% 19.9% 18.2%
Dallas-Fort Worth, TX 10.6% 11.2% 11.6% 13.7% 15.2% 16.4% 15.4% 14.5%
Philadelphia, PA 17.5% 18.5% 18.1% 20.1% 19.3% 19.0% 21.0% 19.7%
Houston, TX 17.1% 16.5% 14.7% 17.2% 19.1% 18.2% 18.2% 17.2%
Washington, DC 13.4% 15.4% 16.3% 17.8% 17.7% 17.1% 17.2% 16.8%
Miami-Fort Lauderdale, FL 14.1% 13.1% 12.1% 12.4% 11.8% 12.1% 11.8% 10.8%
Atlanta, GA 11.6% 12.1% 12.0% 13.3% 14.1% 14.6% 14.0% 13.6%
Boston, MA 10.8% 11.4% 12.5% 14.3% 13.4% 14.2% 14.6% 16.4%
San Francisco, CA 6.8% 7.6% 9.0% 10.3% 11.2% 12.3% 10.9% 10.1%
Detroit, MI 14.9% 13.9% 14.8% 17.5% 18.9% 20.8% 18.9% 17.6%
Riverside, CA 13.8% 12.5% 11.8% 13.0% 13.5% 14.6% 13.6% 12.8%
Phoenix, AZ 21.6% 19.3% 18.7% 18.7% 18.5% 19.4% 19.3% 19.8%
Seattle, WA 6.3% 7.0% 7.7% 9.3% 10.8% 12.1% 11.7% 9.2%
Minneapolis-St Paul, MN 12.8% 13.0% 13.7% 16.4% 17.2% 18.9% 18.6% 17.3%
San Diego, CA 12.9% 12.6% 12.6% 13.7% 14.9% 15.5% 12.7% 8.3%
St. Louis, MO 14.5% 15.3% 15.3% 17.1% 16.9% 17.9% 17.3% 15.7%
Tampa, FL 16.3% 15.6% 14.0% 14.4% 14.1% 14.6% 15.2% 14.6%
Baltimore, MD 16.1% 17.2% 17.7% 19.1% 19.6% 19.2% 19.9% 19.8%
Denver, CO 8.3% 9.3% 10.4% 13.5% 14.2% 15.3% 12.9% 9.1%
Pittsburgh, PA 14.4% 15.1% 15.7% 16.5% 17.4% 17.8% 17.9% 16.3%
Portland, OR 7.2% 8.2% 9.6% 11.4% 13.2% 15.3% 15.2% 13.0%
Charlotte, NC 11.3% 11.5% 11.5% 12.3% 12.9% 13.5% 11.8% 9.6%
Sacramento, CA 8.7% 9.9% 11.0% 12.3% 14.0% 14.6% 13.0% 8.6%
San Antonio, TX 14.3% 15.2% 15.9% 16.8% 19.4% 20.0% 17.9% 16.9%
Orlando, FL 15.9% 15.7% 13.3% 14.2% 14.8% 14.6% 15.1% 14.1%
Cincinnati, OH 13.5% 14.8% 13.7% 16.1% 16.0% 16.7% 15.8% 13.7%
Cleveland, OH 14.1% 13.6% 13.9% 15.9% 15.9% 17.5% 17.0% 16.2%
Kansas City, MO 11.7% 11.9% 12.0% 14.2% 15.0% 15.9% 15.3% 14.8%
Las Vegas, NV 13.0% 12.7% 12.1% 12.5% 13.6% 16.0% 15.3% 14.2%
Columbus, OH 11.5% 11.3% 11.5% 12.9% 14.4% 15.3% 14.8% 12.9%
Indianapolis, IN 13.0% 12.3% 13.1% 14.9% 16.0% 17.7% 16.9% 16.3%
San Jose, CA 7.7% 8.5% 9.9% 12.0% 11.9% 13.9% 13.1% 12.1%
Austin, TX 12.4% 13.1% 13.7% 15.3% 17.3% 17.0% 16.8% 14.1%

For the full data, visit Zillow Research: http://www.zillow.com/research/strategy-best-time-to-buy-15066/

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark

Stats Say The Best Time to List is in Early May

On average homes listed in early May sell nine days faster and for one percent more 

OnlineEd Blog

canstockphoto1864187moneywoman(March 2, 2017) – Zillow– Listing a home toward the end of spring significantly increases a seller’s chances of selling their home faster and for more money, according to new analysis from Zillow. Nationally, homes listed from May 1 through May 15, sell around nine days faster and for nearly 1 percent more than the average listing. In 20 of the 25 largest metro areas, the best month to list is late spring, in either April or May.

Housing market dynamics, including low inventory, make the buying season more pronounced in some parts of the country. Sellers in the highly competitive Seattle, Portland, Ore., and Denver markets saw between a 1.5 and 2.5 percent boost to final sale prices when they listed in early May. The lack of new homes for sale in these markets elongates the home-buying season as many buyers are forced to consider several homes and make multiple offers. Less than half of buyers got the first home on which they made an offer, according to the Zillow Group Report on Consumer Housing Trends.

Weather patterns also affect the exact best window to sell in different areas. Sellers in Texas, California and Florida will find themselves with more flexibility in list timeframe, as many regions without distinct climate changes show little variation in sale price based on listing month.

“With 3 percent fewer homes on the market than last year, 2017 is shaping up to be another competitive buying season,” said Zillow Chief Economist Dr. Svenja Gudell. “Many home buyers who started looking for homes in the early spring will still be searching for their dream home months later. By May, some buyers may be anxious to get settled into a new home— and will be more willing to pay a premium to close the deal.”

Additionally, listing on different days of the week can impact the number of buyers who will view the new listing. Listings that appear on Zillow on Saturday earn an average of 20 percent more views in the first week on market than early-in-the-week listings; similarly, Friday listings on Zillow earn 14 percent more views that those published on Monday.

To apply this analysis to individual homes, homeowners can use Best Time to List, a tool that estimates how much the timing of a listing will influence the final sale price for their home and their own market. Registered Zillow users access the tool by clicking the “Sell Your Home” tab on the home details page of their home, and obtain valuable information to pair with the expertise of a local real estate agent when determining the best time to put their home on the market.

Metro Area Ideal
Timeframe to
List Home
Days Sold
Faster than
Average
Average Sales
Premium (%)
Average Sales
Premium ($)
Ideal Day of the
Week to  List
United States  May 1 – 15 9 0.8% $1,500 Saturday
New York/Northern New Jersey May 1 – 15 7.5 0.7% $2,600 Saturday
Los Angeles-Long Beach-Anaheim, CA  April 16 – 30 15 1.0% $5,600 Friday
Chicago, IL  May 1 – 15 12.5 1.3% $2,500 Friday
Dallas-Fort Worth, TX  May 1 – 15 9 1.3% $2,400 Saturday
Philadelphia, PA  May 1 – 15 9.75 1.0% $2,000 Friday
Washington, DC April 1 – April 15 15 1.2% $4,500 Thursday
Miami-Fort Lauderdale, FL  March 1 – 15 8 0.7% $1,500 Saturday
Atlanta, GA  April 1 – April 15 19 1.4% $2,200 Friday
Boston, MA  April 16 – 30 13.5 1.2% $4,500 Wednesday
San Francisco, CA  May 16 – 31 5.5 1.3% $10,200 Friday
Detroit, MI  March 16 – 31 17.5 1.5% $1,900 Sunday
Riverside, CA  April 1 – 15 15 1.1% $3,400 Friday
Phoenix, AZ  April 16 – 30 14.5 0.8% $1,700 Saturday
Seattle, WA  May 1 – 15 15 2.5% $9,300 Thursday
Minneapolis-St Paul, MN  May 16 – 31 6 1.4% $3,200 Friday
San Diego, CA  April 1 – 15 13 1.3% $6,200 Saturday
St. Louis, MO  May 1 – 15 10.5 1.3% $1,800 Saturday
Tampa, FL  March 1 – 15 10.5 0.9% $1,500 Saturday
Baltimore, MD  April 1 – 15 21.5 0.9% $2,300 Saturday
Denver, CO  May 1 – 15 8 1.7% $5,600 Friday
Pittsburgh, PA  March 16 – 31 17 0.9% $1,100 Saturday
Portland, OR  May 1 – 15 16.5 2.0% $6,300 Friday
Charlotte, NC May 1 – 15 12.25 1.1% $1,700 Saturday
Sacramento, CA April 1 – 15 17.5 2.0% $6,600 Saturday
San Jose, CA May 1 – 15 9 1.6% $14,900 Wednesday

[Source: Zillow media release]

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For more information about OnlineEd and their education for real estate brokers, principal brokers, property managers, and mortgage brokers, visit www.OnlineEd.com.

All information contained in this posting is deemed correct as of the date of publication, but is not guaranteed by the author and may have been obtained from third-party sources. Due to the fluid nature of the subject matter, regulations, requirements and laws, prices and all other information may or may not be correct in the future and should be verified if cited, shared or otherwise republished.

OnlineEd® is a registered Trademark