Did you know... a new report stated in the past 10 years of transactions, suggest that sellers are more likely to score the highest premiums in late May. This new report is shedding light on which dates tend to deliver the highest premiums for home sellers and two of those days are just around the corner!
Despite the economic uncertainty dragging down todays market, spring remains the best season to sell a home.
May is the month that pays: Expert opinions vary on ideal times to list a home, a recent Realtor.com report concluded that mid-April is best for sellers while Zillow found that waiting until late May is better. More and more reports are agreeing with Zillow.
The property data firm's analysis of 47.9 million single-family home and condo sales from 2015 to 2024 flagged May as the best month to sell a home. In addition to boasting two of the top five best days of the year to sell, May delivered the highest premium for sellers. The median sale price of homes sold in May was $261,615 - 9.5% above the median value of $239,000. February ranked second for seller profits, with only slightly lower premium of 9.4% followed by April and June at 9.1% and 9%. November shows to be the worst month of the year for sellers with a significantly lower percentage at 6.4%.
Two of the most lucrative days to sell a home are just around the corner! Sellers can typically expect this higher premium on May 27th! Homes sold that day received a median sales price of $270,000, more than $30,000 above the median estimated home value ($239,900).
May 26th was just behind with a seller premium of 13.74%, followed by March 31st (12.9%), and March 30th (12.6%).
While these insights can be valuable for sellers, premiums only matter if a sale actually happens. Buyers must be willing to get off the sidelines amid economic uncertainties and home affordability. Fannie Mae predicts home sales to remain slow through the end of the year, there are signs that the buying season could be picking up.