Recent real estate reports from 2024 show that most sellers who listed their homes in the spring had a higher return than any other season last year, with a few exceptions across the country. Realtor.com examined seven years of sales data and concluded that April 13-19 is the best week to list a home and get the most return; however, that time of year may not be best for all regions. In a similar report, Zillow’s economic research found that the end of May is the most effective and lucrative time for new home listings. While it’s no secret that spring has historically been a strong season for home sales, the current economy’s impact remains uncertain as the peak home buying and selling season approaches.
Spring Sales
According to Zillow’s report, spring sales earned homeowners an additional 1.6 percent more on the sale of a home versus any other time last year. For example, a $300,000 home could earn a seller an additional $4,800 more in the spring than in the late fall or winter. Both reports agree that the highest returns for sellers took place between mid-March to early August, but Realtor.com identified April 13-19 as the best time for sellers by reviewing listing prices, competition and demand each week since 2018, excluding 2020. Mortgage rates were not included in the research. It takes about a month for most people to prepare their home to list, so now is the time to freshen up the paint and lawn to take advantage of peak homebuying season.
What to Expect in the Current Economy
Layoffs in the public sector, inflation, and increasing construction expenses are expected to influence home sales this year. However, it remains uncertain how these factors will affect buyer confidence. Some individuals who had planned to use stock investments for their down payment may choose to delay their purchases due to fluctuations in the stock market. We’re only a few months into the year, but some properties already spend more time on the market than they may have a year ago. Of course, the extra time properties are sitting on the market could also be a result of Indiana’s ever-changing winter weather this year.
Getting Started
Whether it’s trying to sell a home now or later this season, it’s important to get the property in order before listing it on the market. Here are a few tips to get started. First, remove pictures and items from the walls; potential buyers want to envision the space as their own. Second, declutter; start cleaning out areas of the house to make rooms seem more spacious and open. For example, move small appliances off countertops and into cabinets or the pantry and store away toys in boxes or closets. Third, clean up the lawn by trimming bushes, planting flowers, adding mulch to flower beds, edging along the driveway and sidewalks, and powerwashing any areas of dirty concrete. Finally, consider adding a fresh coat of paint to baseboards and walls in common areas. It takes time to complete these tasks, but doing so can make a home more welcoming and easier for a potential buyer to see their belongings in the space.