May is Seller Magic Month
List your home at the right time, and it could sell faster and at a higher price. When it comes time to sell a home, every seller wants the same outcome: to sell quickly and for as much money as possible. According to a new real estate market analysis, listing a home toward the end of spring significantly increases a seller’s chances of making these two things happen.
In twenty of this country’s 25 biggest metro markets, the best month to sell your home is April or May. Nationally, homes listed in early May sell 9 days faster and for 1% more than the average listings.
May 1st through 15th is the best time to capitalize on listing your home as a seller for both Oregon and Washington with sales taking 16.5 days less and $6,300 more in Oregon and 15 days less and $9,300 more in Washington.
The lower supply of homes for sale has pushed the ideal window later into the spring months. Most buyers who start searching for a home in early spring need to look at several homes and make multiple offers. Many will still be trying to purchase their new home a few months later.
By May, the seller magic month, some buyers will be anxious to avoid more disappointment, eager to get settled into a new home before the next school year and will be more willing to make competing offers with possible incentives for sellers.
The May as seller magic month boost is particularly notable in the Seattle Washington and Portland Oregon greater metro areas. Sellers who listed in the first half of May stand to gain the biggest price boost nationally at 2.5% and 2% respectively.
Keep in mind that typically warm regions like Miami, Tampa and Phoenix tend to show little variation in sales price or days on market based on listing months. Sellers in these markets will find more flexibility in choosing when to sell.