BAM Key Details:
- According to Realtor.com, the best time to sell property in 2023 is April 16-22.
- Sellers who list their homes during this window will experience the best combination of market conditions and could boost their sale price by $48,000—if they prepare for the sale with calculated repairs, valuable updates, and effective marketing tactics.
A homeowner who lists their home during the right week could get $48,000 more from their sale, compared to listing at other times in the year.
And according to Realtor.com, the window for the best time to sell a home in 2023 is April 16-22.
Because sellers who don’t prepare for listing are far less likely to see a five-digit boost in their home’s market value during that window.
And by prepare, we mean making calculated repairs, adding valuable updates, and using effective marketing tactics. According to a survey by Realtor.com and HarrisX, 60% of homeowners spent up to three months completing these steps. So if you’ve got a seller on the fence, it’s time to help them get ready.
Many home shoppers kick off their search in the early spring and they often beat the majority of home sellers to the punch. For this reason, sellers who list on the earlier side will get more buyer attention and therefore be more likely to sell quickly and for a higher price.
Here’s what you need to know.
Why April 16-22 is the best time to sell in 2023?
Smart sellers who were hoping to maximize the ROI from their home sales are already making preparations to list their homes April 16-22 to take advantage of the sweet spot in the following market conditions:
- Higher home prices—Historically, homes listed during this week were priced 2.1% higher than the average week and 12.1% higher than at the start of the year. If 2023 follows that trend, the national median price could rise $8,400 higher than the average week and $48,000 more than the start of the year.
- Strong buyer demand—Historically, homes listed during this week had 16.4% more views than the average week, but in 2022, listings had 32.5% more views than average, since buyer demand plummeted later in the year.
- Less competition from other sellers—Historically, we would see 9.3% fewer sellers with active listings during this week, compared to the average week. In 2022, we saw significant gains in inventory as buyer demand dropped, but sellers reacted by withdrawing their listings by the end of the year. Active inventory at the start of 2023 was 65.5% higher compared to 2022 but 43.2% lower than pre-pandemic levels, meaning sellers are likely to see less competition, especially during this time window.
- Faster sales times—Thanks to above-average buyer demand, homes have historically sold 18.0% faster during this week, compared to the average week for the year. In 2022, homes spend about 32 days on the market, which is 13 fewer days than the year’s average and 37 fewer days than the typical days on market in 2019. While housing experts don’t expect the same level of buyer activity in 2023, they still expect faster sales during this week compared to the average week.
Best tips for sellers preparing to list their homes
According to that recent survey we mentioned earlier, it took most sellers (80%) two weeks to six months to prepare their homes for sale. The sweet spot (32%) was between 1-3 months.
For most sellers (56%), preparing their homes for listing took longer than expected, while 23% said it took less, and 22% said it took roughly as long as they expected.
With that in mind, it makes sense to encourage homeowners to start preparing as early as possible, in case it takes longer than their best guess. Focus on repairs and updates that ensure their home looks well cared for and up-to-date with routine maintenance.
You don’t want any of your sellers saying things like “Oh, yeah. I was meaning to fix that” to a potential buyer. This is where a thorough inspection comes in, along with the homeowner’s readiness (and ability) to make necessary repairs and improvements.
To prepare their home for listings, recent sellers took the following actions:
- Made repairs/updates (35%)
- Cleaned and decluttered their home (33%)
- Found an agent to help them (31%)
Chances are good that the agents consulted were those who had created content to help local homeowners prepare their homes for sale. And in order to market their homes effectively, sellers and their agents did the following:
- Had listing photos taken (34%)
- Created marketing materials such as flyers (27%)
- Created a 3D/virtual home tour (20%)
- Staged the home (11%)
Even minor home repairs can make a big difference during a showing. Buyers who see leaky faucets and doors that don’t close (or are difficult to open) are more likely to wonder about larger potential issues with the home.
Here are the most common repairs made by Realtor.com survey respondents:
- Minor cosmetic updates—like updating light fixtures, faucets, drawer pulls, etc. (16%)
- Carpet/floor replacement or refinishing (14%)
- Landscaping—like adding mulch, a raised-bed garden, vegetation, etc. (13%)
- Full painting of exterior (12%)
- Touch-up paint (12%)
- Full painting of interior (12%)
- Replacing major appliances—including kitchen or laundry (11%)
- Replacing the roof (9%)
- Replacing major systems—like HVAC, hot water heater, heating (8%)
- Caulking (6%)
- Replacing grout (6%)
In today’s market, it’s really important to price your home well and make sure that it looks its best in order to get top dollar and find a buyer quickly. There are still buyers in the market, but due to high prices and interest rates, they’re being a bit more picky than they were the past several years.
Top takeaways for real estate agents
Use your social media presence to answer sellers’ questions about preparing to list their homes. You could devote an entire video series to specific repairs, updates, and DIY home improvement projects to increase the value and curb appeal of their homes.
The more you add value to your audience’s experience with your brand, the more likely they are to think of you when they’re ready to list their property—or shop for their next home.
Be as prepared as you hope your sellers will be.