September 9, 2024

Hey Real Estate Readers!

Thinking about selling your home and wondering when to pull the trigger? Timing can make all the difference in the world (or at least in your home sale). It's like catching the perfect wave at the beach — a little patience and strategy can help you ride high when it's time to list.

Peak Week: The Magic Window

According to real estate experts, the best week to sell your home isn't just a myth. Zillow's research found that the end of April to early May is the sweet spot for maximizing the sale price and minimizing the time your house spends on the market. Homes listed during this period often sell for more than homes listed at other times of the year, sometimes raking in thousands more. But why?

Why End of April to Early May?

As the weather warms up and schools approach summer vacation, buyers are out in full force, searching for that perfect home to settle into before fall. For the military community in the Norfolk and Hampton Roads area, where PCS season is in full swing, it's not just convenience — it’s necessity. Families prefer to move during the summer, so listing in late April or early May puts your home on the radar of those who want to move fast.

Shorter Time on the Market

Besides snagging a higher price, homes listed in this golden window tend to sell faster. Zillow found that homes listed in this timeframe sell about six days faster than the average listing. It makes sense: more buyers, more competition, quicker offers. You can thank the perfect alignment of warmer weather, end-of-school-year planning, and a booming real estate season.

The Best Day to List Your Home: Thursday

Here's another key to success: list your home on a Thursday for an even better chance of selling quickly and for more money. Zillow’s research shows that homes listed on Thursday go under contract faster than those listed any other day of the week. In a market where homes sell in just seven days, that difference is significant. 

Why? Buyers often plan their weekend home tours by Thursday, meaning your freshly listed home will be top of mind. In fact, homes listed on Thursday tend to go pending faster than those listed on any other day. 

Conversely, avoid listing on Sundays, as homes listed then can linger on the market eight days longer on average.

For comparison, homes listed on Sunday often sit on the market eight days longer than Thursday listings. And while Saturday and Monday might seem like good days, they’re only marginally better than Sunday, usually adding an extra seven days on the market compared to Thursday.

Not only that, but Thursday listings are also 1.5% more likely to sell above the asking price, while homes listed on Saturday or Sunday were 1.3% less likely to go above list. For the best outcome, stick to Thursday—and let the offers roll in!

Realtor.com’s 2024 Insights

Realtor.com identified the week of April 14-20, 2024, as the ultimate time to list your home for maximum return. During this golden week, sellers were projected to benefit from several key market conditions:

1. Above-Average Prices – Homes listed during this week historically see prices that are 10.4% higher than at the start of the year. That could mean as much as $34,000 more than selling earlier.

2. Increased Buyer Demand – Listings during this time receive 18.4% more views than the average week, indicating stronger buyer interest.

3. Faster Sales – Homes tend to sell about 9 days faster during this period compared to other weeks.

4. Less Competition – Fewer sellers are on the market during this time, which means less competition and more buyer attention on your property.

5. Fewer Price Reductions – You’re less likely to have to reduce your price, with a 24.6% lower chance of price cuts compared to other times of the year​(Media | Move, Inc.)​(Realtor).

Virginia’s Unique Market

Now, national trends are great and all, but what about here in Hampton Roads? While the general principles hold true, it's worth noting that the local market in Virginia Beach, Chesapeake, and Norfolk can have its own ebb and flow. Given the military community's impact here, timing your home sale with PCS season (which typically heats up from May to August) means you're capitalizing on an influx of buyers needing to relocate quickly.

Strategizing Your Sale: What to Consider

Here are some tips to get your house market-ready before April rolls around:

1. Curb Appeal: Spring is in bloom, and your yard should be too. First impressions count, so give your landscaping some love.

2. Repairs: Got that one leaky faucet or squeaky door? Fix it before the buyers start touring.

3. Staging: Less is more when it comes to staging. Declutter, rearrange, and let the natural light shine in to make your space look as inviting as possible.

A Note on Flexibility

If the end of April to early May doesn’t align with your plans, don’t worry. Listing your home anytime between April and June still gives you a great shot at selling quickly and for a good price. Plus, the military-driven market here means there’s demand even outside the “prime” window.

Your Selling Season Starts Now

Ready to dive in? Whether you're considering selling in late April or need to list earlier or later, there's ALWAYS a market for your home in Hampton Roads. Timing might be crucial, but with the right prep and a bit of strategy, you’ll be riding the wave of success in no time. Every seller has unique needs and timelines, and I am here to be your guide throughout every step of the way!

Your partner in all things real estate,
Ally

Sources:

• Zillow. "Best Time to Sell Your House." Zillow.

• Realtor.com. "The Best Times to Sell Your House if You Want Top Dollar." Realtor.com.

Have questions or want to share your experiences? Drop a comment below! ⬇️

Need one on one help strategizing preparations for renting your home? Want to see if using a property manager or limited service rental assistance is right for your? Set up a Real Estate Goals Consultation Here: Let's Get In Touch!