According to a recent MReport, new data shows that summer months are the best time to sell homes. ATTOM Data Solutions revealed that there is a good, better, and even best day to sell your home. The analysis showed that 11 particular days are deemed as the prime time to move. Eight of these days are in June and three are in May, therefore the summer is the best time to sell a property. The reason for this is these eleven days offer sellers premiums of at least 10%. In June, the data showed that homes were sold 9.6% above market value on average. Additionally, homes sold in May were 8.3% higher than market value on average. Transactions completed in May, June, and July typically net 7% to 10% over market value, which amounts to around $17,000 to $25,000 on the typical home nationwide. These months were proven to be the most popular months to purchase a home. Home sellers took notice and are wise to consider those months to have a greater chance of receiving the most optimum premiums.
WHAT ELSE DID ATTOM SAY?
Todd Teta, Chief Product Officer with ATTOM Data Solutions stated, “Timing the housing market is far from an exact science. But home sellers who want to get the highest price should aim to complete their deals during the peak house-hunting season in late Spring or early Summer when the most potential buyers are out looking”. Teta also stated that this summer may be an exception due to COVID-19. If many potential buyers are staying home, social distancing, or worrying about job security, they may not move. According to the National Association of Realtors, existing home sales in April were the lowest level of sales since July 2010.
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