Dallas realtor Rogers Healy joins ‘Fox & Friends’ to break down the latest developments in the housing market.
The best time to sell your home is this week, given that there is “an ideal balance of housing market conditions that favor home sellers,” according to real estate experts.
April 14 to April 20 is the “peak week” for sellers to maximize their return on investment, according to Hannah Jones, Realtor.com’s senior economic research analyst.
During the seven-day period, the median listing price will jump 34% compared with the start of the year based on seasonal trends from the prior year, according to Realtor.com data.
REAL ESTATE EXPERT EXPLAINS HOW HOUSING PROBLEMS ARE GETTING WORSE
The real estate listings website operated by the News Corp subsidiary Move Inc. said there are about 22.8% more views on homes during this week. Homes also sell about 17% faster during this seven-day stretch.
While this is considered “the” week to sell, Realtor.com chief economist Danielle Hale expects a handful of sellers to jump back into the market this year.
A “For Sale” sign outside a home in Atlanta on Feb. 17, 2023. (Dustin Chambers/Bloomberg via Getty Images / Getty Images)
According to a recent survey from Realtor.com and Censuswide, homeowners that plan to sell this year have been thinking about doing so for an average of two years. About 85% consider a sale for between one and three years.
Hale said homeowners “have been eagerly waiting for mortgage rates to come down so that they can sell their current home and more affordably upgrade to a new one.”
REALTOR DESCRIBES THE SHIFT THAT’S DRIVING REAL ESTATE ‘ACROSS THE BOARD’ IN TOP MARKETS
A house is for sale in Arlington, Virginia, on July 13, 2023. (Photo by SAUL LOEB/AFP via Getty Images / Getty Images)
Realtor.com forecasts that average mortgage rates will reach 6.5% by the end of the year.
As of April 11, the 30-year fixed-rate mortgage averaged 6.88%, according to mortgage buyer Freddie Mac. A year ago, it averaged 6.27%.
RENTING IS A BETTER BET IN MARKETS ACROSS THE US
With mortgage rates projected to ease throughout the year, albeit slowly, some sellers are planning to get off the sidelines, “and make a move, with the majority expecting to buy a new home at the same time that they sell their current one,” according to Hale.
While sellers are still optimistic about the market, they are approaching the sale of their home this spring “with noticeably more realistic expectations than sellers in previous years,” according to Realtor.com.
About 12% expect a bidding war to take place, down from 27% in 2023. About 15% expect to get more than the asking price, which is down from 31% from last year.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
About 15% also expect to have an offer within a week, which is down from 37% in 2023. About 15% also expect buyers to be willing to forgo contingencies like inspections and appraisals to make the deal. That’s down from 35% in 2023, according to Realtor.com.
People seeking to sell this year are hoping to get around $462,000 on average. About 24% are trying to recoup between $500,000 and $750,000, according to the data.
