Why May is the Best Time to Sell Your Home

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ATTOM Data Solutions released This Week in Real Estate an analysis of 40 million home sales from 2011 – 2020 and the research concluded that home sellers realize the biggest premiums in May. Below are a few newsworthy events from the first week of May that influence our business: 

Top 5 Best Days to Sell a Home Occur in May. The months of May and June offer the greatest home seller premiums – with ten of the best days to sell in the month of May alone. According to this most recent analysis of 40.1 million home sales from 2011-2020, home sellers selling in the late spring and early summer are realizing the biggest premiums – on average 13.4 percent above estimated market value in May and 11.7 percent above in June. The analysis looked at any calendar days in the last ten years with at least 10,000 single-family home and condo sales. The months realizing the biggest home seller premiums include: May (13.4 percent); June (11.7 percent); July (11.2 percent); April (9.2 percent); August (8.9 percent); March (8.6 percent); February (8.2 percent); September (7.5 percent); January (6.6 percent); November (6.4 percent); October (5.8 percent); and December (5.8 percent). Among the top five days fetching the biggest home seller premiums, May 23 is the best day of the year to sell a home, producing a premium of 19.3 percent above market value, followed by May 27, May 16, May 20 and May 19. 

U.S. Unemployment Claims Reach New Covid-19 Pandemic Low. Worker filings for unemployment benefits in the U.S. reached a new low since the Covid-19 pandemic began more than a year ago – the latest sign that the labor-market rebound is gathering force. Jobless claims, a proxy for layoffs, fell 92,000 last week to 498,000, the Labor Department said Thursday. That brings the four-week average of initial claims, which smooths out volatility in weekly data, to the lowest point since the pandemic took hold, though still well above pre-pandemic levels. “Overall it looks like we’re seeing healing in the jobs market,” said Beth Ann Bovino, U.S. chief economist for S&P Global Ratings.   

Home Price Gains Were at a 15-Year High in March. National home prices increased 11.3% year over year in March 2021, according to the latest CoreLogic Home Price Index (HPI) Report. The March 2021 HPI gain was up from the March 2020 gain of 4.6% and was the highest year-over-year gain since March 2006. Low mortgage rates and low for-sale inventory drove the increase in home prices. A pick-up in construction and an increase in for-sale listings as more homeowners get vaccinated may help moderate surging home price growth. Home price growth accelerated for all four price tiers to the highest rates since 2005 for the low-price tier and since 2006 for the other three price tiers. The lowest price tier increased 15.1% year over year in March 2021, compared with 13.3% for the low- to middle-price tier, 13% for the middle- to moderate-price tier, and 12.2% for the high-price tier.   

Did you know every home listed for sale with Berkshire Hathaway HomeServices Northwest
Real Estate is eligible to receive no obligation home warranty coverage from American Home
Shield or 2-10 Home Warranty the first six months the home is listed with our company?

  www.bhhsnw.com

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