Selling a Home in May? These Cities Command a Premium
(Bloomberg) -- Timing is everything when it comes to the housing market. There are key contributing factors such as the economy and the business cycle. There is the psyche of buyers -- where everything from the job market to interest rates to weather can play a role. With this in mind, ATTOM Data Solutions analyzed almost 15 million home sales from 2011 to 2017 to determine the best month to sell a home.
Probably because schools are out and the summer heat hasn’t yet arrived, the report found that June 28th is the best day of the year nationally. The average seller sees a 9.1 percent premium above the estimated market value on that day.
Of course, all real estate is local and locales can vary greatly. For instance in Miami, one is better off selling in January and the influx of snowbirds is likely the reason Phoenix is best in November.
Elsewhere, if you are thinking of selling a home soon, time is short to spruce it up in these areas where selling in May commands the best price:
|Shreveport-Bossier City, LA||16.9%|
|San Luis Obispo-Paso Robles-Arroyo Grande, CA||7.3%|
|Santa Rosa, CA||6.5%|
|Des Moines-West Des Moines, IA||6.3%|
|San Francisco-Oakland-Hayward, CA||5.4%|
|St. Louis, MO-IL||3.7%|
|Green Bay, WI||2.9%|
|Spokane-Spokane Valley, WA||2.7%|
|Little Rock-North Little Rock-Conway, AR||2.4%|
|Riverside-San Bernardino-Ontario, CA||2.3%|
|Sebastian-Vero Beach, FL||1.0%|
|Omaha-Council Bluffs, NE-IA||0.7%|
©2018 Bloomberg L.P.