With credit given to Zillow CEO, Spencer Raskoff and Zillow Chief Economist, Stan Humphries
Chapter 12 of the book, “Zillow Talk”, is entitled “March Madness: When to List Your Home”. After crunching endless data over many years, the authors conclude that conventional wisdom to list early in the year is generally correct; however, they focused on “how early”?
After analyzing 4 million homes in the Zillow data base, homes listed in the last week of March sold for the most money and sold the fastest. They conclude that the trick in this time frame is that sellers are listing early enough to not get lost is the blitz of “spring market” listings, yet late enough to not dawdle on the market in the cold winter days.
Many buyers these days sift through available listings many times before buying. If their peak interest level is in, say, early spring, it is perfectly logical that listings which pop up in late March or early April will look “fresh”. In 2011 and 2012, the national average for homes listed in March showed sale prices 2 percent higher and maybe half the days on the market.
To put this all in layman’s terms, Mssrs. Rascoff and Humphries recommend the following. The bold type is theirs, to emphasize their point:
“Put your home on the market after you fill out your NCAA March Madness basketball brackets, but before someone slips on an ivy-green jacket at the Masters Golf Tournament at Augusta National.”
According to the data, and the empirical logic, that time is now.
My thanks again to Spencer and Stan.
Ray Wedell, Realtor
Chartered Financial Analyst, CFA