Homeowners looking to sell their home may want to consider doing so on these days to gain the most profits, according to a recent ATTOM report. (iStock)
Selling a home during the summer months can be the most profitable time to do so, and there are some days in particular during that time that homeowners can earn a premium, according to recent data from ATTOM Data Solutions.
Analysis of data from the past 11 years showed that May, June and July yield the best results for sellers, and homeowners who sell their home during these months can make an average of 10% more than the market value of their home. In fact, the top 15 best days to sell a home are all in May.
Here are the five best days to sell a home, as well as the average seller premium earned on these days:
- May 23 – 18.3%
- May 27 – 17%
- May 16 – 16.8%
- May 20 – 15.4%
- May 19 – 14.9%
If you are looking to sell your home and buy a new one, it’s good to compare different mortgage rates and lenders to help find the best option for you. You can visit Credible to find your personalized interest rate without affecting your credit score.
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Home sellers gain the highest premiums in these months
Since the top 15 best days for home sales all occur in May, it comes as no surprise that it’s also the best month to sell a home. ATTOM’s data showed that in May, sellers earned an average premium of 12.6%. But other summer months can also bring sellers higher-than-usual gains. Here are the best months to sell a home:
- May – 12.6%
- June – 10.7%
- July – 10%
- April – 9.2%
- March – 8.9%
“April showers may bring May flowers, but May brings home sellers the best opportunities to watch their profits grow,” Rick Sharga, ATTOM executive vice president of market intelligence, said. “Homeowners looking to maximize the price premium they can claim on their homes should sell their properties in May, June, and July when buying activity is at its peak.”
If you are interested in entering today’s housing market, you could consider using an online marketplace like Credible to help find a mortgage lender for your next home purchase. Visit Credible to compare multiple mortgage lenders at once and choose the one with the best rate for you.
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Home prices rising at rapid rates
According to the latest Case-Shiller U.S. National Home Price Index data, median sales prices of homes increased by nearly 20% annually in February. This created more affordability challenges for homebuyers but gave sellers and homeowners an advantage as they build more equity in their homes.
“The National Composite’s 19.8% year-over-year change for February was the third-highest reading in 35 years of history,” S&P Dow Jones Indices Managing Director Craig Lazzara said when the Case-Shiller home price data was released. “That level of price growth suggests broad strength in the housing market, which is exactly what we continue to observe.”
Markets with the highest home price increases included Phoenix, Tampa and Miami.
Interest rates have also been rising, with the 30-year mortgage surpassing the 5% mark, according to data from Freddie Mac. And as the Federal Reserve plans more rate hikes for 2022 and 2023 in order to combat decades-high inflation, interest rates are likely to continue rising higher.
If you want to take advantage of current mortgage rates before they rise higher, you could consider taking out a mortgage refinance. To see if this is the right option for you, contact Credible to speak to a home loan expert and get all of your questions answered.
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