Zillow says "the magic listing window" has moved from March to May. Zillow found U.S. home sellers who listed their house the first half of May earned one percent more on their final selling price and sold their homes 20 faster.
Zillow's data scientists used its Best Time to List tool in specific Zip codes to determine the optimal time.
Why is this happening? Tight inventory. Here in Las Vegas, we only have a three-month supply of homes listed. A healthy, balanced market has a six-month supply.
What does that mean for buyers? Many things:
Get preapproved not prequalified from a lender. Sellers today can be quite picky. Almost all want to see the lender preapproval submitted with every offer. I have run across sellers who won't let buyers IN unless their agents see the preapproval letter first. Really.
If you see something you want, make your best offer the first one. If you like it, chances are someone else does too. With low inventory, you have to get there first with THE BEST offer to win the prize.
Have your Realtor set you up on alerts, so you can see the new listings in real time. The goal is to be the first to know.
Sellers: Just because there is a dearth of homes on the market doesn't mean you can make up a price. With so much knowledge on the Internet, buyers today are super savvy. They won't pay too much for a home.
If you want to list your home in May, call, text, email or send a carrier pidgeon. I am here for you!
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