The 2023 real estate market was unprecedented,which is just about the only thing it had in common with the covid era. As we approach 2024, would be sellers face a crucial question: When is the right time to list your home? In my 2024 Predictions blog I noted a significant increase in 2024 listing pipeline and Redfin is reporting the same. The question is whether buyer demand will keep up or not.
Current Market Overview:
2024 ushers in cautious optimism for both sellers and buyers. Reflecting on my own experience, I remember making an offer on a home in August 2023 when rates were over 7%. Looking back, I wish I had been more aggressive, as that home would likely sell at a higher price in todays lower rate environment. The past year, with fewer sales since 2008, was shaped by sellers staying put due to inventory constraints and buyers sidelined by rate hikes. However, 2024 promises change. My listings pipeline mirrors Redfin's reports of increased competition, raising questions about buyer demand keeping pace.
Factors Influencing Listing Time:
The spring selling season traditionally kicks off around March 1st, but the last few mild winters saw a robust market start earlier. If the weather is decent, listing in February can be advantageous due to less competition. Other significant listing weekends include the weekend before spring break, the weekend after Easter, and late April to coincide with the blooming of azalea shrubs, a surprisingly popular timing for many boomers ;)
Optimal Timing for Listing in the New Year:
Listing in the first quarter could provide a strategic advantage due to fewer homes on the market, though this decision is deeply influenced by local market trends, political shifts surrounding the presidential election, and unpredictable economic factors. However, timing is uncertain; while buyer interest often surges in late spring and early summer, forecasting the market is a fool's errand. We understand our immediate landscape better than distant horizons – predicting the next three months is more generally easier than projecting the next six.
Conclusion:
Timing the real estate market, much like my personal experiences in 2023, involves navigating uncertainties and opportunities. For sellers in 2024, success will depend on their ability to understand and adeptly respond to the market's rhythm.
