SAN FRANCISCO–When is the best time for credit union members to be home shopping, and for credit unions to be marketing their mortgage-related products?
With home inventory tight, many consumers have already jumped the traditional spring sales season as both buyers and sellers.
According to new data released by Zillow, there are 9% fewer homes this buying season compared with a year ago. Zillow said that means that listing in early May should result in the sale of a home about 18 days faster and for about 1% more than the seller would have gotten, according to Zillow, which described conditions as the “buyer-desperation factor.”
Looking at data for the past two years, Zillow said March was often thought of as the best time to sell, but May was actually better in 18 of the largest 25 metropolitan housing markets.
Sellers can see the biggest price premiums in May in Chicago, Boston, Minneapolis and Detroit, where Zillow said it found homes selling faster and for more money. In Miami and in Washington, it found April to be better for sellers, but that may already be changing, Zillow said.
Meanwhile, according to Redfin, it found that homes listed on Thursdays are more likely to sell faster, above list price and for more money on average than comparable homes listed on other days of the week. That is because potential buyers are getting ready to go shopping over the weekend. Listing on Saturday, Sunday or Monday are the worst times.