Sellers Still Benefiting From Bidding Wars

Is Late May the Best Time To List Your House? You may have heard April 12-18 was the “best week” to list your house. That’s based on a report from Realtor.com. But now that it’s passed, you may be wondering if you missed your moment. Here's the good news – you didn’t. Because the reality is, there isn’t just one perfect week to sell your house this Spring. There’s a window. And right now, you’re still in it. Your Window To Sell Is Still Wide Open Here’s why. Different organizations run studies like this every year. And they don’t always land on the exact same week. That’s okay. It’s because they're using different research methods and even different definitions of what “best” means. But the fact that the results vary points to a larger trend. While there may be sweet spots, the entire Spring season gives sellers an opportunity to get some of the best conditions (and best sales prices) of the year. And it’s definitely not too late to jump in. Why Listing in Late May Is the Perfect Play According to Zillow, the best time to list your house this year is the last 2 weeks of May. And that’s approaching fast. Based on their analysis, this is the ideal time to do it if you want to make top dollar. Because, in this 2-week window, homes sell for more . Sometimes, quite a bit more. Depending on where you are and the price point in your area, some homeowners may even net tens of thousands of dollars extra in this sweet spot. As Zillow explains: “Why late spring? Buyer demand typically peaks before Memorial Day. Families want to move during the summer and settle in before the new school year. More buyers shopping at once can spark competition and lift prices .” And they’re not the only ones saying listing in May could be the key to selling for more. ATTOM Data analyzed almost 52 million home sales over the past 10 years and found sellers in May are achieving some of the highest returns . That means the ideal window this year is very much still open. What This Means for You If your goal is to sell for the strongest possible price, this is where timing and strategy come together. And you want to be sure you’re ready to make the most of it. So, what should you be doing right now? When prepping for a fast-moving window like this, you don’t want to waste time or money on the wrong prep work. And your agent is your go-to to make sure you’re focusing on the right things. They’ll be able to tell you if the “best week” is slightly different in your market. And what quick repairs or updates can help you get a higher price, without taking a ton of time or effort. Here's a quick example of things an agent may recommend based on information from Redfin: At the end of the day, when your prep time’s short, doing the right things matters more than doing more things. Bottom Line Zillow says the best time to list your house is just around the corner. Are you ready to make the most of it? If you want to take advantage of this Spring sweet spot and get top dollar for your house, let’s talk about what you need to do now to get ready to hit the market.

Think You Have To Put 20% Down? Most First-Time Homebuyers Don’t. According to Google Trends, online searches for down payment information recently hit an all-time high. And that’s a clear sign more buyers are trying to figure out what they really need to save before making a move (see graph below): If you’re wondering the same thing, you can always turn to the internet for answers. But a lot of the time, it’s better to ask a local expert. Because here’s what a pro would tell you. The 20% Down Payment Myth The idea that you need 20% down to buy a home is one of the biggest misconceptions around the homebuying process. And the data debunks the myth. While there are benefits to putting that much money down, most first-time buyers put down far less. Here’s why. Unless it’s stated by your lender, you typically don’t have to have a 20% down payment. There are even some loan options designed to help you get into a home with a much smaller upfront cost. As the Mortgage Reports explains: “The amount you need to put down will depend on a variety of factors, including the loan type and your financial goals. If you don’t have a large down payment saved up, don’t worry—there are plenty of options available, and you don’t need to put down the traditional 20% . . . many homebuyers are able to secure a home with as little as 3% or even no down payment at all . . . ” For example, FHA loans allow down payments as low as 3.5% , while VA and USDA loans offer zero down payment options for qualified applicants, like Veterans. And those options are just one reason so many first-time buyers are able to buy without a 20% down payment. What Buyers Are Actually Putting Down So, if buyers aren’t doing 20%, how much do they actually put down? According to the National Association of Realtors (NAR), the median down payment for first-time homebuyers is only 10%. That’s half of what you probably expected. That means if you’re aiming to save 20% because you think you have to, you may be setting a timeline that’s longer than necessary. And here’s some more good news. It’s not only that you may be able to buy with less money down than you thought, but there are also options to help you get to your down payment goal even faster. Why You Should Look into Down Payment Assistance Programs There are a lot of programs designed to help you save for a down payment – and they can make a big difference in how fast you hit your savings target. Unfortunately, buyers don’t realize how many there are, or that they may qualify for help. Research from Realtor.com shows almost 80% of first-time homebuyers qualify for down payment assistance (DPA), but only 13% actually use it (see chart below): And that’s another big miss holding would-be buyers like you back. In the U.S., there are over 2,600 homeownership programs available, many offering significant financial support. As Down Payment Resource shares : “ With an average benefit of $18,000, down payment assistance (DPA) remains one of the most essential tools for addressing the nation’s affordability challenges. Programs continue to expand in scope, serving a broader range of incomes, property types and borrower needs, including first-generation, military and repeat buyers.” Imagine how much further your savings could go with an extra $18,000 you can use to buy. In some cases, you may even be able to stack multiple programs, giving what you’ve saved an even bigger boost. Bottom Line The simple truth is: most first-time buyers don’t put 20% down . And if you’ve been waiting to buy until you have that saved, you may be setting a timeline that’s longer than necessary. To find out what you really need to save and if you qualify for any help, connect with a trusted lender who can walk you through your options. You may be able to buy sooner than you thought.