The Best Day and Month to List Your Home

Spring is traditionally the best time to put your house on the market, but when exactly? It’s changed: These days it’s May, while back in 2011 and 2012 it was March. The shift to later in the spring stems from the housing crash’s continued aftershocks.

Small wonder spring is the peak season for residential real estate sales: The weather is warmer and the kids are out of school, so people who plan to move find it easiest then – and they'll be relocated before the next school year starts. The housing industry has been through extreme gyrations over the past 10 years, but one constant remains: The end of winter still marks the start of the selling season.

Another standard motif is that Thursday is the best day to list because buyers are planning ahead for the weekend, says real estate company Redfin. The worst days: Saturday, Sunday and Monday. Trouble is, only 18% of sellers list on Thursday, to their detriment.

Beyond doubt, the housing landscape has changed. A big reason that May now is the optimal month to list in most states: There are 9% fewer homes on the market during the current spring buying season versus a year ago, according to Zillow, the online housing database firm. This inventory reduction has spurred more buyer competition, and pushed the ideal listing time later, as sellers no longer need to worry as much about unloading their places at a good price.

Broad Economic Factors in Home Selling

The slump in housing supply is a lingering ill effect of the housing bubble’s bursting. During the boom that preceded the crash, obtaining mortgages was easy and a lot of poor loans were made. The Federal Reserve helped by keeping interest rates low. The collapse, of course, produced a sharp downturn in new home construction, which has contributed to the lack of inventory.

Several other factors, growing out of the crisis, hold down the number of houses for sale. Large numbers of single-family homes, for instance, are still worth less than their gargantuan mortgages, taken out when times were flush and prices were far higher. That makes the homes’ owners reluctant to put out the for-sale sign.

Further, huge numbers of houses have been converted to rental units, as hedge funds, real estate investment trusts and individual investors bought them at distressed prices. That removes another big chunk of housing stock from the market.

Why Spring Is Peak Selling Season

Aside from the end of school and generally nicer weather for home shopping, spring still reigns supreme because houses look better and the days are longer, the National Association of Realtors says.

With the economy’s gradual recovery, qualified buyers have the money to compete for what they want. Thus, bidding wars are more likely to erupt, which pushes up prices. Plus, increased sales make for a self-reinforcing dynamic: When comparable houses in a neighborhood fetch higher prices than in the past, your own dwelling’s value is buoyed.

In the off-season, by contrast, low-ball offers tend to be the norm. In more northern climes,curb appeal wanes amid bare trees and brown lawns.

Differences Based on Geography

Prices on properties vary depending on locale. In the main, a study by real estate site Trulia found, the farther north you go, the later the prices peak. They hit the max in the South in March and April, except for Florida, which crests in May. The Florida high point may be linked to the large numbers of winter residents who take their sweet time going back north.

Certainly, planning for when to list occurs in advance of the actual listing. One report found that, according to brokers, buyers in Chicago and Boston were not deterred by cold weather as much as sellers, who control when to list. The sellers did not want to begin home repairs and other attempts to spiff up their domiciles when cold winds blew. Hence, they often list later in the spring. (For ideas on improvements you might make, see Do-It-Yourself Projects to Boost Home Value.)

Why Thursday Is the Best Day to List

By Redfin’s reckoning, a Thursday listing means a home is more apt to sell faster and above list price than one listed on any other day of the week. By Thursday, with the weekend looming, potential buyers are picking over what houses they want to see. Come the weekend, the planning phase is over and the legions of homebuyers are already fanning out.

How to Maximize Selling Points

To be sure, regardless of the season, any home that looks rundown will have a tough time getting any offers, let alone good ones. While opinions differ on when exactly is best to list your property, no one disputes that fixing it up will enhance sales appeal. There are professionals who advise you about “staging” your home for buyers, with the right placement of furniture, removal of clutter and adding esthetic touches like scented candles. (See also 6 Tips for Selling Your Home Fast.)

But you can also upgrade the house’s look with do-it-yourself remodeling moves like painting the front porch, putting new knobs on kitchen and bathroom drawers, and getting better lighting fixtures for the foyer. For more ideas, read How to Stage Your Home for a Quick Sale.

The Bottom Line

Home sales, despite some ups and downs, are inching back up. If you wish to sell your house, in most states, no month is better than May and no day is better than Thursday. With competition heating up in many markets, getting a decent deal for your home is definitely possible. Getting the best possible price takes planning and strategic updating if needed. Consult your realtor about what makes the most sense for the housing market in your area.

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OC Home Inventory Off 38% Versus Historical Winter Trends

Orange County home sellers are still missing in action, with late winter’s supply of homes for sale running 38 percent below normal.

ReportsOnHousing.com says 5,444 local homes were listed for sale in brokers’ networks as of Thursday. That’s up 173 homes in the past two weeks, a 3 percent jump – part of the annual awakening of the typical house seller from the wintertime hibernation.

The recent burst in Orange County listings is part of an 1,048 increase in the supply of homes for sale since the year began. But this seasonal surge is nothing new, and it’s nothing to brag about.

Consider that in the first 10 weeks of 2015, sellers put 1,093 homes on the market – 4 percent more than this year’s late-winter supply boost. And Orange County had 155 fewer homes on the market on Thursday vs. a year ago.

This housing shortage has become a post-recession norm.

Since 2005, the average inventory in early March was 8,766 homes for sale. So, shoppers in 2016 have 3,322 fewer homes to choose from vs. a typical late-winter house-hunting endeavor. Or a 38 percent shortage!

This thin inventory is not just a 2016 woe, as it’s the fifth year property owners have kept the “For Sale” signs off the front lawns. Early March supplies have averaged a light 5,349 homes since 2012.

“Realtors are not exaggerating when they state that there are not enough homes on the market. It is an absolute fact,” ReportsOnHousing analyst Steve Thomas wrote. “With extremely favorable interest rates, there is tremendous demand. Strong demand coupled with a low supply means that the real estate market favors sellers, not buyers.”

Thomas calculates the market’s speed with his “expected market time” – how long it would theoretically take to sell out the entire inventory at the current pace of new escrows opening. As of Thursday, it was 61 days – “a slight seller’s market,” in Thomas’ eyes – vs. 59 days a year ago.

One reason for the statistically slower market, despite low inventories? Buyers seem frustrated, with 5 percent fewer new escrows opened in the 30 days ended Thursday compared to a year ago.

Certainly, limited supply is partly to blame.

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Rules of Attraction: 11 Ways to Create Curb Appeal

rah once said, "Your home should be the thing that rises up to meet you." That's serious curb appeal. "We live in a crazy world," says Laura Morton, certified landscape professional and owner of Laura Morton Design in West Hollywood. "We have busy days ... when you come back home you should feel that you've arrived somewhere that is already putting you in a good mood." If this scenario doesn't ring a bell, read on. Curb appeal can be cultivated, and it may be easier than you think.

Consider a new approach

"The walkway is often broken, cracked or too narrow," says Morton. "If it's too straight, it's more like a runway — something that gets you from the curb to the door as fast as possible ... a slash of concrete." Repair the path or create a new one. "Cut narrow bands out of the walkway," Morton suggests, "or remove a 2- or 3-foot strip along one side and make it wider."

Pittock sconce porch view (Justin Gollmer / Rejuvenation)

Lightbulb moment

Change the light fixtures. Consider sconces, or replace existing fixtures with something more complementary. Another bright idea: Use lightbulbs that cast a warm glow.

Work with your house, not against it

Mike McIver, a Long Beach-based landscape designer, says choose elements that match the home's style. "If it's a Spanish home, Mediterranean plants make sense. Use flagstone and terra cotta pots to mimic the roof." Pick materials, shapes and colors used in the design of the home.

Don't cram

Allow breathing space. Plant hedges, trees and shrubs with an eye to how large they grow. "Don't stick them right up against your walls," says Morton. "Give them room to open up and be soft, rather than this look we see of everything being trimmed within an inch of its life."

Create a palette

"Just like the inside of your home, use a cohesive color palette and style to create continuity," McIver says. Consider a new color for the door or trim. A big overhaul isn't always necessary.

Detail oriented

"Sometimes it's just the addition of an ornamental piece," says Morton. "A new pot or a doormat can make a difference." New address numbers, an updated doorbell, knocker, mailbox, porch bench or rocker create a sense of style.

Double rocker (Jason Deymonaz / Rejuvenation)

Maintenance

"Sometimes people have too much going on in the front, and it feels uncared for," says Morton. "It could just need a fresh coat of paint on the fence or a power wash." Clean windows, a power-washed driveway, repaired gates and an uncluttered porch make an impact.

Avoid straight lines

"I think the most common disasters I see are homeowners who line their walkway with annuals or Malibu lights every 2 feet, like regimented soldiers, to frame the walkway." You are not landing a plane. Instead, use a variety of plants, and place them away from the path.

Grow character

"Low branching, multi-trunk trees, like olive trees, tend to have much more character and excitement than a single trunk," says McIver. Consider novelty foliage such as a flowering tree or special palm.

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About the garage ...

A December report by the National Assn. of Realtors revealed that a new garage door is one of the exterior features most appealing to potential buyers and recoups a whopping 87% of its cost upon resale. Homeowners also named it the exterior upgrade that brings the most happiness.

Driveway

"I'm always trying to camouflage driveways or make them softer," says McIver. "I like to incorporate ribbons, either in grass or stone." If you have the budget, consider incorporating similar stone from the walkway to create cohesiveness.

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Redfin Predicts the Hottest Neighborhoods of 2016

Thanks to the data we track on visits to Redfin.com and which homes our customers mark as their favorites, we don’t need to wait until Spring to find out which neighborhoods across the country will be hot in 2016. Based on what our agents told us about these neighborhoods, 2016’s list is all about access to public transit, affordability and charm.

Affordability has topped buyers’ lists of concerns for the past year, and many who dropped out of the market last year because of it are back with more experience under their belts. They’ve done their research and identified those pockets that are still affordable, but also offer the stores, coffee shops and short rides to downtown that make communities livable. This increasingly rare combination can be found in Ukrainian Village in Chicago, Eastwood in Nashville, Ericsson in Minneapolis and other hot ‘hoods across the country.

“For the first time, the San Francisco Bay Area is absent from Redfin’s top 10 hottest neighborhoods list,” said Nela Richardson, Redfin’s chief economist. “After the median sale price surpassed a million dollars in March and inventory dropped to historic lows, San Franciscans have been feeling uninspired by local housing prospects. In fact, one in four Bay Area users of Redfin.com are now searching for homes in other cities. San Diego and Los Angeles, home to some of the the nation’s highest real estate prices, also failed to make the top ranks this year.”

Another trend that has emerged in this year’s hottest neighborhoods is that buyers are looking for homes and neighborhoods with character. Redfin agents report that many buyers are bypassing “cookie cutter” homes in neighborhoods that didn’t make our rankings for the charming original architecture and tree-lined streets that give neighborhoods like Ukrainian Village in Chicago and Mount Pleasant in Washington, D.C their unique personalities.

What Makes a Neighborhood Hot?

Redfin’s Hottest Neighborhoods is a prediction based on the most recent growth we’ve seen in page views and favorites on Redfin.com. We checked in with Redfin agents around the country to find out what’s been driving these trends. Hot neighborhood alums such as Phinney Ridge (2014) in Seattle, Bernal Heights (2014) in San Francisco and Highland Park (2013) in Los Angeles have since become some of the most desirable areas to live in the country.

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House Hunters Have Few Orange County Choices As Year Starts

Orange County house hunters face a big challenge as 2016 gets going: a thin selection of homes to choose from.

ReportsOnHousing.com says there were 4,396 existing homes listed for sale in the brokers network as the year started, down 12 percent from a year ago. It’s the second-lowest supply at the start of a year since 2005. In the past decade, supply has averaged 7,298 listings at the beginning of the year.

“There’s definite pent up demand for homes, but just not enough inventory to match. Typically, that is a recipe for appreciation, low supply and high demand, but not in today¹s market,” writes ReportsOnHousing’s Steve Thomas.

“Instead, buyers are approaching the housing market much more cautiously. They are very aware that homes have already appreciated considerably since 2012, so they are careful to not overpay,” he wrote.

Supply has improved slightly in the past two weeks to 4,576 listings, Thomas noted. But that’s still 679 less than a year ago.

That means Thomas’ estimate of selling time – comparing supply to new escrows opened in past 30 days – was just 86 days as of last Thursday vs. 99 days a year ago.

Thin supply may be dimming demand, as measured by new escrows opened – 1,593 in the 30 days ended Jan. 14, six below a year ago.

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