Selling your house? Here's the best time to do it

foxbusiness.com:

Real estate agent Mauricio Umansky says high mortgage rates, high prices and low supply are creating difficulties for homebuyers on 'The Claman Countdown.'

With the pivotal spring season for the housing market well underway, homeowners looking to sell can strategize the timing of the sale in order to maximize their profit, according to a new report published by Zillow.

An analysis of 2023 sales conducted by the real-estate company shows that historically, May was the best month to sell a house. However, that has changed in the wake of the pandemic-induced shock to the housing market.

Now, June is considered to be the best time to sell a home for those looking to maximize their sale price. Homes listed in the first two weeks of June sold for 2.3% more than average, a $7,700 boost for the typical U.S. home, according to the study.

MORTGAGE CALCULATOR: SEE HOW MUCH HIGHER RATES COULD COST YOU

Photo of a home for sale in Huntington, New York, on Aug. 5, 2020. (Photo by Thomas A. Ferrara/Newsday RM via Getty Images / Getty Images)

Before the pandemic, May was «consistently» the best time to list. The shift in recent years suggests that high mortgage rates are influencing demand, as is the influx of buyers during spring. 

«This home-shopping season is poised to follow a similar pattern as that in 2023, with the potential for a second wave if the Federal Reserve lowers interest rates midyear or later,» the report said.

The sharp rise in mortgage rates over the past two years has created a «golden handcuff» effect in the housing market. Sellers who locked in a record-low mortgage rate of 3% or less during the pandemic began have been reluctant to sell, leaving few options for eager would-be buyers.

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