DETROIT – Most real estate agents say the spring housing market started about a month ago, CNBC reports, but when is the best time to sell?
Chief economist Stan Humphries, of Zillow, told CNBC early May because with inventory being so tight, a lot of home buyers are having to put in multiple offers.
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Zillow said there are 9 percent fewer homes this buying season compared with a year ago. Listing in early May results in people selling a house about 18 days faster and for about 1 percent more than people would get otherwise.
CNBC reports that when there was less buyer competition in 2011 and 2012, March was best for sellers. Zillow looked at the last two years when competition was hotter and found May was better in 18 of the largest 25 metropolitan housing markets.
Sellers can see the biggest price premiums in May in cities including Detroit, where Zillow found homes selling faster and for more money, according to CNBC.