Why early spring is the best time to sell a home in San Diego
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It's the prime time to list homes in San Diego, according to a new Zillow report.
Why it matters: Sellers who listed their homes in early spring last year made more money on the sale than any other time of the year.
The big picture: The "best time to sell," per Zillow researchers, depends on where you live and the season starts early in San Diego.
- Across the U.S. homes listed late last May sold for 1.6% more — typically $5,600 — than any other time of year.
- San Jose, Seattle and Austin, Texas also saw price premiums in March, while late fall was prime time to sell in Tampa Bay and Phoenix.
Zoom in: Listing San Diego-area homes in late March and early April boosted the final sale price by 2% or about $20,000 on the typical home.
- In San Diego County the typical home value was about $948,000 in February, per Zillow.
- In the city, it's just over $1 million.
The intrigue: One factor that plays a role in San Diego's timing is an influx of military transfers and new postings that come in March and April, San Diego Association of Realtors president Chris Anderson told Axios.
State of play: Local sellers' financial advantage remained through early June, but dropped significantly in the fall.
- The best time for buyers was late October when homes sold for a 2% discount — about $21,500 in savings on a typical home.
Zoom out: Nationally, there was less fluctuation in prices and a smaller impact of seasonality on sales outcomes last year, so "sellers were less rewarded (and less punished) for their timing," the report says.
State of play: Mortgage rates remain elevated this spring, and while some shoppers have adjusted to higher rates, many still feel priced out or find few options available.
- The average rate on the 30-year mortgage has stayed just under 7% for nine straight weeks, Freddie Mac data shows.
What we're watching: Mortgage rates continue to dictate the sluggish housing market.
- "When rates fall, more buyers rush in, putting upward pressure on prices, which could happen at any time of year," Zillow senior economist Orphe Divounguy said in the report.