While the timing of listing your home for sale should be determined with your Realtor based upon the right solution for your unique circumstances, we do have some national data that simply can’t be ignored.
To sell for the most money, you should put your home on the market on a Wednesday. To sell the fastest, list on a Thursday. Avoid Sunday, which is the worst day to list. This is according to Redfin that analyzed a sample of 100,000 homes that sold in 2017 and reviewed the results.
Because homes listed on Sunday perform the worst, they used Sunday as a baseline to compare how much better homes do when listed on the other days of the week.
Homes listed on Wednesday had an advantage of $2,023 in sale price over homes listed on a Sunday, a sale-to-list premium of 0.53 percent. For a $500,000 house, that means you could make $2,650 more just by listing on a Wednesday instead of a Sunday.
For speed, Thursday had a clear advantage, with Thursday-listed homes finding buyers five days faster than the baseline. Homes listed on Thursday also had the edge as far as being more likely to be sold within 90 and 180 days.
Source: Redfin Analytics
What Happened to Rates Last Week?
Mortgage backed securities (FNMA 4.00 MBS) lost -22 basis points (BPS) from last Friday’s close which caused fixed mortgage rates to move higher for the week.
Overview: Domestic economic data continued to show steady growth but bonds focused on geo-political news more than economic news last week. The United States has decided not to extend the agreement with Iran and we got a firm meeting date between President Trump and North Korea’s leader, we also received three “detainees” back from North Korea. Overall, this removed some of the “fear factor” support that has been in long bonds for some time.
Inflation Nation: April Headline Consumer Price Index was bang inline with market expectations (2.5% vs est of 2.5% YOY). The closely watched core (ex food and energy) increased by 0.1% on a MOM basis which was lighter than expectations of 0.2% and YOY, it increased by 2.1% which matched March’s pace of 2.1% but was just off expectations of 2.2%.
April Producer Price Index was very close to market expectations. The closely watched core (ex food and energy) increased by 0.2% on a MOM basis which matched forecasts and increased by 2.3% vs 2.4% on a YOY basis.
The Talking Fed: Atlanta Fed President Raphael Bostic summed up the prevailing sentiment in the bond market perfectly last week when he said “swelling optimism over tax policy in the beginning of the year has now been replaced almost completely by uncertainty regarding the proposed tariffs and the possibility of a trade war,” and “I come away with the sense that for now, many firms may be responding to increased uncertainty by moving to the sidelines with respect to new cap-ex plans.”
Small Business Optimism: The NFIB Index improved from 104.7 in March to 104.8 in April. Capital Expenditure Plans, Earnings and Adding Employees all showed good gains.
Jobs, Jobs, Jobs: Another blockbuster reading with the March JOLTS report with 6.550M openings reported which is a half-million more than in February.
What to Watch Out For This Week:
The above are the major economic reports that will hit the market this week. They each have the ability to affect the pricing of Mortgage Backed Securities and therefore, interest rates for Government and Conventional mortgages. I will be watching these reports closely for you and let you know if there are any big surprises.
It is virtually impossible for you to keep track of what is going on with the economy and other events that can impact the housing and mortgage markets. Just leave it to me, I monitor the live trading of Mortgage Backed Securities which are the only thing government and conventional mortgage rates are based upon.