Based on an analysis for individual homes, the new tool helps sellers identify the optimal time to list their own home for sale.
Best Time to List estimates how much the timing of a listing will influence the final sale price based on the sales history of the property's local market.
It can also give a homeowner an idea of how much more money they could make by changing the listing date on their individual home.
Zillow says sellers can use this information to have a more informed conversation with their local real estate agent to determine the best time to put their home on the market.
“Determining the right time to put a home on the market often tops the list of concerns for sellers, as it should,” the company says, "since timing can influence the final sale price of each home significantly.
Zillow says updated company data shows in the USA nationally, homes sold in late spring (May 1 through May 15) sell around 18.5 days faster and for 1 per cent more than the average listing.
“The optimal listing window has shifted since Zillow's first analysis, featured in Zillow Talk: Rewriting the Rules of Real Estate, likely because of low inventory in housing markets across the country," the company states.
“When Zillow conducted this analysis previously, there were nine per cent more homes on the market, and homes listed between mid-March and mid-April sold fastest and for the highest price.”
Zillow Chief Economist Dr Svenja Gudell says today’s housing market is heavily influenced by low inventory.
"Faced with increasingly competitive markets, many buyers are forced to consider several homes and make multiple offers, elongating the home shopping experience,” Gudell says
“By listing homes further into the shopping season, sellers may attract buyers who are increasingly eager to purchase and may be more willing to pay a premium for the home."
In addition Local market variations and weather patterns make the buying season more volatile in some parts of the country.
“The markets with the largest sale differences between the best months and worst months to list are regions with distinct climate changes, such as Seattle, Minneapolis and Washington DC, making it more important for sellers in these regions to carefully consider the timeframe of their home sale,” Gudell says.
“Meanwhile Sellers in Texas and California will find themselves with more flexibility in list timeframe, as these markets show little variation in sale price based on listing month.”
According to Zillow's Blog, the tool is live for 71 million off-market homes, and registered Zillow users can find it by clicking the “Sell Your Home” on the home details page for an individual home.