The best day to sell a home is coming up, which could be🍸 music to t🅷he ears of sellers but difficult news for buyers who are already facing a historically expensive market.

Spring is often the busiest season in the housing market, as buyers are typically looking during that part of the year. Real estate data company ATTOM found that, from 2011 to 2023, sellers got more money for their homes during this time, with the highest prices fetched in May. Specifically, sellers can get 𒆙the highest premium for their home on May 27, getting 16.2% more than market value, ATTOM found.

“In spring, there's typically a surge in real estate demand as families opt to relocate in warmer weather," said Rob Barber, CEO of ATTOM, in an email. "This trend is often bolstered by the influx of tax refunds in the early months, offering buyers extra funds for down payments."

The statistical best day to sell your home comes this year as home prices are on the rise, making the premiums even more valuable for sellers. However, this presents💮 a challenge for some potential buyers who are already struggling to afford homes.

Higher Home Prices Boost Premiums

Higher seller premiums will net sellers a nice chunk of change with today’s hi𓄧gher home prices. ATTOM found about 5.4 million homes sold in May from 2011 to 2023, with a mꦅedian sales price of $230,000. 

However, that typical price could be much higher this year. Home listing site Zillow predicts the average home value will be $359,962 in May. That's 4.2% higher than the same time last year and nearly $130,000 more than the average found by ATTOM over the 12-year period.

The premium sellers could get on May 27 could net homeowners $58,314 extra on average if those predictions and analyses hold true.

Premiums C🐎ould Make Homes Even More Unaffordable

While that premium would put more money in sellers' pockets, it could exacerbate affordability issues already faced by potential buyers.

Housing costs are hovering near decades-highs and will likely keep rising, experts say♎. That's put home buying out of reach for many. In a recent note, JP Morgan estimated 75% of current renters cannot afford to buy a🔯 home.

Mortgage rates are one hurdle buyers face. The Federal Reserve has pushed its influential fed funds rate higher in order to slow inflation and, in turn, mortgage rates have risen. Mortgage rates continue to hover just above 7%, according to Freddie Mac, adding to monthly payments.

Mortgage rates have spurred another affordability challenge—a lack of homes for sale. While more homes have gone on the market in recent months, high mortgage rates are still making homeowners hesitant to sell their homes and finance a new one at a much higher rate. That's pushing home prices up as those who can afford to buy a home are vying for a smaller number of available houses.