A wide number of factors contribute a listing selling for its ultimate price, but recent research suggests that the home’s timeliness could add thousands to the final sale price.
According to research by Redfin, homes listed on Friday performed better than any other day of the week, selling for 99.1 percent of the original asking price; by comparison, homes listed on Sunday, the day’s worst week for listings, sold for 7 percentage points less.
It’s Friday, Friday, Gonna Get Down on Friday!
Apparently, Rebecca Black is not the only one excited about Fridays. As a recent piece by the Wall Street Journal highlighted, the final sale price is not the only advantage to listing homes on a Friday:
- Properties listed on Friday also sell the fastest out of all the days of the week, selling in just 81 days; as with final sale price, Sunday was still the worst, with sales taking 88 days.
- Why the success on Friday? Richard Ryan, a professor of psychology at the University of Rochester, told the Journal that working adults who follow a Monday-Friday schedule tend to be more positive and optimistic on Fridays, and that sense of euphoria lasts through the weekend; thus, should those adults be looking for homes, they’ll be more vivacious and energetic during the weekend, and more apt to looking for homes.
- Interestingly, homes that go live on Tuesdays generate the most requests for house tours, at a 2.408 average per house (Thursday was second at 2.40).
The Days of the Week Are…
So, how relevant is this information? And is it something that could actually assist you in your real estate business?
Linda Marshall, the broker/owner of Linda Marshall Realtors in Houston’s Inner Loop, said that she has always been very particular on when her listings hit the market.
“I always bring all of my new listings up on Thursday night so they come up Friday morning in the hot sheets and in the buyers auto notifier emails,” she said. “I find it does make a big difference.”
But what about you? Do you find that organizing your listings around the weekend, as Marshall does, impacts their performance, or do other factors, such as the time of the year, bode more heavily on a listings success?