Want to put an extra $500 in your client’s pocket? Tell them to list their home in the middle of the week.
That’s according to a new Redfin report that shows that the price differences may vary, but listing a home midweek in some parts of the country could mean thousands of dollars more for your clients.
Homes listed midweek in Minneapolis, for example, are only getting an average of $400 more. Boston’s number was the biggest of the 25 metro areas included in Redfin’s analysis of homes sold above list price from July 2020 through February 2021. Beantown was followed by Newark, N.J., where midweek listings sold for $4,500 more, Seattle at $4,400 more, Oakland at $3,500 and Denver at $3,200.
The report found that nationwide, homes listed midweek sell for an average of $1,700 more than ones listed on the weekend and sell nearly two days faster.
“Because the market is so competitive right now, most homes will receive plenty of attention regardless of when they’re listed. But sellers can still maximize their potential profit simply by listing in the middle of the week, which gives potential buyers a few days to see the home, talk to their agent and set up a showing for Saturday or Sunday,” said Redfin Chief Economist Daryl Fairweather in the report.
While weekend listings have been more common, the report found putting a home on the market on a weekend means possibly losing potential buyers already scheduled to look at homes that weekend. And listing on a Sunday or Monday means potential buyers could lose interest before the next weekend, as well.
Not only are homes listed midweek fetching more money, they are also selling quicker. Homes listed midweek are selling 1.6 days faster, according to the report. Listing midweek is most advantageous in St. Louis, where a home listed midweek is selling 3.5 days faster than one listed on a weekend, followed by Newark (2.9 days), Grand Rapids (2.9 days), Frederick, Md., (2.8 days) and Boston (2.8 days).
When you list isn’t the only way to get the most out of your listing. Pricing it right for the current market is also important. Redfin found home listings get the most views the day they go on the market (64%) than the day after a price drop.
“I’m advising sellers not to overcompensate for the hot market by overpricing their home,” said William Soto, a Redfin real estate agent in Orange County, Calif. “Select a price that will attract serious buyers to the property, not one that will scare people away.”