Homes listed for sale midweek sell for an average of $1,700 more than homes listed on the weekend, according to a new report from Redfin (www.redfin.com), the technology-powered real estate brokerage. This is based on a Redfin analysis of how much homes sold above their list price from July 2020 through February 2021, both nationwide and by metro.
“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. “It’s also important to price homes appropriately. If the home is priced too high, fewer buyers will see the home, but if it’s priced too low, the seller may be inundated with so many tour requests a serious buyer could give up before laying eyes on it. The goal is to get as many serious buyers as possible to tour your home, make offers and drive up the sale price.”
Putting a home on the market on a Friday or Saturday means potential buyers may have already filled their weekend with other home tours. That’s especially important during the pandemic, when it’s more likely that buyers and their agents are required to book individual appointments to tour homes. And listing on a Sunday or Monday means buyers may lose interest before the following weekend.
Homes that hit the market midweek in Boston sell for an average of $7,100 more than homes listed on the weekend, by far the biggest premium of the 25 metro areas included in Redfin’s analysis. It’s followed by Newark, where homes listed midweek sell for $4,500 more, Seattle ($4,400), Oakland ($3,500) and Denver ($3,200).
Minneapolis and Kansas City have the smallest midweek premium, with homes listed Tuesday-Thursday fetching just $400 more than those listed the other days of the week. Next come Indianapolis, Houston and Atlanta, which each have a $500 midweek premium.
Homes listed in the middle of the week also sell faster than homes listed on the weekend
Additionally, homes listed for sale midweek sell for an average of 1.6 days faster than homes listed on the weekend. In terms of speed, the advantage of listing midweek is biggest in St. Louis, where the typical home listed midweek sells 3.5 days faster than one listed on the weekend. It’s followed by Newark (2.9 days), Grand Rapids (2.9), Frederick, MD (2.8) and Boston (2.8).
The advantage is smallest in Sacramento (0.7 days), Chicago (0.8), Phoenix (0.8), Dallas (0.9) and Portland, OR (1).
Price your home right the first time to maximize online views
Listings of homes for sale get 64% more views the day they first hit the market than the day after a price drop. For example, if a home listed for sale gets 100 views its first day on the market, it would get 61 views the day after a price drop.
Sellers shouldn’t overprice their homes, even if most homes in their area are selling for higher than their asking price. If the home doesn’t go under contract within a reasonable time and the seller has to drop the price, fewer potential buyers who are searching within the home’s new price range will see it.
“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, CA. “Select a price that will attract serious buyers to the property, not one that will scare people away.”
To read the full report, including charts with metro-level data, please visit: https://www.redfin.com/news/tips-sell-home-more-money
Redfin (www.redfin.com) is a technology-powered real estate broker, instant home-buyer (iBuyer), lender, title insurer, and renovations company. We sell homes for more money and charge half the fee. We also run the country’s #1 real-estate brokerage site. Our home-buying customers see homes first with on-demand tours, and our lending and title services help them close quickly. Customers selling a home can take an instant cash offer from Redfin or have our renovations crew fix up their home to sell for top dollar. Since launching in 2006, we’ve saved customers nearly $1 billion in commissions. We serve more than 95 markets across the U.S. and Canada and employ over 4,100 people.
For more information or to contact a local Redfin real estate agent, visit www.redfin.com. To learn about housing market trends and download data, visit the Redfin Data Center. To be added to Redfin’s press release distribution list, email firstname.lastname@example.org.