Always list on Thursday, never Sunday, and other lessons from Redfin’s data dive

A recent analysis by the Seattle based brokerage ‘Redfin’, studied 12 million home sales since 2010 and discovered many interesting trends.  Among them, listing on a specific day of the week can possibly yield a better sale price!  Click out this article from, “Real Estate Broker’s Insider.”

How-Much-Extra-to-Gain-Listing-Thursday-1Listing a home for sale on Thursday means the property will command a pre­mium. Putting it on the market on Sunday leads to a discount.

That’s according to an analysis of 12 million home sales since 2010 by Seattle based brokerage Redfin.

Redfin finds that homes listed on a Thursday sell for an average premium of $1,258. Wednesday is the second-best day of the week; homes listed then bring an average premium of $876.

Sunday is the least profitable day to list. Homes that hit the MLS then sold for an average discount of $1,094.

The rationale? Redfin posits that buy­ers are scouring new listings on Thursdays as they plan for a weekend of tours and open houses.

Redfin also finds that Thursday list­ings sell the fastest, closing after an aver­age of 5 3 days on the market. Monday listings sold slowest, sitting for 59 days.

Despite this intelligence, Redfin says only 18 percent of homes are listed on Thursday.

Redfin acknowledges that regional differences can come into play. In the San Francisco area, for instance, weekday broker’s open houses are common. If a broker’s open house of your listing would happen on a Tuesday, then it would make sense to buck the trends and list on Monday.

Other findings:

  • Open houses don’t matter.An open house rarely leads to a higher price or quicker sale. But if you decide to have one, when you hold it matters. Homes with an open house in the first week sell for about 2 percent more and are more likely to sell within 90 days than homes with open houses held later on. Homes with an open house held after the first week are less likely to sell within 90 days than homes that never held an open house.It’s likely that the correlation between selling success and an open house during the debut week has more to do with pric­ing and homebuyer demand than the open house itself.
  • Quality photographs do matter.Photos taken with a professional-quality camera and lens sell for an average of $3,400 more and up to three weeks faster than homes listed with lower-quality photos.
  • Overpricing undermines the seller.Online home listings get five times more visits the clay they hit the market than they do a week later. If buyers are scared off by an aggressive price, they might never come back, even after you lower the price. Redfin says a high opening price followed by a price cut is “self-defeating.” Properties with price cuts get half as many views as fresh listings.

Source: “Always list on Thursday, never Sunday, and other lessons from Redfin’s data dive.” Real Estate Broker’s Insider. 47.5 (2016):5

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