SEATTLE, May 4, 2018 /PRNewswire/ -- (NASDAQ: RDFN) -- To sell for the most money, homeowners should put their home on the market on a Wednesday, according to Redfin (www.redfin.com), the next-generation real estate brokerage. To sell the fastest, list on Thursday, Redfin says. The Redfin analysis, based on a sample of 100,000 homes that sold in 2017, found homes listed on Sunday performed the worst. Using Sunday as a baseline, Redfin calculated the relative advantage of listing on each day of the week.
Homes listed on Wednesday had an advantage of $2,023 in sale price over homes listed on a Sunday, a sale-to-list premium of 0.53 percent. While Wednesday had the edge on price, Thursday-listed homes sold faster and with higher certainty. Homes listed on Thursday found buyers an average of five days sooner than homes listed on Sunday. Thursday-listed homes were also more likely to be sold within 90 and 180 days than homes listed on the other days of the week.
There isn't one clear reason why Wednesday outperforms on price, while Thursday wins on speed and certainty. Possible explanations include that agents who list on Wednesdays tend to be better at pricing strategically to command the best price, or that in this fast-paced, low-inventory market, there's simply a sweet spot for garnering the maximum sense of urgency and competition among eager homebuyers. Another theory is that the advantage of Wednesday and Thursday correlates to buyers' house hunting schedules.
"Serious buyers typically start making their weekend house-hunting plans late in the work week," said Redfin Denver agent Karla Kirkpatrick-Adams. "You want your home to be one of the fresh listings buyers see pop up as they decide which homes they should see over the weekend. In the competitive Denver market, many homes are listed on Wednesday and Thursday with the expectation that buyers will come through over the weekend, submit offers by a Monday afternoon deadline and the home will be under contract by Tuesday."
Speed and Certainty Advantage
Average Difference in Days on Market compared to Sunday
Percentage Point Lift in Share of Homes Sold in 90 Days compared to Sunday
Percentage Point Lift in Share of Homes Sold in 180 Days compared to Sunday
Homes get five times more online views the day they hit the market than they do a week later, so making a positive online debut is critical.
"You only get one shot at making a first impression, which is why it's so important to have the right pricing," said Kirkpatrick-Adams. "If you price too high, buyers may dismiss the property outright and never come back. It's far more effective to price right at market value or slightly below to drive buyer attention early on. It's common for well-priced homes to get multiple offers and be bid up, while overpriced homes tend to sit on the market for a while, despite the shortage of homes for sale right now."
Besides pricing right, professional photography is another way to optimize a home sale. Homes with photos taken with professional cameras tend to fetch more money and sell faster. Sellers who used a high-quality camera for their listing photos got an average of $3,400 more for their homes.
To read the full report and methodology, visit https://www.redfin.com/blog/2018/05/whats-the-best-day-to-put-your-home-on-the-market.html.
Redfin (www.redfin.com) is the next-generation real estate brokerage, combining its own full-service agents with modern technology to redefine real estate in the consumer's favor. Founded by software engineers, Redfin has the country's #1 brokerage website and offers a host of online tools to consumers, including the Redfin Estimate, the automated home-value estimate with the industry's lowest published error rate for listed homes. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commissions. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $60 billion in home sales.
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, subscribe here. To view Redfin's press center, click here.
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