Homes Listed on Thursday Sell Faster and for More Money; Open
Houses Rarely Make a Difference
SEATTLE–(BUSINESS WIRE)–Redfin (www.redfin.com),
the next-generation real estate brokerage today revealed its top four
data-driven home-selling tips for spring 2016. Redfin researchers
analyzed data on more than 12 million home sales in the past five years
to formulate a game plan for sellers this spring. The answers to these
timely questions–some common, and some most people wouldn’t think to
ask–could mean several thousand dollars in savings.
What’s the best day to list my home? Thursday.
listed on Thursday are more likely to sell above list price, sell for
more money on average and sell days faster than homes listed any other
day of the week. A home listed for $500,000 will fetch nearly $3,000
more if it’s listed on a Thursday instead of a Sunday. And most people
are listing on the wrong day; only 18 percent of homes are listed on
Do open houses make a difference? Not really.
open house, in and of itself, 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 held open
later on. Homes with an open house held after the first week are less
likely to sell within 90 days than homes never held open. 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.
Are professional listing photographs worth it? Yes.
shot with a high-quality camera and lens sell for an average of $3,400
more and up to three weeks faster than homes listed with lower quality
How should I price my home? Just right.
listings get five times more visits the day they hit the market than
they do a week later. If buyers dismiss your home as overpriced early
on, they might never come back. Testing the waters and dropping the
price a few weeks later is self-defeating, as homes that have just
dropped their price get half as many views as brand new listings.
“With the number of homes for sale low and demand high, 2016 is shaping
up to be one of the most competitive markets we’ve seen in years,” said
Redfin chief economist Nela Richardson. “We’ve seen that competition
incentivizes buyers to become more savvy and knowledgeable about their
markets. This means that even in a hot seller’s market, homes that are
priced too high can languish for months. Home sellers cannot afford to
be overly confident or sloppy with details in a market that favors them.
A well-honed and executed listing strategy is critical in maximizing a
home’s price and time on the market.”
To read the full report, complete with data, charts and methodologies,
click or paste the following link: https://www.redfin.com/blog/2016/03/spring-home-selling-tips.html.
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Rachel Musiker, 206-588-6863