Homes Listed on Thursday Sell Faster and for More Money; Open Houses Rarely Make a Difference
SEATTLE — March 15, 2015 — 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.
Homes 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 Thursday.
- Do open houses make a difference? Not really.
An 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.
Homes 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 photos.
- How should I price my home? Just right.
Home 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.
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 customer’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 industry’s most accurate home-value estimate, the Redfin Estimate. Homebuyers and sellers enjoy a full-service, technology-powered experience from Redfin real estate agents, while saving thousands in commission. Redfin serves more than 80 major metro areas across the U.S. The company has closed more than $31 billion in home sales, and saved customers more than $335 million in fees, and counting.