Everyone is familiar with the old adage of real estate – Location, Location, Location! Of course when you’re trying to buy a property, there are more issues to consider than just that one, such as price, size, condition and schools and amenities, proximity to major roads or public transport, age… the list goes on, and varies from buyer to buyer.
But what about the seller? Surely, there must be some tactical factors for them to consider too. Here at CSP International™ Business Training Academy, our students are taught the ways to maximize a seller’s chance of selling their property as quickly and profitably as possible. HomeGain released stats supporting a 569% ROI from the investment of professionally staging your property. Again, some things go without saying – you should clean your house prior to potential buyers coming, and make repairs to faulty fixtures – and then there are some factors which are not so obvious. For instance, flow, maximizing sif rooms AND the day of the week you put your house on the market is also significant, according to a recent study in the Redfin Blog. Who would have thought!
The people at Redfin noticed listings were dispersed fairly evenly through the week from Monday to Friday, but with a noticeable drop-off on Saturday and Sunday. So far, nothing too remarkable. They conducted further research to see whether there was any correlation between the day a property was first listed, and how quickly the property was actually sold. After analyzing more than one million listings, from across the country, spread over the last twenty-one months, the main conclusions are:
- Homes listed on Sunday get marginally more online views.
- Homes listed on Friday are toured 19% more.
- Homes listed on Friday or Thursday sell for slightly closer to original list price.
- Homes listed on Friday are 12% more likely to sell in 90 days.
So, although those properties listed on a Sunday get “marginally” more hits online, it seems like Friday is the best choice. Friday listings get toured more often, and that leads to the increased likelihood of a sale. Redfin has some suggestions as to why this may be the case, they mostly focus on the fact that the majority of house touring is done on Saturdays and Sundays. (There are two and a half times more tours on the weekend than during the week). So, it stands to reason that the most-recently listed properties will be freshest in the memories of potential buyers. If you’ve ever been to the website Craigslist, you’ll know that listings move very quickly. Something that’s at the top of the page one minute may be bumped off the page hours later. The real estate listings sites are similar – something that’s listed on a Monday will have pushed back from page one by the end of the week, and that’s when more people are looking at the sites.
Another explanation for the increased likelihood of a sale is that, since more people see a property after it’s listed on a Friday, there is increased competition amongst interested buyers, and this leads to both a better price, and a confirmed sale within that three-month window.
So next time you want to sell a property, be sure to plan ahead, hire a Certified Staging Professional on your team so the property is market ready by Friday