A wide number of factors contribute a listing selling for its ultimate price, but recent research suggests that the home’s timeliness could add thousands to the final sale price.
According to research by Redfin, homes listed on Friday performed better than any other day of the week, selling for 99.1 percent of the original asking price; by comparison, homes listed on Sunday, the day’s worst week for listings, sold for 7 percentage points less.
It’s Friday, Friday, Gonna Get Down on Friday!
Apparently, Rebecca Black is not the only one excited about Fridays. As a recent piece by the Wall Street Journal highlighted, the final sale price is not the only advantage to listing homes on a Friday:
- Properties listed on Friday also sell the fastest out of all the days of the week, selling in just 81 days; as with final sale price, Sunday was still the worst, with sales taking 88 days.
- Why the success on Friday? Richard Ryan, a professor of psychology at the University of Rochester, told the Journal that working adults who follow a Monday-Friday schedule tend to be more positive and optimistic on Fridays, and that sense of euphoria lasts through the weekend; thus, should those adults be looking for homes, they’ll be more vivacious and energetic during the weekend, and more apt to looking for homes.
- Interestingly, homes that go live on Tuesdays generate the most requests for house tours, at a 2.408 average per house (Thursday was second at 2.40).
The Days of the Week Are…
So, how relevant is this information? And is it something that could actually assist you in your real estate business?
Jack Persin, the managing broker for Ryan Hill Realty in Naperville, said he’s seen the day of the week influence absorption rates in the Naperville market.
“Currently In Naperville, the absorption rate for single-family homes is six months,” Persin said. “When we see it this low, a home comes on the market and the buyer agents are contacting their clients, [and it] could be sold in the next day. When the inventory of home listed for sale increases, homes listed on Thursday and Friday tend to hit the market when the weekend buyers are in the area searching.”
So a highly competitive market, in turn, makes the day of arrival for the listing quite important. Is that consistent with what you’ve experienced in your business?