A new report from Redfin [1] finds that those listing a home mid-week will yield, on average, a profit of $1,700 more than those listed on the weekend.
According to the report, putting a home up for sale on a Friday or Saturday means potential buyers may have already filled their weekend schedule with other home tours. Homes listed on a Sunday or Monday means buyers may lose interest before the following weekend.
"Because the market is so competitive right now, most homes will receive plenty of attention regardless of when they're listed. But sellers can still maximize their potential profit simply by listing in the middle of the week, which gives potential buyers a few days to see the home, talk to their agent and set up a showing for Saturday or Sunday," said Redfin Chief Economist Daryl Fairweather [2].
Fairweather continued, "It's also important to price homes appropriately. If the home is priced too high, fewer buyers will see the home, but if it's priced too low, the seller may be inundated with so many tour requests, a serious buyer could give up before laying eyes on it. The goal is to get as many serious buyers as possible to tour your home, make offers and drive up the sale price."
Of the 25 metro areas included in Redfin's analysis [1], homes that hit the market midweek in Boston sold for an average of $7,100 more than homes listed on the weekend. Boston was followed by Newark, N.J., where homes listed midweek sell for $4,500 more, Seattle ($4,400), Oakland ($3,500), and Denver ($3,200).
Homes listed Tuesday-Thursday in Minneapolis and Kansas City earned just $400 more than those listed on other days of the week, followed by homes listed in Indianapolis, Houston, and Atlanta selling for just $500 more.
In terms of speed, homes listed for sale mid-week sold for an average of 1.6 days faster than homes listed on the weekend. In terms of speed, the advantage of listing midweek is biggest in St. Louis, where the typical home listed midweek sold for 3.5 days faster than ones listed on the weekend. It's followed by Newark (2.9 days), Grand Rapids (2.9), Frederick, MD (2.8) and Boston (2.8). The advantage is smallest in Sacramento, California (0.7 days); Chicago (0.8); Phoenix (0.8); Dallas (0.9); and Portland, Oregon (1).
Click here [1] to view Redfin’s latest report.