It has been a buyer's market for so many years now, that home sellers are understandably feeling a little beaten up.
In order to gain a competitive pricing advantage among all the other homes for sale out there, homeowners know well the need to stage a home, freshen up the curb appeal with new mulch and potted flowers, and to take pretty photographs on a sunny day.
Now there is one more advantage--the statistical advantage of listing a home on Friday.
Our friends at Redfin Real Estate culled more than one million of their company's listings from coast to coast, from January 1, 2010 until September 1, 2011. Using a formula that included online "hits", sales price and home tours, the Redfin folks disovered the following:
Homes listed on a Friday are toured 19% more.
Homes listed on a Friday or Thursday sell for slightly closer
to the original list price.
Homes listed on a Friday are 12% more likely to sell within
One possible explanation for the Friday bump is the greater percentage of home buyers who tour homes on the weekend. A new Friday listing can often be the most recent home in a buyer's mind, and high on the list of properties they intend to see. Homes listed on a Friday had nearly 19% more tour traffic than homes listed on a Monday, which had 18% less tour traffic.
Homes listed on a Friday sold for an average of 94% of their asking price. Homes listed on a Thursday also had an average sale-to-list-price ratio of 94% as well.
Lastly, homes listed on a Friday had a 29% greater chance of selling within 90 days than homes listed on any other day of the week, though again, Thursday was close at 28%.
The statistical differences were minor, but when you're dealing with a home, small percentages can mean big dollars.
Are you thinking of selling your home? Guess what? Today is Friday! As these statistics reveal, there's no better time.