Study finds Friday is the Best Day of the Week to List Your Home for Sale
The biggest challenge with real estate marketing is capturing the widest market and closing the sale in the shortest span of time at the highest possible price. But when is the best day to list a property and have the most success?
A recent study by Redfin, a US real estate brokerage, revealed that Fridays make the best listing day of the week. In the study from data obtained last year in 19 US markets, home listings on Fridays resulted in a sale of 99.1% of the original selling price - the highest percentage compared to those made on all the other days of the week. Properties listed on Fridays also came out as the fastest-selling properties, with an average of 81 days from launch to sale date, according to the same analysis. Conversely, the analysis by Redfin found listing on Sundays as the least effective, selling at just 98.4% of the original selling price. Sunday listings may also remain for some time before people initially schedule home tours for the next weekend.
CEO and president of Redfin, Glenn Kelman, stated that picking the home listing day is crucial in getting good results since there is only one chance for you to get traffic on the listing day, which gets four times the amount of online enquiries than any other day.
Richard Ryan, a University of Rochester professor of psychology explains the rationale behind the successful Friday listing. According to him, adults having a Monday-to-Friday work week feel relieved when Fridays come and tend to be happier, more positive and have more energy through the weekend - creating a better mood to be searching for homes.
Another finding in the Redfin study was the dominance of Tuesday as a listing day. Properties listed on a Tuesday receive most home tour requests since people use Tuesdays as a planning day for the weekend, according to a Harvard Business School associate professor of business administration, Francesca Gino.
Picking the listing day of the week may not be the same for real estate agents. Although some may not wait for the weekend to get their stocks to the list and may fall on any day of the week, Friday's vibrant mood still gives reason to thank for and explore new homes, making Friday the best day of the week to list your home.
Courtesy of: The Wall Street JournalPosted by Ross PAVL on