The Science of Which Day to Debut Your Home for Sale

By Gino Blefari, President & CEO, Intero Real Estate Services, Inc.

Any good real estate agent knows that listing and selling your home can be a science. From finding just the right price point to attract offers to staging and curb appeal, there are many details that when strung together meticulously can add up to a smooth transaction in which your house sells at the best price point in the shortest period of time.

With all of that in mind, a good question on sellers’ minds often is, “What is the right day of the week to list?”

It’s a valid question because many years of experience shows us time and again that a listing tends to grab the majority of attention on the day it debuts. The Wall Street Journal recently ran a story citing Redfin research that found that Friday apparently is the best day to list your home. How did they come up with that? They found that listing a home on a Friday versus a Sunday, which they found was the worst day to debut, could mean a difference of nearly $5,000 on a $500,000 house.

They also found that homes listed on Fridays sold in an average 81 days – the fastest of any other day of the week in their sample.

Why is that?

It almost seems counter-intuitive to say that debuting on a Sunday is the worst day. After all, Sunday is the day when most buyers are out viewing homes and visiting open houses.

But in reality, Sunday listings tend to sit around a few days before buyers start setting up their home tours for the following weekend. (Because by the time Sunday comes around, they’ve already put their viewing schedules together.)

Fridays are better because anyone planning Sunday tours is likely either starting or finishing up their list of homes late Friday or Saturday. And any new listings are going to pop up on their radar right away.

What’s the key take away from this info?

Well, first off always remember that every market is different and fluid.

For buyers in competitive markets, it’s a good reminder to not overlook those Sunday listings. Have your agent run through the MLS before you start your tour to see if something new came on the market. It may be worth tacking on a tour on Monday if you can squeeze it in.

For sellers, while the notion of the best day to list is interesting, it’s important to remember that there are many other factors that affect your sale price and time it takes to close. It’s more important to price right and have your home in the best shape possible when you hit the MLS. No theory on which day works better is going to help you if you don’t have these two things right.

Once you have those down, it doesn’t hurt to ask your agent for insight on which day has worked the best in your current market.

Contact Team Patereau for their insight. Rick and Susan will help you with which day to list, as well as every step of your real estate transaction.

5 Reasons Selling A Home Now Makes Sense

Many home owners are currently waiting until Spring to put their home on the market. Their thinking goes along the lines that everything always looks best when the grass is green and flowers are in bloom. A home will surely be easier to sell if that is the case.

Every year many homeowners wait until Spring to list their home. Here in Gilroy, Spring comes earlier than other areas. With the rains that have greened up our hillsides, now is the time to get your home listed. Here are 5 reasons you should list your home for sale NOW!

Home Inventory at Record Lows
The inventory of homes for sale throughout California have dropped substantially over the last six months. The number of homes for sale in most communities has fallen to lows we have not seen for many years. When home inventory levels drop, home prices tend to rise. This will become even more prevalent in a more desirable neighborhood where buyer competition is normally high. There are more than likely going to be bidding wars on every home listed.

Demand is Up
Contrary to what some people may think there are lots of buyers out in the market place right now looking for a home. Some are first time buyers who are looking for a place to build some equity. There are others who see an opportunity to “move up” in the market as home prices have dropped substantially since the market peak in 2005.

Renting vs. Buying
In this area, the monthly payments on a purchased home are very close to the same as renting when tax benefits are considered. Rents here have steadily increased while home prices have dropped. Home ownership makes complete sense if a down payment can be attained.

Interest Rates Going Up
Interest rates have begun to inch up from their historic lows, and predictions are that they will continue the slow upward movement.

New Construction Coming Back
In Gilroy builders are starting to get back into the fray. When builders are actively building homes it becomes harder for some who are selling their used homes to compete. There are many that will jump at the chance to have a shiny new home with all the bells and whistles customized to their specific needs. When new construction is limited, previously owned homes are all that there is for buyers to consider.

As you can see, if there are no time constraints on your part you should consider moving up your time frame for putting your home up for sale. All the conditions are optimum for sellers to get the most they possibly can from a March sale. As always, Team Patereau would like the opportunity to discuss listing your home. We will help you every step of the way. Contact us today!

President’s Day

It’s an official holiday in our state, California, in our city, Gilroy, and even in our industry, Real Estate. We worked a little (inspections for a listing that just went into contract) and shopped a little (lots of good sales at the outlets.) What are you doing?

 

Random Acts of Kindness Day

Today! Yes, it’s time to do a Random Act of Kindness. Start with one today and see what happens. You might feel so good that you’ll do another. Maybe. Maybe just one is all that’s in you, but that one will make a difference. Maybe you’ll feel so good you’ll decide to do another. Maybe.