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.

 

New Listing – 9970 Burchell Road

Beautiful, one-of-a-kind custom home is now available. Open House this week-end, Saturday Feb. 16 and Sunday Feb. 17, from 1 to 4. Come by and see this gorgeous property.

More pictures and full details!

Things To Do with the 1-Hour Notice You Request Before Showing Your Home

We have a listing where the homeowner requires at least a 1-hour notice before showing the home. Here’s what we suggested she do with that hour, and we think it might be helpful for you when you are showing your home, or if company is coming with short notice, etc.

 

 

 

 

 

1. Store out of sight any kids toys and/or pet toys and beds.
2. Vacuum/sweep the main living areas and bedrooms.
3. Dust lampshades and surfaces that are eye level and below.
4. Turn on ALL lights (make sure all light bulbs are working).
5. Open ALL curtains and blinds to let in as much natural light as possible.
6. Open windows (if it’s warm enough).
7. Depending on the time of year, either turn the heat up 2 degrees or turn up the air conditioning by 2 degrees. You want buyers to be comfortable inside the home while they are there for the showing.
8. Make sure there aren’t any lingering cooking odors. If you did have them, try simmering cinnamon on the stove in the hour before the showing to give your home a pleasant smell.
9. Take anything valuable with you when you leave, including your pets, i.e., jewelry, prescription drugs, cash, and irreplaceable items.

If you found these tips helpful, please let us know in the comment box!

Happy Valentine’s Day

Acknowledging a Christian Religion Day of Significance

Today is Ash Wednesday which is the first day of Lent in the Western Christian calendar. Occurring 46 days before Easter, it is a moveable fast that can fall as early as February 4 and as late as March 10.

According to the canonical gospels of Matthew, Mark and Luke; Jesus spent 40 days fasting in the desert, where he endured temptation by Satan. Ash Wednesday marks the beginning of this 40-day liturgical period of prayer and fasting.

Ash Wednesday derives its name from the practice of placing ashes on the foreheads of adherents as a reminder and celebration of human mortality, and as a sign of mourning and repentance to God. The ashes used are typically gathered from the burning of the palms from the previous year’s Palm Sunday.

This practice is common in much of Christendom, being celebrated by Catholics, Anglicans, Lutherans, Methodists, and some Baptist denominations. 

Many Credit Reports Contain Errors

Here’s an Associated Press story bout errors on credit reports.

Study: 1 In 4 Consumers Had Error In Credit Report

by The Associated Press

WASHINGTON (AP) — One in four consumers found an error in a credit report issued by a major agency, according to a government study released Monday.

The Federal Trade Commission study also said that 5 percent of the consumers identified errors in their reports that could lead to them paying more for mortgages, auto loans or other financial products.

The study looked at reports for 1,001 consumers issued by the three major agencies — Equifax, Experian and TransUnion. The FTC hired researchers to help consumers identify potential errors.

The study closely matches the results of a yearlong investigation by The Columbus Dispatch. The Ohio newspaper’s report last year said that thousands of consumers were denied loans because of errors on their credit reports.

The FTC says the findings underline the importance of consumers checking their credit reports.
Consumers are entitled to a free copy of their credit report each year from each of the three reporting agencies.

The FTC study also found that 20 percent of consumers had an error that was corrected by a reporting agency after the consumer disputed it. About 10 percent of consumers had their credit score changed after a reporting agency corrected errors in their reports.

The Consumer Data Industry Association, which represents the credit reporting agencies and other data companies, said the FTC study showed that the proportion of credit reports with errors that could increase the rates consumers would pay was small.

The study confirmed “that credit reports are highly accurate, and play a critical role in facilitating access to fair and affordable consumer credit,” the association said in a statement.

Experian, a British company with international operations, also said in a statement the study confirms that consumer credit reports are predominantly accurate. At the same time Experian said it “is not satisfied with this result and we continue to work toward ensuring credit reports are 100 percent accurate.”

The new U.S. Consumer Financial Protection Bureau has the authority to write and enforce rules for the credit reporting industry. In September the agency began ongoing monitoring of the credit agencies’ compliance. It’s the first time they have faced such close federal oversight.
The CFPB hasn’t yet taken any public action against the agencies. However, it is accepting complaints from consumers who discover incorrect information on their reports or have trouble getting mistakes corrected. The agencies have 15 days to respond to the complaints with a plan for fixing the problem; consumers can dispute that response.

By contrast the FTC can only take action if there is an earlier indication of wrongdoing. It cannot demand information from or investigate companies that appear to be following the law.

— AP Business Writer Daniel Wagner contributed to this report.

The Time to Buy is NOW!