Let’s be honest; in today’s real estate environment, if you put your home on the market, there’s a high chance it will sell quickly and at a premium—at least in entry- to mid-level price points. That’s just been the reality—an aftermath of pandemic-induced low interest rates, hungry buyers and a lack of supply in the marketplace.
However, according to a new Zillow report, if sellers really want to set themselves up for success, listing on a Thursday before Labor Day is the way to go.
Jeff Knipe, president of Knipe Realty in Portland, Oregon, recommends his clients list homes on a Wednesday or Thursday, according to Zillow.
“Home shoppers I work with tend to be most active on Thursday and Friday as they plan their weekend tour schedules,” Knipe says. “With the market as competitive as it is today, this timing strategy gives sellers the best chance at seeing multiple offers on their home, from my experience. Think of selling a home as if you’re going fishing; the goal is for the most possible fish to see your home as it enters the pond.”
Properties listed on a Thursday typically go pending faster than any other day of the week, says Zillow. On the flip side, Sunday listings tend to sit longer by eight days compared to Thursdays. Saturday and Monday are only marginally better, says Zillow, as homes typically take seven days longer to sell compared to Thursdays.
While a difference of seven to eight days may not seem significant, in today’s market, timing is everything.
A home sitting even for one week without a sale in this market can signal to buyers that they may be able to get a small discount,” Knipe stresses. “A good strategy for buyers who want to avoid getting into a bidding war could be to target homes that have been on the market for a week or two, or even those listed over the weekend that are less likely to sell quickly.”
Why should sellers list before Labor Day? Historically speaking, the holiday typically marks the end of home shopping season. The busiest time of year for real estate is March 11-18, according to Zillow, while the worst is October 14-21.
Today’s market may be the exception, however. Last year, we didn’t experience the typical wind-down of the spring and summer markets, with the frenzy continuing on well into the fall and winter. Will this year’s season mark a return to normalcy?
“The housing market has had its foot on the gas since last summer, never entering its usual winter hibernation,” said Zillow Group Economist Nancy Wu. “It remains an open question whether 2021 will bring a return to normalcy in that sense, but it’s likely that seasonality in the housing market will remain in some form, even if the changes from season to season are less dramatic than in the past.”
Liz Dominguez is RISMedia’s senior online editor. Email her your real estate news ideas to [email protected].