When to List
When to List
There were 499 single family residential homes for sale in the twelve Lakes Region towns covered by this report. The average asking price was $685,032 and the median price point was $339,000. This inventory level represents a 4.1 month supply of homes on the market.
At the last Lakes Region Professional Porch Sitters Chapter 603 meeting we were discussing some of the real estate sayings that we all use and hear just about every other day. One of those sayings, “timing is everything,” was the subject of an article posted on March 29th on the National Association of REALTORS® website entitled Study: Homes Listed on Thursday Sell Faster and for More Money.
The article was about a study done by the Seattle based brokerage Redfin. With little else to do in rainy Seattle, a team stayed inside and analyzed over two million home sales in 2018 across 148 metro areas. Lakeport was not included in the study. They found that homes listed on Thursday sold on average .74 percent more than a home listed on Monday. That means a $250,000 home listed on a Thursday should being $1,850 more than if it were listed on Monday.
People always ask us when is a good time of year to list a home but rarely is anyone concerned about what day of the week it hits the market. Delving in a little further on the internet I even found some articles about the time of day that someone should put their listing into the MLS. That was a little too much, so I decided to form a top secret task force within the Lakes Region Professional Porch Sitters Chapter 603 to develop our own findings. After all, knowing the exact day and time to list a home would give us all a leg up on the competition and let us corner the real estate market in the Lakes Region. I contacted Dirk Davenport, Bubba Gunter, Travis D. Coletrain, Little Stevie Prestone, Rollie Rollins, Ainsley Gratham, and Megan Bowman and told them to analyze their sales data and come up with the very best day and time to list a home. We convened one week later on a porch at an undisclosed location.
“Well,” I said once everyone was seated. “Tell me what you all came up with.”
Dirk stood up and started the discussion, “I am a little confused about this whole Thursday thing being the best day to list a property. I understand that by putting a house on the market on Thursday a buyer can see it before the weekend and make plans to go look at it…but if it was on the market on Wednesday they would still see it on Thursday, right?”
“That’s right!” said Bubba. “And what about if your buyer left to go to Costa Rica on Wednesday? He wouldn’t have seen the house at all. He would have missed out completely and bought a shack in the jungle instead. I think you should put a home on the market on Monday at 11:35 a.m. so buyers can look at it all week at work before they go on vacation!”
Travis pipes in, “Maybe you just got back from there but you never had a buyer leave go to Costa Rica, you idiot. I wonder how they prove for sure that a particular home listed on Thursday would sell for more money than another day. If that exact same house was listed on Tuesday or Friday what would it sell for? The same, more, or less? They don’t know.”
“Maybe the houses listed on Thursday just happened to be priced correctly so they sold closer to asking price and faster because they were a good deal,” Megan said.
“Well,” said Little Stevie, “any home that is listed on Thursday at an unrealistic price is not going to sell faster I can tell you that much. It doesn’t matter what time of day or day of the week you list it, it has to be priced right!”
“That’s absolutely true,” Ainsley spoke up. “Not only does the property have to be the right price, it has to be presented correctly, professionally, and ready for market in every way possible! Most importantly, the listing has to have professional grade photography to attract the buyer …not just one fuzzy photo… and all the info and description has to be in there as well!”
“A recent article by Zillow says the best day of the week to list was a Saturday in the first part of May. It claimed you’d get $2,500 more and sell it two weeks faster.” I added. “And we all know you can believe everything Zillow says!”
“Yeah, right!” exclaimed Travis. “Well, it looks to me like we are all somewhat in agreement. It doesn’t matter so much what day or time you list a house in the MLS as much as it does that you list it for the right price and do a great job in presenting it! Right?”
“No!” Dirk countered. “My analysis says you should put in on the market at 10:37 a.m. on Wednesday of the second week of the month if it has thirty days in it, otherwise you go for Tuesday at 4:15.”
“Dirk, you’re an idiot!!” we all responded simultaneously.
Data compiled using the NEREN MLS system.