Home sellers, start your (search) engines. On your mark, get set, and list!
But just wait until a Thursday in April for your best price. And don’t list on a Monday in January.
A new study by the national real estate brokerage Redfin found that homes that hit the market on a Thursday tend to sell faster and for more money, especially if they’re listed in the month of April.
“That’s why Realtors are eating all their Wheaties now, because we’re almost upon that season,” joked Lesley Lannan, Buffalo market manager for Redfin.
The report by the Seattle-based firm found that 22 percent of homes listed on a Thursday in April sell for more than the asking price, earning an average premium of $1,258. That’s $2,352 more than those listed on a Sunday, which tend to come in about $1,100 under asking.
That’s because the end of the week is when buyers are typically getting ready for a weekend of touring, open houses and shopping. Yet only 18 percent of homes go on the market on Thursdays, compared to nearly 30 percent for Saturday, Sunday or Monday, which are “the worst days of the week when it comes to fetching a premium price,” according to a Redfin blog. And April marks the end of the normally sluggish winter season, so home buyers are coming out of hibernation eager to make a deal – in contrast to the coldness of January.
“In our part of the country, that’s probably not a surprise. There’s a lot to be said for that feeling that you can open your windows and get out,” Lannan said. “People have done their taxes, they’re emerging from the holidays, they can get yard work done, they’re ready to live. And they want to be closing in the summertime, so they have good weather to move and can get their kids in school.”
Redfin also found that sellers using professional photography averaged $3,400 more in sales price, and sold faster than those who didn’t. But having an open house didn’t seem to make a difference.
The study analyzed more than 12 million condo, townhouse and single-family sales since January 2010 in active Redfin markets, including Buffalo.