Just because you’re working your posterior off to get your house ready to be listed in time for the weekend doesn’t mean the weekend is the best time for it to make its premiere, as evidenced by a new report from Redfin. The study shows that homes listed midweek not only sell for an average of $1,700 more than homes listed on the weekend (based on homes sold above their list price from July 2020 through February 2021), but they sell faster, too.

People looking for homes are no longer the “looky-loos” of the past, browsing listings and walking through open houses for fun or future reference. They are serious, competitive buyers in a real estate landscape that can eat your lunch these days. Blink and the place you wanted to see is under contract, having garnered multiple bids. Redfin Chief Economist Daryl Fairweather says putting a home on the market on a Friday or Saturday is risky, since potential buyers may have already filled their weekend with other home tours. “That’s especially important during the pandemic, when it’s more likely that buyers and their agents are required to book individual appointments to tour homes,” she said.

“And listing on a Sunday or Monday means buyers may lose interest before the following weekend,” Fairweather said. “Because the market is so competitive right now, most homes will receive plenty of attention regardless of when they’re listed, but sellers can still maximize their potential profit simply by listing in the middle of the week – which gives potential buyers a few days to see the home, talk to their agent and set up a showing for Saturday or Sunday.”

HousingWire’s Tim Glaze reports that homes that hit the market midweek in Boston sell for an average of $7,100 more than homes listed on the weekend, easily the biggest premium of the 25 metro areas included in Redfin’s analysis. Boston was followed by Newark ($4,500 more), Seattle ($4,400), Oakland ($3,500) and Denver ($3,200).

With homes across the country getting 20 to 40 offers within 12 to 24 hours of being listed, Fairweather says, “Sellers shouldn’t overprice their homes, even if most homes in their area are selling for higher than their asking price. If the home doesn’t go under contract within a reasonable time and the seller has to drop the price, fewer potential buyers who are searching within the home’s new price range will see it.”

Mortgage experts are weighing in on this as well, with Mortgage Bankers Association Chief Economist Mike Fratantoni saying that the demand for homes will continue to be bolstered by an improving job market, favorable demographic trends, and mortgage rates that are still low from a historical perspective.

Source: Redfin | Housingwire | TBWS

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