With homes flying off the market at a rapid pace, it's hard to believe that sellers are able to optimize the current speeds any further. As homes fly off the market faster, borrowers are going to expect the same speed from their mortgage lender. According to a new report from Zillow, homes listed on a Thursday sell faster on average and are more likely to sell above list price than those listed on any other day of the week.
According to the report, homes listed on a Thursday reach pending status faster than any other day of the week, all else equal. Homes that are listed on Sunday tend to sit on the market longest, eight days longer than Thursdays.
“Home shoppers I work with tend to be most active on Thursday and Friday as they plan their weekend tour schedules. 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,” said Jeff Knipe, president of Knipe Realty in Portland, Ore. “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.”
Zillow also found that Thursday listings also are most likely to sell for more money. The company's research shows that homes listed on a Thursday are more likely to sell above their asking price than those that hit the market on any other day of the week, while homes listed on either Saturday or Sunday were the least likely to sell above list.
“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 adds. “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.”
Nationally, 21% of homes are put on the market on a Thursday, which is more than any other day of the week. In Seattle and Portland, Ore., more than a third of homes are listed on a Thursday, the highest shares in the country among large markets. Only 13% of homes are listed on a weekend, which is less than any individual weekday.
Learn more from Zillow's study on how the day a home is listed affects the speed at which it is sold.
