Ever notice how one home on your street sells well above asking price with a line of buyers out the door and an identical home comes on a month later and sits on the market for two weeks before finally selling at a reduced price?
It’s not always about the house. So often, it’s about timing the market well.
Every. Day. Counts.
In a world where potential buyers know how long you’ve been on the market down to the minute, being on the market a nanosecond longer than expected can be painful for any seller, financially and otherwise. Statistically, prices seem to peak around Day 7 and begin to slide downhill after Day 10.
How to time the market in a nutshell.
Avoid coming to market during major holiday weeks or when school is on break. Potential buyers take vacation too—and the fewer buyers out there looking in those precious early days, the lower the likelihood you’ll sell in the first 10 days. Look to come on the market a few days after typical vacations are over to allow buyers to re-engage in the search process.
Avoid coming to market when a similar house in your neighborhood has just listed and not yet sold. The laws of supply and demand would dictate that when supply appears abundant, demand diminishes—and the days tick on by. Even if you are by far the better house and at a better price, you might still be hurt by the curiosity around why everyone is selling now.
Avoid coming to market during bad weather or national events. Like coming on market right smack in the middle of Spring Break, listing when everyone’s attention is on something other than home shopping is likely to miss the mark big time. Even if you were all set to list, better to take a deep breath and wait until the storm passes.
Do come to market when you notice an absence of great listings for sale in your price range and neighborhood. Buyers will likely feel that void too and be chomping at the bit for the next great home to come along. The chances of a perfect match between a solid buyer and a reasonable seller are best in this zone.
Look at the holiday calendar and local school district calendars to guide you toward best weeks to come to market. Don’t forget to check in big political and sporting event dates too.
The best day to come to market seems to be Thursday. Often listing brokers arrange showings and open houses on Thursday and Friday evenings and throughout the weekend. The best day to review offers is Tuesday (beating out Monday by only a slim margin). This gives buyers and their brokers ample time to see your home, do due diligence like permit research, a home inspection, and a sewer scope—and get their financial documentation together—before they prepare an offer.
Of course, an outstanding listing broker can help you navigate these waters and chose the most favorable date to bring your home to market.