Have you ever asked yourself the question, “What is the best day to sell a property?”
The fact is, more than 90% of residential real estate is sold through the Multiple Listing Service (MLS). Sometimes it seems that creative real estate investors shun mainstream channels of marketing such as the MLS, but that can be a very big mistake.
The vast majority of retail buyers (people who want to buy to live in the property) are located by listing the property on the MLS.
A question arises among the more detailed-oriented investors and that is, “Which day of the week should the property be listed on the MLS?” Although it may seem like a minor detail, a recent study analyzing 1.2 million listings in 16 markets across the country for 21 months by Redfin revealed some fascinating insights:
Was this house listed on Friday?
- Friday listings are 12% more likely to sell within 90 days
- Friday listings are most likely to sell for close to list price
- Friday listings were 18.8% more likely to be viewed by buyers
Why? Some think it’s because homes listed on Fridays are the freshest in buyers’ minds when they’re making their weekend plans. More viewings lead to more offers, and more offers lead to a better chance of selling the property. Plus, buyers prefer to visit the newest listings first to beat the competition.
So there you have it, simple yet extremely powerful. When you are selling a property to a retail buyer, list it on the MLS on a Friday. That one piece of advice could make you thousands of dollars.