Conventional wisdom, supported by centuries of field testing in office settings around the world, tells us that some days of the week are less productive than others. Mondays? Forget about it. Wednesdays? Getting better. Fridays? Party on! Why should real estate investment be any different? Here’s a secret – it’s not. The question before us is whether or not there is a particular day of the week more conducive to selling a property, or is each day simply a mirror reflection of the day that came before?
Is the suspense killing you yet? The answer is Friday! Friday has been confirmed as the best day to sell real estate in a study conducted by Redfin. The results were obtained by analyzing 1.2 million MLS listings in 16 markets over 21 months. For those who might be unaware, even though it might seem many investors shun the MLS listings, more than 90% of residential real estate is found through this service.
But what’s so great about Friday? According to the study, the following is true:
1.Friday listings are 12% more likely to sell within 90 days
2.Friday listings are likelier to sell closer to the original asking price
3.Friday listings are 18.8% more likely to be viewed by buyers
To anyone involved in the real estate industry, this should be quite interesting information. All other things considered, why not make it a point to take this into account in your future property strategy? And don’t forget to think about it from the other side as well, especially if you’re a buyer.
Assuming the study is correct, and a property is more likely to sell closer to the asking price on Friday, make sure you don’t buy your property on Friday. Is this information worth getting excited about? We wouldn’t suggest you run right out and retool your entire real estate investment strategy but it is something to think about.
While the Redfin study didn’t seek to establish to reasons why Friday seems to be the sweet spot in real estate investing, the larger idea to internalize is that there are are multitude of reasons that go into each and every real estate transaction, most of which may have nothing to do with the actual mechanics of the deal itself. The human animal doesn’t exist in a vacuum and it behooves us all as real estate investors to become something of a social scientist as well.
The reasons we do what we do go well beyond the x’s and o’s.
The Commercial Investing Center Team
Flickr / alancleaver_2000