The Best Day to View Real Estate Ads at a Discount
While some have been quick to suggest that if a house has been on the market for more than a week or two, there must be something wrong with it, especially if its price drops, this is not necessarily the case.
Sellers may decide to lower the value of their property for a variety of reasons, including situations where they listed it at a price that may have been in 2020 or 2021 but is not in line with today’s market.
But regardless of why real estate is offered at a discount, such a price drop occurs more often on some days of the week than on others. Here’s what potential home buyers should know.
When to check price cuts in real estate listings
Nationwide, there are more house price cuts (18.5%) on Thursdays than on any other day of the week, according to research by Zillow . It also happens that more properties are put up for sale on Thursdays.
But it is also important to note that on Mondays (17.5%), Tuesdays (17.0%) and Wednesdays (17.6%) there is a fair share of price reductions, while on Fridays (13.7%), Saturdays (5.8%). ) and on Sundays (9.9%).
Also, while listing prices generally do not change over the weekend, in some markets Thursday is not necessarily the best day to trade. For example, listing price drops most often occur on Mondays in Cleveland, Detroit and Miami, and on Tuesdays in Baltimore and Philadelphia, Zillow reports .
So what does this tell us? If you follow real estate listings hoping that the price of a property you are interested in will drop and you see a drop on a Monday or Tuesday, it is most likely the end of the week. Don’t sit around waiting for another cut on Thursday – if you’re serious about your home, take action before another potential buyer does.
How much does the price of real estate usually fall?
The decline in property prices depends on a variety of factors, including the location of the home, the current interest rate, and trends in the housing market. But according to Zillow, the average price drop in 2022 was about 3%, which, according to the company’s research, is roughly $11,000 for the average home.
Prior to the start of the COVID-19 pandemic, homeowners typically waited for the price of their property to drop until it was on the market for about a month. But since 2020, discounts have begun to happen faster – about three weeks after the market launch, according to Zillow .