If you're thinking of selling your home, you should know that now's a pretty good time to do so.
There has been a shocking drop in home inventory, and in the absence of competition, you may be able to command a nice sale price for your home. Plus, mortgage rates are very competitive right now, and that's also fueling buyer demand.
If you agree that now is a good time to buy a home, there are certain steps you probably know to take in the course of putting your home up for sale.
First, you'll want to find the right real estate agent to work with -- someone with reasonable fees who can help you price your home competitively and who knows the area very well. Next, you'll want to repair any glaring issues with your home so you don't turn potential buyers away. Finally, you'll want to stage your home and declutter it so it's more appealing to buyers.
But in the course of gearing up to sell, you may also want to make sure you list your home on a Tuesday, Wednesday, or Thursday. Doing so could potentially result in a higher sale price.
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Get your timing right
You might think that when it comes to selling your home, the day you put that listing up doesn't matter. But actually, it might. Data from Redfin reveals that homes that are listed on a Tuesday, Wednesday, or Thursday typically sell for $1,700 more than homes that are first listed on another day of the week. Plus, homes listed on those days typically sell nearly two days faster as well.
Of course, listing your home on a Tuesday, Wednesday, or Thursday won't necessarily guarantee that you'll score a higher sale price. But it remains a tactic worth trying since you really have nothing to lose by doing it.
That said, don't just focus on listing your home on a certain day. Rather, aim to price your home competitively.
The good news is that homes today are selling for much higher prices than they normally would. But that doesn't mean you should get greedy and charge a lot more than usual. In fact, it could work to your benefit to charge a little less for your home than it's actually worth. That way, you'll attract more buyers, which could spur a bidding war.
During a bidding war, two or more buyers try to outbid each other on a home. Since each bid is higher than the next, it can drive your home's sale price up. If the average home in your neighborhood sells for $400,000 and you price yours at $395,000, you might get buyers in a bidding war who drive its price up to $425,000 after all is said and done. But if you price yours at $415,000, buyers may not want to engage in a bidding war since your list price is on the higher side already.
Of course, this speaks to the importance of finding a good real estate agent to work with, because that person can help you land on the right price for your home.
A higher sale price could be yours
In today's housing market, sellers already have the upper hand. But since there's data out there showing that homes that are listed on certain days of the week command more money, it's still an option worth trying.
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