{"id":45888,"date":"2016-03-15T04:44:21","date_gmt":"2016-03-15T11:44:21","guid":{"rendered":"https:\/\/redfindevelop.wpengine.com\/blog\/?p=45888"},"modified":"2020-10-06T17:08:19","modified_gmt":"2020-10-07T00:08:19","slug":"spring-home-selling-tips","status":"publish","type":"post","link":"https:\/\/www.redfin.com\/news\/spring-home-selling-tips\/","title":{"rendered":"Do Open Houses Really Make a Difference?"},"content":{"rendered":"
<\/figure>\n
\"spring<\/figure>\n

What’s The Best Day to Put My House on the Market?<\/h3>\n

Thursday. Homes that hit the market Thursday typically sell faster and for more money, with more than\u00a0one in five getting above asking price. Homes listed on Thursdays in April do even better, with one in four\u00a0going for above asking price.
\n<\/span>
\n<\/span>\"When
\nOn average, homes listed on Thursday get $2,352 more than houses listed on a Sunday. Yet only 18 percent of sellers list on Thursday.<\/span><\/p>\n

\"when<\/figure>\n

Homes listed toward the end of the work week, when buyers are preparing for their weekend of home touring and open-house hopping, tend to fare the best overall. Nearly 30 percent of homes go up for sale on Saturday, Sunday or Monday, the worst days of the week when it comes to fetching a premium price. Sunday has the worst track record, with homes going for above asking price only 17.5 percent of the time. <\/span>
\nWhatever you do, don\u2019t list on a Monday in January. They\u2019re the worst days of the year if you want to get the best price.
\nKeep in mind: In some markets, like the San Francisco area, weekday broker\u2019s opens are common and some Redfin agents advise listing the day before the home will be held open. <\/span><\/p>\n

Do Open Houses Make a Difference?<\/h3>\n

Not really. They seem like a<\/span> g<\/span>reat <\/span>way <\/span>to get attention — signs, balloons, cookies and lots of people. But they rarely <\/span>lead <\/span>to a higher price or quicker sale. <\/span>
\nThe apparent risks and rewards of holding an open house vary greatly by market. In ultra-competitive San Francisco, homes that had an open house sold for about 6 percent more on average than homes not held open. That\u2019s a difference of $60,000 on a standard $1 million home.
\nIn Austin, 26 percent of homes that weren\u2019t held open sold above list price, while just 17 percent of those with open houses did. That\u2019s likely because the best homes there sell within days, leaving the less-desirable ones on the market a week or so later when it came time for an open house.<\/p>\n

\"FINAL<\/figure>\n
<\/figure>\n

Another exception to the rule is timing. Homes held open within a week of being put on the market fetch higher prices and sell more quickly.\u00a0<\/span>Why? It might be because those houses are in competitive markets and are more desirable–what agent wouldn\u2019t want to show them off?
\nBack in Austin, houses held open during the first week on the market sold above asking price 30 percent of the time. But if the open was held later, the chances of drawing a higher price fell to 6 percent.
\n<\/span>
\nSo it\u2019s not the open house driving the price; it\u2019s strong demand. Austin is so hot that only undesirable homes linger for weeks.<\/span><\/p>\n

\"Final<\/figure>\n
<\/figure>\n

So if you can\u2019t hold an open house right away, or if you don\u2019t want to have one, don\u2019t sweat it. It\u2019s likely that the correlation between selling success and a debut-week open house has more to do with having a desirable home offered at a good price<\/span>. <\/span>
\n\u201cI\u2019ve never sold a home as the result of an open house,\u201d said Redfin agent William Porterfield<\/a> in <\/span>Little Rock<\/span><\/a>. \u201cMost of the benefits are for the agent.\u201d<\/span><\/p>\n

Are Professional Photographs Worth It?<\/h3>\n

Yes. Homes with photos taken using a professional camera typically fetch more money and sell faster.\u00a0<\/span>Sellers who used a high-quality camera and lens for their listing photos got an average of $3,400 more for their properties. <\/span><\/p>\n

\"Photos<\/figure>\n

Professional photos help sell homes faster, too. Homes priced between $400,000 and $499,999 sold three weeks faster when photographed with a professional camera. <\/span><\/p>\n

\"Photos<\/figure>\n

Point-and-shoot cameras have come a long way, but they still fall short when it comes to wide-angle shots, sharpness and light.<\/span><\/p>\n

How Should I Price My Home?<\/h3>\n

Just right. Testing the waters in hopes of getting a higher price is self-defeating. That\u2019s because homes get five time more online views the day they hit the market than they do a week later. If buyers dismiss your home as overpriced early on, they might never come back. <\/span>
\nEven if you drop the price later, you\u2019ve missed a critical window for getting buyers\u2019 attention. <\/span>New listings get almost twice as many views on Redfin.com the day they hit the market than the day a price is lowered. <\/span>
\n\u201cWhen you\u2019ve had a higher price and you drop it, the buyer will start wondering what\u2019s wrong with it,\u201d said Shawna Besancon<\/a>, a Redfin agent in <\/span>Corpus Christi<\/span><\/a>, Tex. \u201cIf you price a home higher than what it\u2019s likely to sell for, that\u2019s a warning sign to all the buyers. I always encourage people to price honestly.\u201d<\/span>
\n<\/span><\/p>\n

<\/figure>\n
\"Web<\/figure>\n

Methodology:<\/strong><\/h3>\n

For open houses and when to list data, w<\/span>e analyzed more than 12 million condo, townhome and single-family sales since January 2010 in active Redfin markets. For some metrics, such as when to list, we reported 2015 numbers while affirming a trend for each year back to 2010. <\/span>
\nIn determining how open houses impact sales and prices, we pulled home listings and sales for 2015 to see whether open houses correlated to higher sale-to-list prices.<\/span>
\n<\/span>
\nWe used data from this analysis<\/a> of home listing photography.
\nFor pricing strategy advice, we used data from this analysis<\/a> of home listing page views by day.
\nNote: A previous version of this report listed slightly different values for the likelihood of selling above list price by day of the week. Those were based on home sales from 2011 through 2015. The current version lists stats only reflecting home sales in 2015.\u00a0<\/em>
\nOther popular posts:<\/span><\/strong><\/p>\n

1. How to Protect Your Home From Forest Fires<\/a><\/span><\/span><\/span><\/p>\n

2. The Ultimate Guide to Keep Summer Pests Out of Your House<\/a><\/span><\/span><\/p>\n

3. How to Create a Safe Space at Home When Your Kids Reach Sensory Overload<\/a><\/span><\/span><\/p>\n

<\/figure>\n
<\/figure>\n
<\/figure>\n","protected":false},"excerpt":{"rendered":"

Data-tested spring selling tips for getting the quickest sale and best price.<\/p>\n","protected":false},"author":13355,"featured_media":45923,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center 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Woellert","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/d7d2b21b96c9b1b64753ff750374787555bf610810bf67eecffc0bb36b383880?s=96&d=wp_user_avatar&r=g0a40e7ddd9625432269e77bfa976388e","url":"https:\/\/secure.gravatar.com\/avatar\/d7d2b21b96c9b1b64753ff750374787555bf610810bf67eecffc0bb36b383880?s=96&d=wp_user_avatar&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d7d2b21b96c9b1b64753ff750374787555bf610810bf67eecffc0bb36b383880?s=96&d=wp_user_avatar&r=g","caption":"Lorraine Woellert"},"description":"Lorraine is enjoying her first real job after a career in journalism. She\u2019s based in Washington, D.C., where she writes about housing and the economy. Before joining Redfin, Lorraine was at Bloomberg News reporting on politics, financial mayhem, housing and the economy. Her dream home is a top-floor loft with a pool, friendly neighbors and a terrace for throwing parties. Everyone's invited. Redfin is a full-service real estate brokerage that uses modern technology to make clients smarter and faster. For more information about working with a Redfin real estate agent to buy or sell a home, visit our \"Why Redfin?,\" page.","sameAs":["https:\/\/www.redfin.com\/blog"],"url":"https:\/\/www.redfin.com\/news\/author\/lorraine-woellertredfin-com\/"}]}},"_links":{"self":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/45888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/users\/13355"}],"replies":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/comments?post=45888"}],"version-history":[{"count":0,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/posts\/45888\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media\/45923"}],"wp:attachment":[{"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/media?parent=45888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/categories?post=45888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/tags?post=45888"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.redfin.com\/news\/wp-json\/wp\/v2\/coauthors?post=45888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}