Did you know that you probably added about two-and-a-half weeks to your time on market by not ALREADY LISTING YOUR HOME? I’m Carole Ellis, and I’ll tell you all about what you ALREADY MISSED THIS YEAR and what to do about it today, in Episode 28.
So yeah, you missed it. If you’d just listed your home LAST THURSDAY, you could have made more on your sales price, spent less time on market, and generally just had a happier, more fulfilling life. Okay, I’m just kidding on the last one, and the first two aren’t really as dire as they sound either. But in reality, according to Redfin, a national real estate brokerage with a penchant for fun analytics, Thursday is, technically, the best day of the week to list and, furthermore, March is the best month in which to list for 2016. So depending on when you’re listening, you may have to hurry up a bit or you might need to wait for 100-percent optimum listing time.
We’re going to delve into just what these facts and figures actually mean for your real estate investing deals and how major of an oversight you actually made when you didn’t list on the first Thursday in March this year in a minute, but first I want to mention ANOTHER day that might send a few chills up your spine, depending on how superstitious you are. Ready for it? Friday the 13th. Why do I want to talk about this creepy, creepy, traditionally BAD LUCK day? Because I just learned that it costs the American economy $900 million every time the 13th of the month falls on a Friday! $900 million! More than 21 million Americans are self-diagnosed as having a phobia of this day and acting upon those beliefs, including when it comes to listing homes, buying homes, and attending open houses. Want to learn more about which numbers really float our boats as a country when it comes to real estate? Check out our “Numbers Matter” article in the News and Networking Section at www.REI.Today.
Now, back to missing the boat – and don’t worry, I’ll stop giving you a hard time now. The reality is that when you shove a zillion numbers from a zillion listings into a computer, you get statistics out. And, in the case of Redfin’s statistics, turns out that Thursdays are the best days to list your property because you will have a lot less competition (the fewest people list on that day) and that last year, April was the “new May” for homebuying and numbers indicated that month would move backward into March for 2016.
So where did I get that two-and-a-half weeks, you’re probably asking. Well, according to Zillow chief economist Stan Humphries, when the spring buying season DOES start in earnest (no word from Stan on whether he thinks it already has or not), if your home isn’t on the market then when you do get around to listing you might have sold faster by listing earlier.
So why am I scaring you like this? I’ll tell you! First of all, these kinds of numbers are FUN. They’re interesting, and, taken with the appropriate amount of objectivity, they’re really, really useful. For investors, however, they can be very, very dangerous because they FEEL scientific when they’re really not appropriate for your business. Here’s what I mean: As a homeowner you might decide to wait to list your home until the perfect day (Thursday) or the perfect month (March, April, or May depending on the researcher and the year), but as a real estate investor, your deal’s success or failure should NEVER depend on something as mercurial as the right “season” for success. Savvy investors always, ALWAYS leave enough room in their deals for things to work out less than perfectly, then, when you do manage to do everything just exactly 100-percent in the ideal fashion, it’s just the icing on the cake. But hey, you could have listed on a Monday in the dead of winter and been just fine.
Now, if you love the numbers game and can’t resist it, I’m with you. In fact, I’m so with you that REI Today has a special report on the “right numbers” and the “wrong numbers” in real estate in the REI Today Vault just for you, that I wrote mainly for you, but also just for me haha! I really enjoyed compiling this research and I know you’ll love reading it, so head on over to www.REI.Today/Vault right now to dig in. Not yet a member? No worries! text REITODAY no spaces, no periods, to 33444 I’ll provide you with fast, immediate access to all sorts of great trainings, news coverage, interviews, and lot more timely information that will help make your investing safer, faster, and more profitable.
And remember, when you do that, you’ll also be able to GROW YOUR NETWORK by interacting with me and your fellow listeners to REI Today… so stop by to ask questions, make comments and network with other investors across the country. Text REITODAY no spaces no periods to 33444 or head over to www.REI.Today/Vault right now.
REI Nation, thanks for listening in and always remember this:
Your best investment is your own education.
Carole Ellis is the host of Real Estate Investing Today, a popular 9-minute daily podcast focused on educating real estate investors about the important topics that will make their investing SAFER, FASTER, and MORE PROFITABLE. She's also the editor of the Bryan Ellis Investing Letter. She has more than a decade's worth of experience in and reporting on the real estate industry and, additionally, has written dozens of courses on the topic. Carole lives in Kennesaw with her husband, Bryan, and four children. She believes wholeheartedly that your best investment is always your OWN education.