Some people are quick to assume that if a home has been on the market for more than a week or two, especially if the listing price is falling, something must be wrong, but that’s not always the case. There is no limit.
A seller may choose to lower the cost of a property for a variety of reasons, such as listing at a price that may have been requested in 2020 or 2021, but not sustaining in today’s market.
but for whatever reason When properties are offered at discounted prices, there are days of the week when these price drops occur more frequently than others. Here’s what potential home buyers should know.
When to check the price reduction on the property list
according to Research by ZillowNationwide, there are more property price cuts (18.5%) on Thursdays than on any other day of the week. As it happens, more properties may be listed and hit the market on Thursday.
However, it’s also important to note Monday (17.5%) and Tuesday (17.0%).%), Wednesday (17.6%) See our fair share of price reductions.il Friday (13.7%), Saturday (5.8%) and Sunday (9.9%) are less common.
In addition, listing prices tend not to fluctuate over the weekend, In some markets Thursday is not always the best day to trade. For example, listing cost reductions are most common on Mondays in Cleveland, Detroit, and Miami, and on Tuesdays in Baltimore and Philadelphia. Zillow Report.
So what does this tell us? If you monitor property listings, you expect prices to drop for properties you’re interested in.Reduce On Monday or Tuesday, it’s likely that week. Don’t sit around waiting for another cut on Thursday. If you’re serious about your home, act before other potential buyers do.
How much do real estate prices usually drop?
Real estate price declines depend on many factors, including home location, current interest rates, and housing market trends. However, according to Zillow, the median price decline in 2022 was about 3%. company research.
Before the COVID-19 pandemic began, homeowners typically waited to lower property prices Until then It has been on the market for about a month. However, after 2020, discount About three weeks after it hit the market, Zillow Report.