Although some are quick to assume that if a house has been on the market for more than a week or two that something is wrong, especially if its listing price drops, that is not necessarily the case.
Sellers may choose to lower the cost of their property for a variety of reasons, including situations where they have listed it at a price it could have commanded in 2020 or 2021, but which does not hold up in today’s market.
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But whatever the reason for a property being offered at a discount, these price drops happen on certain days of the week more frequently than others. Here’s what potential buyers should know.
When to check for price drops in real estate listings
According zillow search, nationally, more house price cuts (18.5%) are made on Thursday than any other day of the week. It also happens that more properties are listed and also come on the market on Thursdays.
But it’s also important to note that Mondays (17.5%), Tuesdays (17.0%) and Wednesdays (17.6%) see their fair share of price drops, despite being less frequent Fridays (13.7%), Saturdays (5.8%), and Sundays (9.9%).
Also, although listing prices tend not to change over the weekend, in some markets Thursday is not necessarily the best day for deals. For example, listing price drops are more common on Mondays in Cleveland, Detroit, and Miami, and on Tuesdays in Baltimore and Philadelphia, Zillow Reports.
So what does this tell us? If you’re watching real estate listings, hoping the price will drop on a property you’re interested in, and you see a discount on a Monday or Tuesday, that’s probably it for the week. Don’t sit around waiting for another cut on Thursday – if you’re serious about the house, act before another potential buyer does.
How much will the price of a property typically drop?
Home price declines depend on a variety of factors, including the location of the home, the current interest rate, and housing market trends. But according to Zillow, the median price drop in 2022 was about 3%, which equates to about $11,000 for an average home, based on company research.
Before the onset of the COVID-19 pandemic, homeowners typically waited to lower the price of their property until it had been on the market for about a month. But since 2020, discounts are happening faster – around three weeks after release, Zillow Reports.
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