Best Days To Buy and Sell a House

Usually, I read about when is the best time to buy and sell a house.  It usually refers to a period or season.  For the first time, I’ve read about the actual best day to buy and sell a house.  In the Zillow Blog, Lesley Pandey  wrote  "Selling or buying? Better check that calendar…"

She shared that  the best time to list a house for sale is on a Thursday morning.

The reasons:

• Your home will be available for an open house or inspection that weekend.
• It will be considered a fresh on the market listing.  If it was listed earlier in the week, it will be a bit stale already.
• You’re more likely to get a better price offer if you’re property has been on the market for only a short period of time.

Meanwhile, she shared that the best time to make an offer to buy a property is on the first Tuesday morning of the month.

The reasons:

• It is important to offer on the first week because the owner just paid the mortgage.
• They are more motivated to sell their house after paying a mortgage and before the next bill arrives.
• Tuesday morning is the best because it’s likely that they’ve received all offers from the weekend showing.
• In their mind, yours might be the best offer they think they’re going to get and no others will be coming in.

I agree with listing your property just before the weekend.  I would have done the same.  Open houses are usually held on a weekend because more people are free to inspect.  So, it will be good if you can list your house just before the weekend.  Buyers are more keen to inspect and offer to buy properties which are fresh on the market.  The longer it stays on the market, the less keen the buyers are with the property.  Usually, they will think that there is something wrong with the house…either with the building, the price or there is a problem involved that’s why its taking longer to sell.  Sellers of stale properties are usually forced to lower their prices just to move their properties.  They may get lucky at selling it.  However, buyers would usually bargain for more, since its been sitting too long in the market.

Meanwhile, I’m not too sure about making an offer to buy on a Tuesday morning in the first week of the month. It actually depends on the type of seller. Different sellers have different reasons for selling a property.  They could be upgrading, downgrading or moving interstate.  Being squeezed with their mortgage payments (although a common reason now for selling) is not a motivation for all sellers. 

In my case, my technique for buying is to saturate yourself with the listings in the market.  Once, you’re familiar with market price… be on the lookout for fresh listings in the market.  If you spot a bargain, check it out.  Be the first one to make an offer.  Negotiate but have your limits.  If it is a genuine bargain close the deal before someone else does.

However, I truly believe negotiation is an art.  You cannot be too aggressive nor too passive, you have to be quick and smart with your decisions. If you’re not in a rush to buy a property, it would be good to try which technique will work for you.

How about you, do you have any preferred days in buying or selling a house?