While some people assume that if a home has been on the market for more than a week or two, there must be something wrong with it—especially if its listing price drops—that’s not necessarily the case.
Sellers may choose to depreciate the cost of their property for a variety of reasons, including situations where they listed it at the price they commanded in 2020 or 2021, but today’s market doesn’t hold up.
but regardless of why A property being offered at a discount, these drops in prices happen more often on some days of the week than others. Here’s what potential homebuyers need to know.
When to check for price reductions in property listings
According to Research from ZillowNationwide, more property prices are cut (18.5%) on Thursday than any other day of the week. It also happens that more properties get listed and come in the market on Thursdays as well.
But it is also important to note that Monday (17.5%), Tuesday (17.0%), and Wednesday (17.6%) see their fair share of price cuts,Ile They are less common on Fridays (13.7%), Saturdays (5.8%), and Sundays (9.9%).
Also, while listing prices do not change over the weekend, In some markets, Thursday is not the best day for deals. For example, drops in listing costs 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’re monitoring real estate listings, hopefully the price will drop on a property you’re interested in, and youa shortcoming On Monday or Tuesday, it is likely to be for the week. Don’t sit around waiting for another cut on Thursday—if you’re serious about a home, act before another potential buyer arrives.
How much will property prices typically fall?
Deductions in property value depend on a number of factors, including the location of the home, current interest rates and housing market trends. But according to Zillow, the average price drop in 2022 is about 3%, which equates to about $11,000 on the average home, based on this. company research,
Before the start of the COVID-19 pandemic, homeowners usually waited for the price on their property to drop until It was on the market for about a month. But from 2020, Discount Happening fast—about three weeks after going to market, Zillow Report,