When it comes to selling your home, timing matters a lot. Yet, most sellers don’t realize that even the day you choose to reduce the property price does have a major stake in the deal.
If you choose the right day, your property listing will gain significant traction in the market and attract more potential buyers. Let’s have a look at how you can make the most of your price reduction by picking the right day.
Best Days for Price Reduction
Thursday
Thursdays are often considered the best day to reduce the price of a house. By reducing the price on Thursday, you give potential buyers time to consider the updated listing before the weekend. Check out some other reasons that support this claim:
Just Before Weekend Surge: Thursday price reductions allow realtors to update potential buyers in time for the weekend. Users are more likely to engage on property platforms on Friday nights when they are free from work.
High Realtor Activity: So, why not update the price on Friday? Well, in fact, realtors are always busy and tend to finalize the weekend schedules on Thursdays. A Thursday price reduction gets your listing in front of agents without any delays.
Increased Buyer Browsing: Buyers who are aiming for Saturday in-person home searches often browse through listings on Thursday. A fresh price reduction can make your home stand out to attract immediate interest.
Monday-Wednesday
Even though Thursday is popular, reducing your price earlier— Monday to Wednesday— can also be a strategic good move. Here are the main advantages you can expect:
Captures Weekday Buyers: Some buyers begin browsing listings for new home listings as early as Monday. Most of them could be serious, and the chances of conversion would be higher for them.
Extra Time For Marketing: Reducing the price at the beginning of a week gives you enough time to market the new price on online platforms, social media, newspapers, etc.
Why Weekends Are Not A Good Choice for Price Reductions
Weekends are generally not the best time for reducing your home’s price. Here’s why:
Realtors are often busy with their schedules. Most probably, they may push their personal engagements to weekends. So, price reductions made during that time will be more difficult for them to catch up.
Most buyers go through heavy browsing before wishlisting one listing. So, by the weekends, they may have already viewed all the top listings and may be overwhelmed by the options. A price reduction during this period might get lost in the shuffle.
If a price reduction goes live late on a Friday, there’s limited time for buyers and agents to plan visits. They may postpone the visit to next week. Over time, the planned visit may get drowned up in their busy schedules.
Still, weekend listings can catch the eyes of last-minute browsers who browse through the listings only on free Saturdays. However, that’s just a minority.
Thursday vs. Monday-Wednesday Price Reductions: Pros and Cons
Day of Price Reduction | Pros | Cons |
Thursday | Gets the attention of weekend users.Realtors are more likely to notice the price update.Catches buyers that plan weekend viewings. | May miss early week browsers.It can be competitive as many sellers choose this day. |
Monday-Wednesday | Captures early-week serious buyers.More time to promote the reduced price. | May not attract as much attention as Thursday for weekend showings.Lower midweek browsing activity overall. |
5 Top Price Reduction Strategies To Increase Visibility
Simply reducing the price won’t make you gain more interested leads naturally. You need a well-planned price reduction strategy in place to get the most out of it. Here are some strategies that you can try:
Coordinate With Your Realtor
In case you have a real estate agent, connect with him before deciding on the price reduction. Realtors can provide valuable insights into local buyer trends. They might also have data that reveals specific days when properties tend to get more traffic in your area.
Avoid Major Holidays
Holidays like Christmas and Easter are a big red flag. Such events usually pull down browsing activity. Price reductions made during these days may go unnoticed as buyers are likely focused on other things. Aim for a quieter week to maximize attention.
Consider A Small Reduction First
Do not drop the price by a large amount, all of a sudden. Instead, start with a smaller reduction to test the market response. You can break down the reduced price into 4 or 5 parts and update it each week. This can sometimes generate interest from buyers who may be more willing to negotiate if they see a recent price change. Moreover, it keeps the listing active and appears at the top of the feed.
Utilize Digital Marketing
Never expect buyers to knock at your doorstep. You must promote your price reduction online through social media and email blasts. You can even send notifications to interested buyers about the price reduction through the listing platforms themselves. Make sure that your home’s listing on real estate sites shows ‘price reduced’ or ‘new price’ to attract attention.
Plan Around Local Market Trends
Market trends can play a big role in how buyers respond to price reductions. For example, homes in some locations tend to sell faster in spring and early summer. So, in such localities, timing your price reduction during these periods can maximize your visibility. Connect with your realtor to track such trends and schedule accordingly.
Conclusion
Reducing the price of a home can be a smart move if it is timed right. To do so, you must have a firm grasp of local market trends. Plus, there are many factors to consider, such as user behavior, competition, realtors' schedules, etc. Collecting data on all these aspects could be pretty challenging. That’s where you need a trusted real estate team.
At One Team, we combine our years of market expertise with personalized strategies to help you get the most out of your price reduction. All the suggestions we give are data-backed to make the process stress-free. Contact us now to book a consultation!
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