Yesterday's News

Yesterday's News

Private Property South Africa
Lea Jacobs

A recent American report indicates that homes listed online on certain days often sell at a higher price than those listed on other days. Studies have shown that property in the US that is listed on a Friday could net an extra $5,000 for the seller. Homes listed on a Friday also sell the fastest.

According to analysis by the real estate brokerage firm Redfin, homes listed on Fridays sold for 99.1 percent of the seller's original asking price, the highest percentage of any day of the week. Although we don't have similar statistics for South Africa, the reasons for the American phenomenon would most likely also apply here.

So what makes Fridays so special? "Adults who have a Monday-to-Friday workweek tend to be happier and more positive on Fridays, an effect that lasts through the weekend," says Richard Ryan, professor of psychology at the University of Rochester, who has studied how the days of the week affect mood.

"They also tend to report more vitality and energy on the weekends, which may prompt them to be more proactive in searching for homes. Interestingly though, it has been noted that properties listed on a Sunday, which may be convenient for sellers, may not enjoy the same amount of exposure. Sunday listings have to sit around for a few days before people start lining up home tours for the following weekend. By that time, newer listings may make Sunday listings seem stale," says Glen Kelman, CEO of Redfin.

"Nailing the day that a home listing debuts is crucial," says Kelman."You get four times the traffic on the day of debut than at any other time of the week, and you only get one chance. Soon, you're yesterday's news."

Although Friday seems to be the most ‘successful’ day for listing property, it's not the only day that could boost your chances of selling in the quickest time possible. Tuesdays also appear to be 'hot property’ days, especially when it comes to generating interest in show houses over the next weekend.

"Tuesdays are big planning days for many people," says Francesca Gino, associate professor of business administration at Harvard Business School. "Productivity peaks at the beginning and the end of the workweek, and so some may use Tuesday to nail down weekend plans for home viewings."

So there you have it: Fridays and Tuesdays are the best days for listing a property (in America in any event). It would be interesting to know whether the day of the week on which a property is listed in South Africa has any bearing on how fast and for how much that property sells.

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