As a home stager, you already know that your job is to decorate the home in a way that appeals to buyers, in order to get the home sold fast for the seller. It should be a no-brainer, but many home stagers don’t realize that it is their job to understand the real estate market. The reasoning behind this is that this knowledge will allow you to better serve your clients.
There are many studies that suggest the best and worst times to list, or make an offer on a home. Knowing this type of information will help keep you plugged in to the psychology of home buyers and sellers in your market:
When is the best month to make an offer on a home? January. Many buyers do not want to go house shopping during cold weather. Thus, there is less competition and fewer bidding wars. Sellers also tend to be more motivated than they will be in the spring, when there are more buyers. One reason for this is that they may have just received their credit card bills that reflect Christmas spending and may be feeling financially insecure. And their decision to try to sell their houses in the winter means they’re willing to risk listing during a time of the year when properties tend not show particularly well.
When is the best time to sell your home? The spring. During the spring, buyers come out of the woodwork during the spring, and with tax refund checks in the bank, spring buyers more often pay full price. Sales generally peak in springtime, which explains why more than half of listed homes move quickly in the summer. Also, be sure to never list your home with a number ending in zero. Numbers that do not end with zero makes buyers feel like the price is lower than it actually is. You can actually earn a few thousand more dollars than you would have, had you listed the price of the the home ending in zero.
When is the best day of the week to list your house? Thursday. This is actually truer during a seller’s market, but if you list your fully prepared house for sale on a Thursday, it will be available right away for weekend showings and by Saturday, which is the most important day of the week in real estate, because your house will have shown only two days. That’s important because the fewer days on market, the better chance the home will attract a full-price offer. Even if your house doesn’t sell by the next Saturday, it will still show only nine days on market, benefiting from the psychological advantage of a single-digit number.
No matter when your client is listing a house, it’s your job to help him or her sell it. But having an understanding of the psychology both of the home seller and prospective buyers is important. It’s imperative that you have an understanding on the current market so that you can deliver results that your clients seek. Read: Home Staging Guide.