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What is the best day of the week to list a home?

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First impressions count

“Since you only get one chance to make a first impression with your listing,” said Tim Ellis, Product Manager for Statistics and Trends at Redfin, “we decided to dig into our data to find out whether putting your home on the market on a certain day of the week is correlated with sales success.”

After analyzing over one million listings nation wide, the real estate brokerage came to the conclusion that homes listed on Sunday get “marginally more” online views while homes listed on Friday (hence are fresh on the market when consumers are about to start their weekend tours) are toured 19 percent more.

Redfin’s numbers also reflect that homes listed on Thursday or Friday sell for slightly closer to the original list price and again noted Friday as a superior day to list, claiming they are 12 percent more likely to sell within 90 days.

In a down market, home sellers are desperate for their real estate agent to get the listing just right and to use every competitive advantage at their disposal. Is the day a listing is input into the MLS indicative of its success? Redfin thinks so.

Redfin’s Methodology:
“We analyzed 1,209,010 listings that came on the market between January 1, 2010 and September 1, 2011 in Washington DC, Arlington County, Baltimore City, Queens NY, Fulton County (Atlanta), Cook County (Chicago), Travis County (Austin), Maricopa County (Phoenix), Clark County (Las Vegas), San Diego County, Los Angeles County, Orange County (Irvine), San Francisco County, San Mateo County, Sacramento County, Multnomah County (Portland), and King County (Seattle). We broke down the data on eventual sale statistics, tours by Redfin agents, and views on Redfin.com.

For listing views, we calculated the average number of views each listing received on Redfin.com, then calculated the average number of views for each day of the week listings came on the market. The chart shows the deviation of each day’s individual average listing views count from the overall average listing views count.

For tours, we divided the total number of tours Redfin agents took customers on in the study regions during the time period by the total number of listings that came on the market in those regions to get the average number of tours per listing. We then calculated the tours per listing for homes listed on each weekday. The chart shows the deviation of each day’s average tours per listing from the overall average.

For prices, we calculated the sale-to-original-list-price ratios of homes listed on each weekday that sold during the study period. For example, a home listed at $500,000 that sold for $472,000 would have a 94.4% ratio (Thursday and Friday’s average). If that same home sold for $469,500, it would have a 93.9% ratio (Sunday and Monday’s average). The chart shows each day’s average sale price to original list price ratio.

For sales, we divided the number of homes that sold within ninety days of being listed by the total number of homes that were listed on each weekday. The chart shows the percent that sold for each weekday.”

Marti Trewe reports on business and technology news, chasing his passion for helping entrepreneurs and small businesses to stay well informed in the fast paced 140-character world. Marti rarely sleeps and thrives on reader news tips, especially about startups and big moves in leadership.

Austin

Austin tops the list of best places to buy a home

When looking to buy a home, taking the long view is important before making such a huge investment – where are the best places to make that commitment?

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Looking at the bigger picture

(REALUOSO.COM) – Let us first express that although we are completely biased about Texas (we’re headquartered here, I personally grew up here), the data is not – Texas is the best. That’s a scientific fact. There’s a running joke in Austin that if there is a list of “best places to [anything],” we’re on it, and the joke causes eye rolls instead of humility (we’re sore winners and sore losers in this town).

That said, SelfStorage.com dug into the data and determined that the top 12 places to buy a home are currently Texas and North Carolina (and Portland, I guess you’re okay too or whatever).

They examined the nerdiest of numbers from the compound annual growth rate in inflation-adjusted GDP to cost premium, affordability, taxes, job growth, and housing availability.

“Buying a house is a big decision and a big commitment,” the company notes. “Although U.S. home prices have risen in the long term, the last decade has shown that path is sometimes full of twists, turns, dizzying heights and steep, abrupt falls. Today, home prices are stabilizing and increasing in most areas of the U.S.”

Click here to continue reading the list of the 12 best places to buy a home…

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Housing News

Average age of houses on the rise, so is it now better or worse to buy new?

With aging housing in America, are first-time buyers better off buying new or existing homes? The average age of a home is rising, as is the price of new housing, so a shift could be upon us.

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aging housing inventory

aging housing inventory

The average home age is higher than ever

(REALUOSO.COM) – In a survey from the Department of Housing and Urban Development American Housing Survey (AHS), the median age of homes in the United States was 35 years old. In Texas, homes are a bit younger with the median age between 19 – 29 years. The northeast has the oldest homes, with the median age between 50 – 61 years. In 1985, the median age of a home was only 23 years.

With more houses around 40 years old, the National Association of Realtors asserts that homeowners will have to undertake remodeling and renovation projects before selling unless the home is sold as-is, in which case the buyer will be responsible to update their new residence. Even homeowners who aren’t selling will need to consider remodeling for structural and aesthetic reasons.

Prices of new homes on the rise

Newer homes cost more than they used to. The price differential between new homes and older homes has increased from 10 percent traditionally to around 37 percent in 2014. This is due to rising construction costs, scarcity of lots, and a low inventory of new homes that doesn’t meet the demand.

Click here to continue reading this story…

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Housing News

Are Realtors the real loser in the fight between Zillow Group and Move, Inc.?

The last year has been one of dramatic and rapid change in the real estate tech sector, but Realtors are vulnerable, and we’re worried.

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zillow move

zillow move

Why Realtors are vulnerable to these rapid changes

(REALUOSO.COM) – Corporate warfare demands headlines in every industry, but in the real estate tech sector, a storm has been brewing for years, which in the last year has come to a head. Zillow Group and Move, Inc. (which is owned by News Corp. and operates ListHub, Realtor.com, TopProducer, and other brands) have been competing for a decade now, and the race has appeared to be an aggressive yet polite boxing match. Last year, the gloves came off, and now, they’ve drawn swords and appear to want blood.

Note: We’ll let you decide which company plays which role in the image above.

So how then, does any of this make Realtors the victims of this sword fight? Let’s get everyone up to speed, and then we’ll discuss.

1. Zillow poaches top talent, Move/NAR sues

It all started last year when the gloves came off – Move’s Chief Strategy Officer (who was also Realtor.com’s President), Errol Samuelson jumped ship and joined Zillow on the same day he phoned in his resignation without notice. He left under questionable circumstances, which has led to a lengthy legal battle (wherein Move and NAR have sued Zillow and Samuelson over allegations of breach of contract, breach of fiduciary duty, and misappropriation of trade secrets), with the most recent motion being for contempt, which a judge granted to Move/NAR after the mysterious “Samuelson Memo” surfaced.

Salt was added to the wound when Move awarded Samuelson’s job to Move veteran, Curt Beardsley, who days after Samuelson left, also defected to Zillow. This too led to a lawsuit, with allegations including breach of contract, violation of corporations code, illegal dumping of stocks, and Move has sought restitution. These charges are extremely serious, but demanded slightly less attention than the ongoing lawsuit against Samuelson.

2. Two major media brands emerge

Last fall, the News Corp. acquisition of Move, Inc. was given the green light by the feds, and this month, Zillow finalized their acquisition of Trulia.

…Click here to continue reading this story…

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