The Critical First Week: Why Your Launch Strategy is Everything

When you’re putting your home on the market, you may be filled with nervous anticipation, especially once the pictures are taken, the REALTOR® has their lockbox on the door, and the ad goes live on the Multiple Listing Service (MLS).

What happens next – during the first week that your listing is up – is more important than you may realize. 

All homes eventually sell, whether they get snapped up right away or sit on the market for months. However, those early days are when sellers see the strongest interest from potential buyers, have the highest number of showings and (most likely) get the best offers. 

Understanding why those first few days after a home is listed are so pivotal can help you take a more strategic approach to your property’s sale while avoiding some of the most common mistakes.

Every Day on the Market Matters – Especially at the Beginning

The moment that your home is first listed for sale, the clock starts ticking. Studies indicate that buyers will pre-judge a home by the number of days it has been on the market. Once a listing sits around for a while, it goes “stale,” and interest wanes. Worse, many buyers tend to think that a home that has languished on the market must have defects they cannot see in the photos or be overpriced. Some may even dismiss a property they might otherwise love from consideration simply because of how long it has been sitting around.

The difference in the buyers’ interest between a newly-listed property and one that has been around for just a month is remarkable. According to at least one report, a home that gets 100 views the day the MLS listing goes live will only get around 17 views a day once the property has been up for sale for a month.

The initial surge of attention given to a new listing is partially related to the mechanics of the MLS. When a home is brand new to the market, it is at the top of the pile and will be among the first that potential buyers will see. Automated agent alerts and saved searches by dedicated buyers also highlight new listings. This surge in activity often produces a lot of showings in that first week alone. A home that has just hit the market often creates a sense of urgency in serious would-be buyers. They know they may be competing with others and may feel pressure to act quickly and decisively.

After a week or 10 days, however, a listing tends to be buried much deeper in the search results, so fewer eyes are on it. Individual showings of the property drop off, and open houses have to try to pick up the slack. 

Price Reductions Do Not Help Regain Momentum

Recapturing that initial level of interest in your home later is nearly impossible, too, even if you reduce the asking price. Studies show that price drops give home listings a minimal boost in attention, but only for about 24 hours. A price reduction may only cement suspicions that your home is overpriced or riddled with issues or worse, give buyers a signal that you may be getting anxious and a little “desperate to sell.” That perception can ultimately shift the balance of negotiating power toward the buyer and result in lower offers and lower final sales. 

This is why agents emphasize getting the listing price on a home right from day one. Research shows that homes listed within about 1% of their eventual sale price have a 50% chance of going under contract within one to 14 days, while homes priced even a few percentage points too high can take weeks or even months longer to sell.

You cannot assume that online estimates of a home’s value through sites like Zillow are accurate. Smart sellers will work closely with their personal REALTOR® before settling on an asking price. Typically, the REALTOR® will conduct a comparative market analysis, looking at both current listings and recent sales of homes that are similarly sized and located. They will also use their knowledge and experience to factor in the market conditions and the home’s overall desirability based on its condition, the neighborhood, any local amenities and the upgrades that the owners have made. These are all factors that can influence a home’s perceived value. 

Sellers Need to Take a Proactive, Early Approach

Because the first week a property enters the market is so important, the preparation that happens before a home listing goes live can be critical. Sellers and their agents often spend weeks getting the home “ready to impress.” Important preparation steps include things like:

• Decluttering the home’s interior and properly staging it so buyers can easily see the home’s best features and picture themselves living there
• Performing minor repairs and cosmetic touch-ups on the interior and exterior to make the home appear neat, clean and well-maintained
• Refreshing the landscape around the home’s exterior and taking other small steps to increase the overall “curb appeal” of the property
• Obtaining professional photography of the home’s interior and exterior and detailed information about the home’s attributes and selling points

Sellers only get one chance to make a strong first impression with any given buyer, so it is essential to do everything you can to boost your home’s attractiveness. Even if an offer does not immediately manifest, receiving any early feedback from potential buyers can be extremely valuable. Comments from buyers and agents can help sellers quickly adjust their staging or marketing strategies.

Final Thoughts

The first week on the market typically brings the highest visibility, the most home showings and the strongest buyer interest in your for-sale property. 

Because of this, it is critical to have your presentation together, the pricing accurate and your marketing strategy defined before you put the listing up. Make it easy for potential buyers who indicate they have early interest to schedule showings and respond promptly to constructive criticism afterward. Those steps can help you capture that early momentum and get an offer (or two)!