Back when most folks looked for a new home by getting in the car, the freshness of a listing didn’t matter very much. But now a new real-estate listing works almost like a news story. When the news hits, people flock to read it. The next day, traffic drops off. Your home listing, says Redfin chief executive Glenn Kelman, “is just another momentary media phenomenon in an ADD-addled world.”
According to a market analysis conducted by Redfin and cited by the WSJ, a listing will get about four times as many views on real estate websites in its first week on the market than it will a month later. The problem? Many sellers are still opening their listings at “wishful-thinking prices,” and don’t get around to their first price cuts for about a month, after their audience has moved on.