Want to get people moving? Set a due date. In real estate, deadlines bring results—and high returns.
So far this year, 58% of home listings with published offer deadlines sold above list price, according to an analysis of 37 major metropolitan markets in the U.S. by real-estate brokerage Redfin. Listings with offer deadlines also averaged 31 days on the market, compared with 61 days for listings without published deadlines.
Published offer deadlines—where real-estate agents cite a specific due date for offers in the listing and marketing materials—are rare. Less than 4% of U.S. listings include a deadline, according to the Redfin data, and most of those are written in private agent-to-agent comments instead of public listing descriptions.