Friends and family will soon gather to spend hours preparing food, watching football and overindulging on a Thanksgiving feast. Once the dishes are cleared and the most coveted food coma nap is taken, all gears shift toward the biggest shopping day of the year: Black Friday.
While most bargain hunters are scavenging stores for fantastic deals, most don’t stop to think the same excitement could extend to shopping for a home. What most aspiring homebuyers don’t know is that there is a secret “Black Friday” of real estate, and it's when you would least expect it.
According to traffic data on Realtor.com, the number of scheduled open houses on the week leading up to and over the Thanksgiving weekend is a small fraction of the number from the week prior. But, what happens right after the holiday? The Thanksgiving slowdown usually lasts as long as the guests. By the following week, it’s business as usual.
So, what does this mean for serious buyers that choose to schedule showings while everyone else is preparing and then digesting turkey? They will be dealing with equally determined sellers all while facing less competition. This is the recipe for a better deal on a home and a chance to get the contract you might not otherwise get!
While Black Friday is entirely conducive to impulse buying, it’s a good idea to keep your wits about you and go in with a plan. Buyers need to prepare for their shopping spree and know what houses you will want to see and make sure they have the money to get it with a loan pre-approval.
If you decide to hold off as a buyer, know that since lower rates are still available, value, demand, and competition will increase and it will happen before the popular spring and summer months. December is actually one the busiest times for real estate searches. Many people are still off of work due to the holiday and have more time to search for a new home, which might just be a New Year’s Resolution.
If you want to take advantage of the secret Black Friday of real estate, grab a pumpkin spice latte with your COListings agent today who will help you put together your Black Friday game plan.