Black Friday shopping is no longer only about televisions, toys, and other terrific (and cheap) merchandise. Potential home buyers are just as likely to get a Black Friday deal on a new home as the latest laptop. There are real estate deals to be made on this busiest shopping day of the year.
After all, buying a home qualifies as a significant purchase and long term commitment. Why shouldn't home buyers be able to enjoy a holiday sale? Actually, if you check today's realtor websites and housing blogs, it is not that uncommon to see a home profile and a Black Friday notice side-by-side.
Buying a Home on Black Friday
More Shoppers – Fewer Buyers
While almost everyone else is checking out the e-reader specials, the alert home buyer can be chatting with home sellers. Generally, houses are not on the market in the holiday season unless home owners are serious about selling their home. Otherwise, they would be putting their efforts into holiday shopping or seasonal decorating.
The timing is perfect for an enthusiastic buyer. Interested sellers are waiting and there is less competition for home buyers on Black Friday. Many potential buyers browse though the stores instead of the real estate market.
Of course, every day in this holiday season is shaping up to be a buyer's market. Prices are favorable for buyers - although sale prices will vary in different markets. Home sellers, however, are cutting their prices. The statistics at Trulia.com show a common trend in the real estate industry.
"Twenty-seven percent of homes listed for sale on Trulia as of November 1st had had at least one price cut - in some cities, 33 percent, 39 percent - even 46 percent of the homes for sale had already been discounted by their sellers." ~ Tara-Nicholle Nelson, Trulia.com
If a home buyer can snag that Black Friday 'sale' on a new home, they will also save on property taxes. Since property taxes (in most instances) are tied to the purchase price of a home, sale prices mean tax savings.
If a home buyer finds their dream home on Black Friday, it is perfect timing to suggest a few 'included' deals. Often retailers add a bonus item with a Black Friday purchase. Home sellers might be prepared to follow suit - in the spirit of the season.
A home buyer might love a few furniture pieces. Maybe the seller will include them in the purchase. Such a deal is really not far-fetched because sellers in the holiday season want to sell their homes. As well, home owners have been known to include items with the sale of their house. In fact, one Connecticut home seller threw in a vacation property to sell his home.
Yet buyers can probably lower their sights to 'inclusions' being a piece of furniture rather than a full-scale property. Home sellers might be willing to include select items in the sale. Buyers must check out the situation, however, with their broker or agent and mortgage expert. 'Included items' must fit within lender and appraisal guidelines.
If you are committed to buying a home, Black Friday might be the best day to shop around for a good deal. Actually, anytime during the extended weekend is a great time to look for a new home. Just like with retailers, there is an opportunity to get a deal in the days following Black Friday. If you are a home buyer at this time of year, you could really be "home for the holidays."
Will You Be Buying A Home On Black Friday?
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