When is the Housing Market’s Black Friday?

15 Nov When is the Housing Market’s Black Friday?

The most listing price cuts happen in August, right before the end of summer

On the day after Thanksgiving, buyers will be flocking to stores and online retailers to find the best deals of the year. But, according to Trulia, real estate’s Black Friday happened three months ago, when sellers are anxious to move their home off the market before the fall and winter months set in.

Buyers are most likely to snag a deal in August when 13.9 percent of listing prices will be cut. Fast forward to December, and only 8.3 percent of listings will have slashed prices, thanks to sellers and agents willing to wait until spring buying season.

This trend doesn’t necessarily hold true in areas with year-round warm weather, such as Florida, California and Nevada.

For example, in all of the major Florida markets — Tampa/St. Petersburg, North Port-Sarasota-Bradenton, Fort Lauderdale, West Palm Beach, Cape Coral-Fort Myers, Deltona-Daytona, Beach-Ormond Beach — the month with the highest rate of price cuts is 1.66 or fewer times greater than the month with the lowest rate of price cuts.

Meanwhile, in cities such as Fairfield County, Connecticut; Albany, New York; and Madison, Wisconsin; where winter weather is harsh, the rates of price cuts in August and September are at least 2.2 times as large as the rate in December.

Where are the biggest price cuts?

Read More Via Inman.com