It’s a Thanksgiving tradition, nearly as cherished as turkey and football. The day after Americans celebrate all the things they’re thankful for by gathering with loved ones and downing a cornucopia of delicious foods, it’s time to go on the hunt—for Black Friday savings. When it comes to shopping for a new home, there is no Walmart to camp out in front of, but is there an equivalent? Is there a Black Friday for housing?
According to the latest edition of Trulia’s biannual cut-rate housing report [1], there is...but it’s not in November. In fact, the late fall and early winter is one of the worst times to go looking for sale prices to drop. If you’re looking for a cheaper home in your stocking, you’re going to have to wait until the snow is melted and summer is in swing.
Trulia sifted through six years’ worth of data and determined that home price cuts are most common in the months between May and October. On the other end of the spectrum, December is the month that sees the fewest home price cuts. As for the homebuyer equivalent of Black Friday? It’s actually in August. According to Trulia’s analysis, one 1 of 7 homes for sale will see a markdown in August—that works out to 13.9 percent.
“The cuts are likely driven by sellers who have sat through the summer months waiting for a buyer and don’t want to keep waiting into the fall and winter months as selling activity declines in most places,” explains Trulia’s blog post.
In December, only 8.3 percent of listings—1 in 12—will see a price cut. Trulia says, “By this time, most sellers and agents are holding out hope for renewed interest in early spring as potential buyers ramp up their searches again.”
To read more about Trulia’s analysis, including region-specific data, click here [1].