Black Friday, the day after Thanksgiving, officially marks the beginning of the festive season and the holiday shopping season and if you thought the massive discounts were limited to consumer goods and retailers only, consider this.
Black Friday deals are extending even to real estate and this could probably be one of the best times to invest in a home. Experts say that sellers usually list their homes during this time because the market sees serious buyers during the holiday season.
On account of the Black Friday shopping event, Zillow listed some top US cities where you can find a great real estate deal.The property firm analyzed the percentage of home listings with recent discounts and the actual percentage of discount offered in the areas.
Zillow found that Albuquerque, New Mexico, had the highest number of discounted homes to offer with about 53.5 percent of the listings recently receiving a price chop. Wichita in Kansas and Omaha in New England followed with 47.5 percent and 46.8 percent, respectively.
However, when it came to the biggest discounts, Detroit and Cleveland topped the charts each offering 23.3 percent and 10 percent discounts on current price tags, respectively.
Does Winter Really Promise Cold Deals?
The winter makes for a good housing market, despite popular belief of a slowdown. Competition is low, which is good for both buyers and sellers.
Home sellers want to wrap up deals faster due to tax purposes. Also, since the number of buyers are also less, your broker will be able to spend more time with you advising you on your deals, making for a complete win-win situation.
US Home Prices
Home prices in the United States have been growing at a restrained pace. In September sales further slowed down, according to the latest S&P/Case-Shiller Home Price Index report. Prices increased only 4.8 percent in 10 of the largest cities covered by the index in America.
"The overall trend in home price increases continues to slow down," David M. Blitzer, Chairman of the Index Committee at S&P Dow Jones Indices was quoted by The Wall Street Journal.
"Other housing statistics paint a mixed to slightly positive picture. With the economy looking better than a year ago, the housing outlook for 2015 is stable to slightly better," he added referring to the increase in housing starts and record low mortgage rates.