{"id":3720,"date":"2022-11-24T13:00:00","date_gmt":"2022-11-24T13:00:00","guid":{"rendered":"https:\/\/www.realtrends.com\/blog\/2022\/11\/24\/is-there-a-black-friday-for-house-listings\/"},"modified":"2025-03-13T02:48:08","modified_gmt":"2025-03-13T02:48:08","slug":"is-there-a-black-friday-for-house-listings","status":"publish","type":"post","link":"https:\/\/www.realtrends.com\/blog\/2022\/11\/24\/is-there-a-black-friday-for-house-listings\/","title":{"rendered":"Is there a “Black Friday” for house listings?"},"content":{"rendered":"\n

This week, millions of Americans will gather around the Thanksgiving table and then rush off to department stores in search of the best holiday deals. <\/p>\n\n\n\n

But in the housing market, the best deals of all may not occur on Friday. According to a recent press release by Zillow,<\/a> most home prices are actually cut on a Thursday.\u00a0<\/p>\n\n\n\n

So if you have sellers on the fence about adjusting their asking price, keep the following in mind:<\/p>\n\n\n\n

Timing is everything <\/strong><\/h2>\n\n\n\n

While 18.5% of homes are price cut on a Thursday, that doesn\u2019t mean the other days of the week never see any action. Other popular days are Monday and Wednesday. Most listings won\u2019t see a price reduction on the weekends, as agents and sellers are busy with open houses and private showings.\u00a0<\/p>\n\n\n\n

It isn\u2019t just the day of the week that matters when talking about price reductions. Total time on the market matters too! According to Zillow, most homes don\u2019t see a price reduction until they\u2019ve been on the market for 30 days, but in the height of our previously hot market<\/a> that number dipped down to just three weeks in parts of 2021 and 2022.\u00a0<\/p>\n\n\n\n

This news is great for your buyers. Encourage them to take their time thinking through this purchase. \u201cBuyers today have a better opportunity to land the right home than they have had in several years,\u201d said Orphe Divounguy, senior economist at Zillow.<\/p>\n\n\n\n

Make sure to calm worried sellers if their home isn\u2019t selling within weeks<\/a> as they expected. The winter season is typically a slower time for home sales. This means you could price low initially to avoid price cuts or communicate to your sellers that they may need to be prepared for such cuts down the road.\u00a0<\/p>\n\n\n\n

\u201cThe price they set just weeks ago may no longer be attainable in light of rising mortgage rates and falling demand,\u201d said Divounguy.<\/p>\n\n\n\n

Listing price cuts<\/h2>\n\n\n\n

Whether you\u2019re dealing with buyers or sellers, know that the discounts they\u2019ll see on homes won\u2019t be as crazy as Black Friday doorbusters. A typical home price cut is anywhere from 2.5% to 4%, depending on the metro area. In dollars, this results in an $11k price drop most often. <\/p>\n\n\n\n

According to Zillow<\/a>, cities like Pheonix are seeing the smallest price cuts; meanwhile, agents in Buffalo, New York are being liberal with their home price reductions, some are reaching 4.6%. <\/p>\n\n\n\n

If your sellers are concerned about lowering their list price, remember that nearly 30% of the current active listings have cut their prices. <\/p>\n\n\n\n

When it comes to having the price cut conversation with sellers, be prepared for pushback. Everyone wants top dollar for their home, but in a market with ever-increasing mortgage interest rates<\/a>, finding a buyer who can afford the rate and the expensive home can feel like finding a needle in a haystack. Don\u2019t be discouraged though, we\u2019ve got plenty of tips on how to make your listings stand out (and what to avoid)!<\/p>\n","protected":false},"excerpt":{"rendered":"

This week, millions of Americans will gather around the Thanksgiving table and then rush off to department stores in search of the best holiday deals. But in the housing market, the best deals of all may not occur on Friday.<\/p>\n","protected":false},"author":39539,"featured_media":4822,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3255],"tags":[],"coauthors":[],"class_list":["post-3720","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-archive"],"acf":[],"yoast_head":"\nIs there a "Black Friday" for house listings? - RealTrends - Blog<\/title>\n<meta name=\"description\" content=\"Black Friday is almost here. 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