The day after Thanksgiving has always been about holiday shopping, but past years have christened the day as “Black Friday.” This retailer catchphrase simply notes that this particular shopping day will hopefully put store owners back in the black, or positive side of their cash flow. Although you may visit the mall on this day, savvy buyers attend real estate open houses for their own version of Black Friday. Here’s what awaits home buyers in Lexington, KY:
Buying a Home on Black Friday
Because most people are busy over the Thanksgiving weekend, including homeowners in Lexington, KY, only truly serious sellers offer open houses on Black Friday. Buyers that forgo the mall for open house shopping are serious in their own right. With both buyers and sellers in a deal-making mood, Black Friday real estate deals are lucrative. Listings may decrease significantly by the following Monday.
Winter is on its way and sellers may want to move by the time New Year’s Day arrives. Buyers benefit from these time constraints with lower home prices. Some sellers drop the price as much as $10,000 in the right conditions. You can negotiate on price or even have some extras thrown in to close the deal, from laundry systems to big screen televisions.
It is not just small items added to the home’s selling price. Some sellers negotiate a car or timeshare to seal the deal. Because both parties are serious about the real estate deal, negotiations have more creative aspects compared to the rest of the year.
Selling Your Home on Black Friday
Sellers benefit from Black Friday by having a more relaxed buyer volume. With four days off, buyers casually look at the property and enjoy the process of negotiation. Realtors agree that the reduced competition over the Thanksgiving weekend gives sellers an advantage. Buyers are more likely to make an offer according to 44.4 percent of realtors surveyed by Realtor.org.
Being the giving season, lenders can offer better discounts on closing costs, making the home sell faster for the seller while saving money for the buyer. Easy financing makes the selling and buying process smooth to move the property into escrow as soon as possible.
Sellers also use the holiday season to their advantage by decorating. With cornucopias and some early winter decorations up, your home provides a window into the buyer’s future. A comfortable holiday atmosphere pulls on buyer’s emotions, making them want to seal the deal to enjoy the home as a holiday retreat. The crisp and cool Thanksgiving weekend should encourage you to bake pies, cookies or other treats during open house. The smell of fresh bread, for example, is a timeless selling strategy to make the house feel like a home for family and friends. [Learn More About Selling Your Home]
Making a Home Deal on Black Friday
Motivated buyers coupled with savvy sellers combine over Black Friday to create great deals for both parties. Sellers and buyers can move at the beginning of December and have enough time to prepare the new home for winter celebrations. Lenders, looking to make end-of-the-year quotas, graciously approve home loans to move property transfers quickly. Black Friday is a strategic time to sell and buy homes to get the best deal in a timely manner.