Retailers aren’t the only ones offering huge discounts for Black Friday. A Nov. 24 press release from Zillow indicates that the average home listing experienced record-breaking cumulative discounts of up to $25,000 in October.
While typical price cuts are closer to $10,000, multiple reductions are starting to become the norm as homes are sitting longer on the market, according to the release. Many sellers are more agreeable to negotiating for a more timely sale while still reaping desirable profits.
“Most homeowners have seen their home values soar over the past several years, which gives them the flexibility for a price cut or two while still walking away with a profit,” Zillow Senior Economist Kara Ng said in the release. “These discounts are bringing more listings in line with buyers’ budgets, and helping fuel the most active fall housing market in three years.”…