Even amid a gobal pandemic, many major retailers in the U.S. have announced they will be opening up their doors for shoppers on Thanksgiving evening before the pecan pie is even digested. In search of bargains, Americans are expected to spend billions this year Black Friday shopping. While many may be happy to shop and hang Christmas lights this weekend, others will be more focused on purchasing a new home.
According to historical data from Realtor.com, Thanksgiving isn’t necessarily a major shopping day for home buyers. When compared to an average day, most regions see no significant increase or decline in home shopping the weekend after the holiday. Rather, the housing market ‘Black Friday’ actually takes place in December. Studies show that about a month after Thanksgiving, December 28 has seen a markedly higher volume of online searches for homes.
But if you’re looking for a bargain on a new home, experts advise buyers to think again. With such high demand for homes this year prices are expected to only increase even during the typically slower house hunting months of winter.
Meanwhile, conforming no-point 30-year fixed mortgage rates are averaging 2.875 percent and 15-year rates are near 2.375 percent.
Do you have a question for Real Estate & Mortgage Analyst Mehran Aram? Submit your queries about a home purchase, refinance, or reverse mortgage via Aramco.biz, social media (#AramcoReport), or over the phone at (866) 381-8888 and your questions may be featured in an upcoming article.