When is the ‘Black Friday’ for home buying in O.C., L.A., Riverside and San Bernardino?
Home buying has its own “Black Friday,” when properties have the greatest share of price cuts.
But it’s not in November.
In Orange County, it comes in August, and in Los Angeles, Riverside and San Bernardino, it’s in October, according to a study by Trulia.com.
The least likely time that homebuyers anywhere in the U.S. will see price chops? That’s in December, Trulia says.
Nationwide, 46 of the largest 100 markets with the greatest proportion of price reductions are in August, followed by 19 in October and 16 in July, the analysis shows.
“The (August) cuts are likely driven by sellers who have sat through the summer months waiting for a buyer and don’t want to keep waiting into the fall and winter months as selling activity declines in most places,” Trulia’s report says.
“By the time December rolls around, only one in 12 listings, or 8.3 percent, will see a price cut. By this time, most sellers and agents are holding out hope for renewed interest in early spring as potential buyers ramp up their searches again.”
The real estate website analyzed six years of data. The report didn’t specify dates.
Some Southern California highlights:
- In Orange County, 14.9 percent of listings saw price cuts in August, compared with 8 percent in December.
- In Los Angeles, 11.3 percent of listings had price cuts in October, compared with 7.5 percent in December.
- In Riverside and San Bernardino, 12 percent showed price cuts in October, compared with 8.9 percent in December.
- Price cuts are most common from May through October. In August, 13.9 percent of all listings had a discount.
- The share of listings with price reductions around the U.S. inched up to 13.4 percent from 13.1 percent during the year ending October 2017. During that time, 57 of the 100 largest metros saw the slice of listings with price cuts go up.
- The […]