Black Friday is rapidly approaching and retailers are gearing up to compete for your consumer dollars. We've already seen some of the deals and we can say that you're in for a treat this year. It is really important to understand the intricacies of Black Friday sales so you don't miss out on the best deals.

Below we present the Top 5 Black Friday myths that can lead consumers astray.

MYTH #1: The Deals Are Overhyped

We monitor prices and retailer special offers every day. It is our experience that most of the deals offered on Black Friday are the best prices you will see for the next six to twelve months. Thus, if you're thinking about buying a specific item anytime within the next 6 months, Black Friday is a great time to do it. This is one case where patience is not a virtue.

MYTH #2: All Deals Go Quickly

While some of the Black Friday deals have limited quantities, there are typically so many excellent deals to choose from that many items last through Sunday, when another batch of Cyber Monday deals replace them.

MYTH #3: You Need to Wait in Store Lines

The reason everyone thinks they need to go into stores is because that's what the mainstream media likes to show. People waiting in line, enduring the cold is dramatic, newsworthy, and creates great television. Don't be fooled. With the size and growth of the online channel, upwards of 95% of the in-store deals are now available online. So you can comfortably shop at home in your pajamas while others are waiting for hours outside in the cold.

MYTH #4: The Deals Are Cheaper In-Store

This is rarely true. Start with the fact that driving to the store requires gas and time. Even if some stores do not have a particular product deal online, chances are another online merchant will have a similarly priced deal. As an added bonus, if the online merchant does not have physical operations in the your state, you can save on the sales tax, which can be significant on large ticket items.

MYTH #5. Black Friday Sales Begin on the Friday after Thanksgiving

Don't let the name fool you. Many of the sales actually become live at midnight of Thanksgiving Thursday. So if you want to get the best shot at the deals you should go online at that time. We'll definitely be awake providing you with real time updates the moment the best deals become available to purchase.