Buying a home in Minnesota is an exciting process, whether you’re a first time homebuyer, or looking for a change. If you’re not in a rush to buy a home, it’s a good idea to consider when the best time of year is to buy a house in Minnesota. We know from experience and have some pointers that can help you get the lowest prices and rates during your homebuying process.
When is the Best Month to Buy a House in Minnesota?
Minnesota is known for our hot summers and frigid winters. It’s more attractive to most MN homebuyers to begin their house hunting process during the summer. You can check out the yard and the house’s exterior without rushing to get back inside, and of course, moving into homes during the summer is by far easier than moving in the winter.
Summer months are when the most houses are available. But for the reasons listed above, houses also move very quickly. The high demand can lead to bidding wars, and homes can reach far beyond the asking price.
If you do decide to move in the summer, we have a little hack that can make your MN home buying journey a little easier. Shop for homes during the Minnesota State Fair. The Fair takes place at the end of August and ends in early September. There are usually still plenty of homes available, but the State Fair being the spectacle it is, means fewer people are attending open houses and shopping for homes. This means less competition and bidding wars.
What Months are MN House Prices Lowest?
All that said about home buying in the summer, MN house prices are not lowest during those months. Instead, you’re more likely to find lower prices during the winter. During the harshest months like December, January and February, buyers are less likely to be looking. This means that if you find a home for sale that you want to make an offer on, there will be way less competition.
Typically during the winter months, homesellers know that there’s fewer potential buyers, so if they get an offer, they may be desperate to just sell it at the offered price. Buying the home at asking price, or even potentially at a lower price, is much more likely during these cold months.
Let Us Help You Find the Right Lender
Whichever month you choose to begin your home buying journey, Ted Bougie and the Best Advantage Mortgage team can help you secure financing with the right lender. Contact us today to learn more about the best time to buy a house in Minnesota, our process, and get started!