Is it the Right Time to Buy a home in the Twin Cities?
Stop worrying and start looking for your new home now!
All the conditions are right to buy a home in the Twin Cities this fall.History tells us that NOW is a great time to buy a home! We know what today’s interest rate is. We know where home prices are. What we do not know is the future!
Why is it important to start your search now?
There’s some evidence that home prices take a dip in the fall and winter, but not drastically. People are not "giving away" their homes like they were in 2010-2011 so don't expect a steal but homes will be reasonably priced and most likely lower than the spring market.
The housing market generally cools down starting in September, so fewer people are shopping for homes and fewer homes are on the market. The closer we get to the holidays, the lower the inventory will get. Right now, your choice of homes is the best it will be for the rest of the year.
Get Your Home Search Started Today
So far this year, home prices have increased modestly while interest rates for those who plan to buy their home with a mortgage have remained low. So from a financing standpoint, now is a great time to buy a home.
What About a Newly Built Home?
If your goal is to buy a newly constructed home your best new construction buys in the twin cities at this time of year are completed homes. Once a builder finishes a home, their profit starts to dwindle. The longer the home sits, the more interest, taxes, insurance and utility costs add up. The builder will be more willing to make a deal so he can still make money.
Don’t try to wheel and deal on a home that’s not yet built. A builder won’t bother building a home if he won’t make his regular mark-up.
All that boils down to a couple of important points for home shoppers to remember:
1. Market conditions are favorable—home prices are stable, interest rates are low, and you still have plenty of homes to choose from.
2. You may face some challenges finding your perfect home and negotiating a good deal with sellers or builders.
An experienced real estate agent who’s an expert in your local market can help you search for the
right home for your family and work on your behalf to get the best deal possible.
Call me today to start your search with an agent who’s willing to do what it takes to get you into your new home before the end of the year!
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