Hunting for a NEW HOME? Why Fall is a Great Time to Buy a House!

Autumn is just a few days away and many people are thinking of  bright orange pumpkins, warm apple cider and the crackle of fallen leaves under your feet. Fall is a time of change. But few people are thinking of moving in the Minneapolis/St Paul area...or are they?

This is a common misconception of Minnesota home buyers. Often they think they “missed out” on the busy season in real estate and few good homes will be listed at the end of the year. But surprisingly, searching for a home in October, can be a very wise decision indeed.

The spring and summer are traditional times when the real estate market is hot. Many homes do list early in the year, but there is a flood of buyers at that time too.  Summer weather is ideal for moving but these are busy months for vacations and activities. Many homes that list in June and July, linger on the market, partially due to there being an influx of listings at this “good” time.  But sellers are motivated to move before the sidewalks get icy and lawns are snow covered so they often reduce their home prices in the fall. Homes that list in October and November are often priced to sell quickly since there can be less active buyers. 

I have seen buyers slack off on their home search at this time when they really should be more aggressively looking. One such first time buyer missed out on several good deals during hunting season when he just wasn’t available to look or move. If you are serious about finding a good deal, hunting for a new home should take priority in the fall. 

I have watched this trend for several years now. The housing prices seem to to be a bit more favorable for the buyers when the leaves start to turn through mid-November. Less buyers, means the market is more balanced. This makes it a great time to negotiate for the seller to pay some closing costs or to get a better price your dream home.  Buyers are scarce as temperatures drop and the holidays approach. Fall house hunting can bag the biggest bargains and best home deals. It is a strategy I recommend. 

READY to Make YOUR Move? If you are buying, selling or relocating to Minnesota and need help from a professional REALTOR®, give me, Teri Eckholm of BOARDMAN Realty, a call or visit my website for a FREE Home Buyer Success Guide or FREE Home Value Report. I specialize in acreage and lakeshore properties in the north and east Twin Cities metro area including Ham Lake, Lino Lakes and all communities in the Forest Lake School District! Serving Anoka, Chisago, Ramsey and Washington Counties in Minnesota.
 
Copyright 2017 terieckholm.com

Perfect Timing—In Real Estate, Does it Exist?

Years ago, my then 3 year old son wanted us to videotape him singing a song. He was not like most toddlers, wanting to record Twinkle Twinkle or a quick chorus of Happy Birthday on tape. No, he loved the Hal Ketchum song, Small Town Saturday Night and wanted us to record him singing the entire song.

I can still see him start the first few lines then pause with his blonde head bobbing slowly as he concentrated. We stopped the camera and asked if he forgot the words. He said of course not and started again. But again he paused at the same point. This time we kept taping because we now knew he was still listening to the melody in his head, waiting for the words to start for the next verse. We were amazed that at such a young age, he wanted his timing to be perfect…even without any background music playing.

Whenever I hear that song play, I remember my little boy trying so hard to perfectly time his singing without any assistance and only his memory to guide him. It also makes me think about all those home buyers and sellers hoping to perfectly time their real estate transactions.

Keeping a musical beat for a 3 year old is easier than timing the real estate market…WAAAY Easier! While my son had the memory of a tune to follow, home buyers and sellers really don’t have a road map for this market. Yet time and time again I hear comments similar to these.

“I’m not going to GIVE away my house. I will wait out the market and list when things get better.”

“This home seems perfect but I’ll wait for the next price drop.”

“I don’t think the market has hit bottom yet.”

“Interest rates have been low for quite awhile. I think I will wait to see if home prices drop further too.”

“I love the house but I'm going to wait. I want to make sure I do not overpay.”

Just like the stock market, it is impossible to project and time the real estate market. We can make educated guesses or predictions on the market based on what is currently happening. But know one really knows if you would get more for your home by waiting a year or if you would be paying less for a similar home in the future. By the time prices begin to recover and trend upward, you have missed the bottom of the market. If in your hyper-local community, home prices start selling for higher prices there is no guarantee you will receive more for your home. Like all other aspects of the economy, there are predictions and opportunities but knowing which prediction will perfectly direct you to the right opportunity; that is hazy in the proverbial crystal ball.

It’s Time to Step to the Beat of Your OWN Drummer

I know it's cliche but when investing in real estate one cannot follow the crowd and take a "wait and see" approach. Residential real estate is like no other investment because of the extremely personal aspect. People need a place to live. Deciding to buy or rent in this market is not a cut-and-dry decision. There are several pieces to the "rent vs buy" puzzle, including getting the right mortgage and working with an experienced REALTOR® for the buyer.

While home sellers have to understand how to make their property stand out from the pack with aggressive pricing, thoughtful staging and expert marketing, sometimes it does make sense to wait to move up to a larger home in a market like this. But more often, people make successful and quick transitions to new homes with expert advice. Sellers that “give away” their homes often “steal a home” at a fabulous price on the other end of the transaction when they buy their new property. Buyers opting to move forward now are getting awesome interest rates and bargain home pricing to boot! It is a good time to buy a home and homes are selling at fair prices considering the current economy. People sitting on the fence waiting for the “perfect” time may end up disappointed because nothing is ever perfect.

Copyright 2011 www.terieckholm.com