When buying a home, it’s in your best interest to maximize the savings any way you can. One way to find a home for a low price that some people overlook is the time of year in which you begin your home search. In Minnesota, the housing market stays relatively the same but there are some times of the year when you can find more significant savings on a new house. Learn the best time to buy a house in Minnesota and boost your potential savings.
Best time to buy a house in Minnesota
The winter is one of the best seasons to look for a new home when moving. Although it doesn’t sound like a great idea to move during the colder weather, it can prove to be worthwhile when considering the amount of money you can potentially save.
So, the question is, what dates should buyers mark on their calendars? Statistically, the month of January is the best month to purchase a home in terms of the asking price. If you are looking for more inventory, the late spring and early summer months are when inventory is at its highest in Minnesota.
Competition
With fewer homes on the market this year, competition is high. One way to lower the competition is to look at the time of year when the fewest buyers are in the market for a new home. Although inventory might be the highest in the warmer months, fewer people are looking to move in the winter months due to the colder weather. Most people would rather hunker down through the winter which can come as an advantage to you if you are willing to brave the cold while moving.
Where to look?
- Minneapolis/St. Paul
- The Twin Cities ranks as the 16th largest metro area by population according to ThoughtCo. With a growing economy and a diverse population, the Twin Cities and the surrounding areas are some of the premier places to live in Minnesota. Between the four major sports teams, countless shopping and dining opportunities, and numerous lakes, there is no shortage of things to do in the Twin Cities. Check out some listings in Minneapolis and St. Paul.
- Rochester
- Rochester ranked #4 on the list of “Best Cities to Buy a House in America” according to niche.com. Rochester is one of Minnesota’s biggest cities, ranking only behind Minneapolis and Saint Paul and is home to the world-renowned Mayo Clinic. Check out these listings in Rochester
- Duluth
- Duluth is the gateway to Minnesota’s North Shore. Situated on Lake Superior, the city is filled with fun and exciting things to do. Located just miles from all the state parks and attractions up the North Shore, Duluth is the perfect place if you love the outdoors. Check out these listings in Duluth.
- Brainerd Lakes Area
- Located almost directly in the center of Minnesota, Brainerd has been referred to as Minnesota’s Playground. With numerous lakes in the area, this is a perfect place to find a home on the lake. Check out these listings in Brainerd.
Get started
To get the most out of your home purchase, it pays to get strategic. While winter may statistically be the best time to buy a house in Minnesota, it’s possible to find a house in your budget any time of the year. One of the first steps in finding your next home is deciding your budget. Read our blog, “How Much House Can You Afford”, for some tips to help you get started on your budget. If you’re considering buying, reach out to a loan officer and one of our real estate agents.