Seasonality of MN Real Estate
Over the last 5 years, home prices have increased on average 8.6% or 26k per year. The graph below takes it one step further showing our seasonality patterns in MN (highs and lows). Typically, we hit a peak in June and a low in January and this actual data I drafted below is quite striking.
If you were in conversation with your child or best friend, what would you advise? Beyond the obvious $ savings, it’s also about increasing your leverage while decreasing your stress. In the winter you are less likely to compete in multiple offers and homes are on the market longer. What does that mean to you or your BFF? Potentially, 1 or more of the following: negotiate on price, seller concessions, inspections requests covered, more time to make decisions and less stress! Personally, my wife and I have bought our two homes in the winter...
My best advice? Spend November getting your financials in order and get preapproved, go shopping in December and get a home under contract, and close in January. Call me to make it happen for you!