Fall is a Great Time to Buy A Minnesota House
The leaves are changing color and falling to the ground. There are ads for “Pumpkin Spice……” everywhere you look.
Benefits of Buying a House in the Fall
Fall is a great time to do a lot of things: school activities, playing in the leaves, hay rides, pumpkin patches, football and buying a house. What was that last one? That’s right, I said fall is a great time to buy a house in Minnesota!
It’s common knowledge that Minnesota real estate is influenced by the economy, job market, and mortgage interest rates. However, many don’t realize that Minnesota real estate can be influenced by the seasons! Fall is one of the best times of the year to buy a home.
5 Reasons Fall is a Great Time to Buy a House
Here are some of the many potential benefits to purchasing a home during the fall season.
Less Competition
It’s simple supply and demand. The spring and summer are when most people decide to purchase a new home. With a bunch of people entering the buying market, demand goes up and with that you will see higher prices, multiple offers, and increased urgency. This is why fall is a great time to buy a house in Minnesota. With fewer people out searching for homes, prices tend come down a little and sellers are little more motivated to sell.
If you’re house hunting in Minnesota, the National Association of Realtors showed that home prices fell by an average of $10,000 between August and September and by nearly $20,000 by October! That’s a decent amount of cash you can keep in your pocket for anyone out there. This means buying in the fall can be less stressful and save you some money.
Possible Home Appreciation
With the added spring competition that we talked about previously, spring tends to be a seller’s market. This means a house you buy in the fall could appreciate by the spring.
Better Attention from Agents and Lenders
Spring and Summer are the busiest times of the year for Minnesota real estate agents and lenders. With this added work load they often have to juggle many clients in the process. Helping people buying a house is a labor intensive endeavor, agents have to schedule and accommodate showings, inspections, and closings and there often aren’t enough hours in the day to accommodate everyone’s schedule, especially if you have 5 buyers that all want to look at houses after work or on the weekend. Buying a Minnesota house in the fall, where there are fewer buyers, means you can get better attention.
Tax Breaks
If you purchase a Minnesota home before the end of the year, you can enjoy greater tax deductions than you might have before becoming a homeowner. Minnesota property taxes, mortgage interest, PMI and FHA mortgage insurance deduction, even the per-diem interest you paid at the closing are all tax deductible! Talk to a qualified tax professional to make sure you are getting all of your tax breaks.
Home for the Holidays
Fall is a great time to buy a house in Minnesota, because you can be all moved in and spend the Holiday season in your new home!