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.
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