How to Snag a Deal Buying a Home Summer 2018

By
Real Estate Sales Representative with Remax Results

5 - Tips for shopping for homes late summer in Minneapolis.

There are good, better, best times to shop for homes in Minneapolis/St Paul. Sales do follow the seasons, and late summer is one of the best times to shop. Why?

 

  1. Your competition just went on vacation. The spring market is always the most competitive and seems to start earlier every year. What used to be a late March spring market now starts in February. Furthermore, Memorial Day to 4th of July buyers are distracted by weddings, graduations, and trips to the cabin taking advantage for three weekends of warm summer that we waited for all winter. In short, there’re fewer serious buyers. 
  2. Homes didn't sell within 12 hours have disappointed sellers who were expecting a stampede of multiple offers by sundown. Many are surprised that they're getting few showings and zero offers with all the noise about it being a sellers’ market.  Because there is a really low inventory they overlook the fact that buyers have real budgets. Every seller expects top dollar for their home, which is why I’m seeing high numbers of price reductions, “back on the market,” and even expired listings in what it supposed to be a sellers’ market. We are in a market correction right this minute.

  3. If you think that, “I'll wait till prices come down," is a winning strategy, you're wrong. Think again. There is built up demand for housing for first-time buyers and those homes are in short supply. Take advantage of the still low-interest rates, and look for homes that have lingered on the market. Then, make your move. Next year is always unknown and there's hardly anyone whoever said that they bought too soon. The buyers who bought while prices were plummeting during the recession against the trend found treasure. Buyers who hunt out of season find deals. There is no indication that prices are going down in the next few years. Neither is your rent going down. Are we clear?
  4. Buying a house is like dating, there is no perfect one. You might go through some zeros to find an 80% that you can love. Go with it and redecorate. It’s much easier to remodel a kitchen than it is to makeover the man of your dreams. Look beyond just the cosmetics, find one you can live with and make it yours. I got a call last week from a past client thanking me for dragging her out of a house she thought she loved, but it was all wrong. It was a ‘remodeled’ 1978 split level with new appliances, countertops, carpeting, and painting. She LOVED the kitchen. The word REMODELED has a lot of interpretations. It means more than painting old kitchen cabinets. The 1978 house had the original 40 year old furnace and A/C, old windows painted shut, and an older roof. While she was drooling over what looked like a Pinterest kitchen, my calculator was whizzing numbers of what it would cost to replace the furnace, A/C, working windows, and roof. We went on to find the right house that she loves and doesn’t have to replace everything costing tens of thousands of dollars.
  5. In late summer homes look their best with lush lawns (or not), wide-open spaces and are full of sun. It's easy to see the roof condition and you don't have to guess what a snow-covered lawn might look like. Buying late summer gets you in before the snow flies, get settled and have your first cup of coffee in your pj’s late on a Saturday morning.   

Waiting is not a strategy. Late summer is your hunting season.  

 

Posted by

Mary Jo Quay

“That’s what I do: I move people—H O M E.”

 Phone: (612) 384-1360

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Rainmaker
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Sheila Anderson
Referral Group Incorporated - East Brunswick, NJ
The Real Estate Whisperer Who Listens 732-715-1133

Good afternoon Mary Jo. This is thoughtful and wise. In my view it is always the right time to sell and buy.

Aug 07, 2018 09:12 AM #1
Rainmaker
160,166
Mary Jo Quay
Remax Results - Edina, MN

Thank you, and I agree that every day is hunting day. Here in the Midwest, our frigid winters impact sales. One Saturday morning with the wind chill under -10 degrees I found myself standing in a snowdrift chatting about if they should buy now. My thought was that we could have had this conversation on the phone while I was warm and cozy in my pjs with a hot cup of coffee. I tend to be terse if I'm freezing. While it is a great time to buy in the depths of winter, and there are fewer buyers for the very same reason, I should have required a little more prep before driving half an hour through the snow. 

Aug 07, 2018 09:24 AM #2
Ambassador
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Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

Interesting how local things are right now.... some markets are sizzling, some still warming up from the recession and you are in a correction.  It really is local.   And our market  just stops if one snow flake falls here.  I have been cold, but I rarely go out in the snow.  I did take a listing last year on a snow day.  Super rare for me.

Aug 07, 2018 09:01 PM #3
Rainmaker
160,166
Mary Jo Quay
Remax Results - Edina, MN

The Twin Cities felt the Recession in 2005, hit bottom in 2008, and rebounded early.  We were two years ahead of most of the country both going into and recovering.  I was stunned to see another long list of foreclosures on the county Sheriff's sale site this spring.  

Aug 08, 2018 08:55 AM #4
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Mary Jo Quay

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