Best time to buy in Wisconsin | Best Wisconsin cities to buy a house | How to get a deal on a Wisconsin home
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Thanks to a steadily rising job market and a healthy economy, Wisconsin is becoming one of the most sought-after destinations for young people. If you’re thinking about moving there, you may wonder if there's a best time to buy a house in Wisconsin. The short answer is: it depends on your priorities.
In recent years, listing prices for homes in Wisconsin were lowest in January. On average, homes were $22,551 less expensive. While in July — the month with the highest prices — the listing prices were $10,081 more than the annual average.
Mortgage rates, on the other hand, were lowest in December. But with interest rates on the rise, it pays to explore your options with a trusted mortgage provider to make sure you get the best rate possible.
Read on to find out what is the best time to buy a house in Wisconsin.
Best month for
6.5% lower than average
11.0% more homes to choose from
2.97% interest for 30-year mortgage
Realtor.com data (10/1/2020)
Bankrate data (12/1/2020)
If you're interested in buying a home, the first step is to find a realtor who knows the local market. Economic conditions can change quickly, and a great realtor will guide you toward the best places and times to buy a home in Wisconsin.
To find a real estate agent, we recommend using a free service like Clever Real Estate. Clever matches you with top Wisconsin agents from trusted brands like RE/MAX and Keller Williams.
Interview as many agents as you'd like until you find the perfect fit, or walk away at any time with no obligation. Add your zip code below to request hand-picked agent matches today!
When is the best time to buy a house in Wisconsin?
In Wisconsin, the real estate market tends to slow down in the winter due to the cold weather, but this can be a great sign for home buyers on a budget. You'll often have better luck negotiating the price of a property during the late fall and early winter.
But if price isn't as much of a concern to you — and you're more interested in finding a home that ticks all your boxes — it may be a good idea to buy a house during the summer. As the weather warms up, more homeowners put their properties on the market, making it easier to find your ideal home. But it's also harder to negotiate home prices because there's more competition among buyers.
That said, price and inventory trends in Wisconsin can vary from city to city — and there may even be anomalies within certain neighborhoods. The best way to find a home in your target market is to connect with a local realtor. They'll help you navigate the ins and outs of your market and find the best time to buy a house in Wisconsin.
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Where are the best places to buy a home in Wisconsin?
Not every area in Wisconsin will suit you, but some spots balance price and comfort quite well. Take a look at these five options.
Altoona has plenty of options for renters and buyers alike. The real estate market is growing at a good pace here, so buying a home in this town could be a smart investment.
New Richmond was created in 1857 and named after Richmond Day. Even with all its history, the town has impressive modern houses to settle down in.
Slinger is an everyone-knows-your-name town. Residents are welcoming and friendly, making it easier to find community here.
Cedarburg is a beautiful city full of friendly people. Known for its festivals, the area offers plenty of activities to fill your weekends.
Eagle Lake has a population of about 1,200. This small town includes some high-quality public schools, charming houses, and social amenities.
Four ways to get a great deal on a home in Wisconsin
1. Find a great Wisconsin real estate agent
If there's one thing you definitely need when buying a home, it's an experienced real estate agent. A great agent understands the local market and can help you time your purchase to get the best deal. They'll also guide you to neighborhoods that fit your needs.
2. Determine what you need and want in a house
Before house hunting, sit down with your real estate agent to review your budget and what you're looking for in a house. The more details you nail down, the more effective your realtor can be in finding your ideal home.
3. Find a lender and secure financing
Unless you plan to buy your home with cash, you'll need to apply for a mortgage. For most home buyers in Wisconsin, interest rate is one of the biggest factors when choosing a lender. Doing some upfront research and comparing options to find the best rate could save you tens of thousands of dollars over the life of your loan.
For example, in Wisconsin a typical house is worth $202,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $721. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $681.
4. Negotiate to get the best possible price
Unlike most other industries, there's no "correct price" in real estate. How much you pay for a house ultimately boils down to how well you negotiate. A great real estate agent knows how to negotiate on your behalf to bring down the price.
If you're looking for a realtor, Clever can connect you with the top buyer's agents in your area for a free, no-obligation consultation.
Fill out our online form, and a Clever representative will reach out to get the process started and answer any questions.