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 looking to buy a house in Wisconsin, there are a few specific times in the year when you’re assured a lower price. Read on to know more.
Buying a house is a stressful and emotional process. You'll likely have to spend weeks touring properties, fill out hundreds of forms, and invest a large chunk of your savings to secure the right house.
One way to make buying a house easier is starting the process at the right time. In Wisconsin, housing inventory, mortgage rates, and market trends vary from month to month.
For example, this year 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.
In truth, the best time to buy a house really depends on your priorities and situation. Read on to find out which time of year will give you the most options and the biggest savings when buying 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 in the home buying journey is to find an experienced realtor who's an expert in your local market. The right agent can help you find the best house for your budget and priorities - and negotiate a winning offer so you don't miss out on your dream home.
The easiest way to find a great local realtor is to use a free service like Clever Real Estate. Clever matches home buyers like you with top agents in your area so you can compare your options and choose a realtor who's the right fit for you.
You can interview multiple agents until you find the perfect fit, or walk away at any time - Clever's service is 100% free with no obligation. Fill out the form below to instantly request hand-picked agent matches now!
So, What’s the Best Time of the Year to Buy a House in Wisconsin?
Timing is an essential factor to consider when you want to buy a home in Wisconsin. The real estate market keeps on changing with the seasons and time. Looking at different real estate market performance statistics, you will notice that the house prices typically go down during the winter.
It is at this time that you should take advantage and get the best deal.
Very few people are willing to attend open houses or search for houses in winter due to the extreme weather conditions. Because of this, many homesellers give discounts and slash their prices. Lower demand drives the prices down a lot.
If you need to buy a home in Wisconsin, wait for winter and take advantage of the discounted prices.
The months of October, November, and December are the best when it comes to purchasing a house in Wisconsin. However, remember to do your research correctly to ensure you get a house of your dreams.
Having an expert local real estate agent by your side is invaluable. If you’re thinking that hiring an agent can be very expensive, think again. Some agents offer flat fee services and buyer rebates these days and that brings down the agent commission by quite a lot.
The Best Places to Buy a Home in Wisconsin
Not every area in Wisconsin will suit you. Some might be too expensive while others might have a bad crime rate. Location of the home that you are about to purchase is critical.
However, some places balance price and comfort very well. Here are some of them.
Altoona is one of the most desired places in Wisconsin. There are many renters in Altoona. So, finding a place isn’t that difficult. However, Altoona also happens to be a great place to buy.
Actually, you can consider buying a home here even if don’t plan on making Altoona your permanent residence.
The real estate market is growing at a very good pace here and a home will be an invaluable asset and a brilliant investment for you in a few years. What’s more, renting out isn’t difficult here, either.
New Richmond is one of the best places to buy a home and stay in Wisconsin. The town has some of the best modern houses you can dream of buying. The town was created in 1857 and was named after the Richmond Day.
Slinger is one of the “everyone knows your name” towns. Residents here are welcoming and very friendly. If you need a place where you can easily interact and make new friends, then look for a house in Slinger.
If you are looking for a beautiful place to buy a home in Wisconsin, then try Cedarburg. The city is gorgeous, has friendly people, and is known for its wonderful festivals. There is always something interesting to do on weekends or when you are free.
Another amazing town you should consider buying a house is in Eagle Lake. The city hosts some of the best public schools, houses among other social amenities that you will love. The area is also not overpopulated and has a population of about 1,149.
Get a Great Deal on a Home in Wisconsin
As a home buyer, it’s obvious that you want the best deal when purchasing a home. However, it’s your effort, and the steps you take that will determine if you will a good deal or not.
Hire an Expert Local Real Estate Agent
If there’s one thing that you definitely need when buying a home, it’s a real estate agent. And not just any random agent. Make sure you bring in an expert local real estate agent on board since he/she understands the area better.
A good agent does a lot more than just searching online for homes. They also help you with paperwork and much more. Agents always know where the best homes are, and more importantly, they know exactly the sort of home that you want.
Evaluate Your Goals and Lay Out Your Needs
Sit down with your real estate agent and determine what you need and analyze your needs against your budgets.
It’s from here that your actual house hunt begins. Your real estate agent can now show the exact homes that you need. This way you aren’t spending time looking at houses that you actually don’t want.
Find the Best 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 rates are among the biggest factors when choosing a lender. Doing a little upfront research and comparing options to find the best rates 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.
Getting a mortgage is a big decision – and it pays to shop around! Keep shopping until you find a lender with competitive rates who also understands your goals. Don’t get pressured into taking on a bigger loan than you’re comfortable with – work with a lender who explains what you’re really signing up for.
It’s easy to start your home buying journey – answer a few questions to get instantly matched with a lender who works in your area.
Negotiate to Get The Best Price
This is where an experienced real estate agent can help you out a lot. Unlike most other industries, there’s no “correct price” in real estate. It ultimately boils down to how well you negotiate for the property you buy.
Real estate agents do this day in and day out. Good agents are great at negotiating on your behalf. They understand how to bring down the price and they do it well. Make sure that your agent has been in these situations before and knows how to negotiate.
One way to hire a great local real estate agent is to get in touch with a Clever Partner Agent. They are full service agents who will take care of the entire buying process for you. From paperwork to negotiations — they do everything.
Also, Clever only partners with the very best agents in any given area. This way, you know that the person representing you is one of the best in the business.