Spring has finally sprung here in the Twin Cities! And you may have heard it before, but now is a great time to buy a home. In fact – it’s a fact: The National Association of Realtors® says that the majority of home sales take place between April and July each year.
There are multiple reasons it's truly a great time to buy in the Twin Cities.
The Twin Cities housing market is in recovery:
- Stability abounds. The Builders Association of the Twin Cities reports that in March local builders kept the residential housing market on a stable track.
- Home prices on the rise. The Twin Cities is in its third consecutive year of gains in sales and home prices, supported by an economy on the upswing and reduced unemployment.
- Investment worthy. The stability of the housing market brings the comfort of knowing your home purchase will be an investment rather than a gamble.
There are financial advantages to purchasing now:
- Avoid projected increase in home prices. The FHFA House Price Index shows home prices have been on a steady increase. Some expect home prices to rise by about 5% this next year.
- Beat rising mortgage rates to match! Mortgage rates are expected to rise to as much as 5% over the next year for a 30-year fixed mortgage.
Shopping for a home in the spring has its own advantages:
- Curb appeal. Plain and simple -- spring weather is more appealing for home shopping, allowing you to see the grounds of a home (or homesite) in all its glory.
- Lots of choices. The increased number of houses on the market during spring and summer increases your chances of finding a place to purchase or build that’s just right for you.
Jump into home-shopping this spring while the options abound, and purchase at a financially advantageous time too!Check out the REFINED homesites currently available today!