It’s only natural that many home buyers are tempted to hold off on buying a home when prices are lowest. But when exactly is the perfect time? Here’s your guide to the best time to buy a house in South Dakota.
It’s a question that many home buyers have. Does timing matter when it comes to price? As a general rule, the answer is “yes.” Home tend to sell for less in the winter. But home buyers should also be aware that there is less inventory so you will have fewer homes to choose from.
Across the U.S., only 15% of homes typically sell above the listing price in November. It’s only slightly higher in December at 16%. Compare those months to March when 26% of homes sell above the asking price. It’s about the same in May and June.
While buying at the right time of year can help you purchase a home for a lower price, a good real estate agent will be able to help you find your ideal home at any time of year. Remember, there are many factors that come into play during a sale. There may be more home buyers in the summer, but there are also more sellers.
Here’s our comprehensive guide on what you need to know about the best time to buy a house in South Dakota.
Best Time of Year to Buy in South Dakota
Just like in North Dakota, South Dakota’s best time for home buyers is January. It’s not surprising that there are few home buyers looking for properties during the state’s coldest time of the year. As we noted earlier, you may also have a more difficult time finding your dream home because of a lower supply than in summer.
Overall, the median home value in South Dakota is $188,600. It’s been increasing steadily over the past few years. Last year, it went up by 5% from 2017. The state is expecting further growth this year, so you may want to enter the market sooner rather than later.
The Best Places to Buy a Home in South Dakota
This is one of the state’s most beautiful cities. It is also relatively affordable for a city its size with a median home value at $191,000. But there are many family homes in the city that are priced much lower.
In fact, there are always a fair amount of four and five bedroom homes in excellent condition priced in the $160,000 range. The median price that a home sells at is $176,000.
This is the perfect mix of small town and urban life. Brandon is a great place to raise a family with good schools, shopping and recreational opportunities.
The median home value is $240,500 and it may be a good time to buy. It rose by 6.1% last year over the previous year and the growth is continuing into 2019.
This picturesque town is close to an airport that connects to major U.S. hubs, including Chicago, New York, and Washington, D.C. Madison is also one of the most affordable towns in South Dakota.
The median home value is $103,100 and it has one of the lowest costs of living in the U.S (nearly 10% lower than the national average). It has an unemployment rate of just 3.5% and is expecting recent job growth to continue into 2020.
Madison is a town for people who want to be near an urban center but not in one. It has some of the best schools in the state, and the average commute is under 10 minutes.
In addition to having a really cool name, the city of Tea also boasts an incredibly low unemployment rate (below 3%). It has a relatively high median income at $76,000 and its median home value is $169,000.
The median home value in Dell Rapids is $214,900. Home prices have been rising over the past few years. Last year, they rose at about 8.4% in 2017. This year, they’re expected to rise at half that rate, so it may just be the right time to enter the market if you’re thinking of buying.
Four Ways to Get a Great Deal On a Home in South Dakota
1. Find a Great South Dakota Real Estate Agent
One of the most important resources you can have as a home buyer in South Dakota is a professional real estate agent. A great realtor will be up-to-date on the most recent market trends, and they can help you find your ideal home at the lowest possible price.
Buying a home can be stressful. After all, it is usually not a home buyer’s regular job and there are many parts of the process that are confusing and complex. You are also about to buy what is likely the most expensive item of your life.
A real estate agent can help relieve the stress of buying a home so you don’t have to make such a big financial decision by yourself. You will be guided by a person who buys and sells houses for a living.
He or she will be able to walk you through the myriad of national, state, and local regulations of buying a home. He or she will represent your best financial interest, and they will point you to home inspectors, lenders and other professionals that you can trust when buying a home.
Learn More: What Does a Real Estate Agent Do for a Buyer?
2. Assess Your Needs and Lay Out Your Goals
A great realtor will be able to negotiate a price that is within the budget you set. But just as importantly, they will be able to assess your needs and goals for your home purchase.
Many people have an idea about what their ideal home is. But often times, they can’t list what they want in a home. Your Clever Partner Agent will talk to you about what you require in your new home.
Maybe you want to be close to work o r live in a particular neighborhood. You may require a neighborhood with an elementary school. Or perhaps, you want a particular style of house. Your real estate agent will discuss all of these options with you and then find a selection of homes that are suitable.
3. Find a Lender and Secure Financing
A Clever Partner Agent will also discuss your financing options and can even begin working with you to determine your budget. Once that is established, they will be an excellent source when it comes to pointing you to a reliable lender.
A professional realtor can also point you to a number of government loan or grant programs that help offset the costs of mortgages, down payments, closing fees, and a host of other closing costs.
Learn More: A Step-By-Step Guide to the Home Loan Process
4. Negotiate for the Best Possible Price
Negotiating requires a lot of practice. Your Clever Partner Agents buy and sell homes on a daily basis. When it comes to finding the right person to help you get the price you want for your dream home, remember the old adage, “practice makes perfect.”
All Partner Agents also have up-to-date information about the local market. Understanding the trends in any given neighborhood will help you negotiate the best possible closing price.
Buying a home is an art form in many ways. There are many subjective aspects to it, not least of which is that you have to like the home you buy for more than just its price. But once you have found your perfect home, you will want a Clever Partner Agent to be on your side when it comes to negotiating the perfect deal for your dream home.