The Wyoming real estate market is doing well, which can be both a positive and a negative when you’re looking to buy. If you’re buying a home in Wyoming, here are a few tips that can help you figure out how best to time your purchase.
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 Wyoming, housing inventory, mortgage rates, and market trends vary from month to month.
For example, this year listing prices for homes in Wyoming were lowest in November. On average, homes were $62,891 less expensive. While in March — the month with the highest prices — the listing prices were $35,713 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 Wyoming.
Best Month For
9.5% lower than average
11.5% more homes to choose from
2.95% interest for 30-year mortgage
Realtor.com data (October 2020)
Bankrate data (December 2020)
If you're interested in buying a home, the first step in the home buying journey is getting preapproved by a licensed lender. Even if you’re already pre-approved, shopping around for lower rates can pay dividends over the life of the loan.
You can fill out the form below to be instantly matched with a licensed lender who knows the area and can guide you through the process.
Best Time of Year to Buy in Wyoming
Before you think about what time of year to buy, you need to consider your priorities: What’s most important to you and your family? Do you want the lowest prices? The largest selection of houses? Or something in between?
If you’re looking for the lowest possible prices, start looking in the fall and aim to buy in the fall or winter. In fall and winter, there are fewer homes on the market but also far fewer people looking to buy.
Particularly in areas with harsh winters, homeowners selling from November through February are often selling because they have to, not because they want to, and that can lead to great deals — if you can find them.
Biggest Selection of Homes
If selection is more important than price, spring is for you. April has the most listings of any month, and April, May, and June are by far the three most popular months for new listings.
Unfortunately for buyers, spring is also the most expensive time to buy. In spring selling season, with the most availability also comes the most competition. From March to May, one in every four houses sells above its list price.
Middle Ground: Good Selection & Good Prices
If you want a middle ground between the craziness of spring and the lull of winter, looking towards the end of summer might be for you. There’s a larger selection of homes available than in the fall and winter, and unlike in spring, houses will be priced to move.
Homeowners who had hoped to sell in spring or summer, but didn’t, will start to lower their prices. Sellers will want to move before the weather gets cold. Parents want to move before the school year starts. And because the end of the season attracts fewer buyers, there should be good deals available.
The Best Places to Buy a Home in Wyoming
The state capital, Cheyenne, home to around 62,000 people, is one of the most diverse parts of Wyoming. Cheyenne also boasts low crime rates, friendly people, and good schools, making it an attractive area for families of all ages.
Powell is a small, affordable town of around 6,400 people. If you prefer life in a small town with good schools and easy access to local campsites and other outdoor opportunities, Powell just might be for you.
South Park is a beautiful rural town that won’t leave you wanting. It ranks towards the top of both places in Wyoming to raise a family and places in Wyoming for millennials. People who move to South Park tend to stay there, with 82% of residents owning their homes.
In the heart of the Bighorn Basin, Worland combines agriculture with a charming downtown area. Add to it the low crime rates and you have an attractive town for home buyers to check out.
Cody is a suburban town with a lot of amenities. It’s home to Yellowstone Regional Airport and offers the perks of suburban life with a pinnacle of natural beauty just a short distance away.
4 Ways to Get a Great Deal On a Home in Wyoming
1. Find a Great Wyoming Real Estate Agent
Finding the right real estate agent is an important step in the home buying process. You need an agent who knows the local market inside and out and can advise you on the best time to buy in your part of Wyoming.
A good agent will understand local trends and know when a buyer like you should look closely at the market. Realtors are experts who can advise you on what time of the year to buy to fit your family’s needs.
Learn More: What Does a Real Estate Agent Do for a Buyer?
2. Assess Your Needs and Lay Out Your Goals
Every decision in the home buying process is personal, including how to time your purchase. Some buyers care most about price, while others are more interested in having the widest selection to choose from. Some are tied to a specific location, while others are not.
Figure out your needs and priorities. From there, you can get a better idea of when the time is right for you to look.
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 Wyoming, 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 Wyoming a typical house is worth $257,000. Assuming a 20% down payment, if you took out a 30-year mortgage for 3.5%, your monthly payment would be $917. But if you shopped around and found a 3% mortgage, your monthly payment would drop to about $867.
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.
» Get instantly matched with a lender who works in your area.
4. Negotiate for the Best Possible Price
Once you’ve found your dream home, your agent will help you prepare and make your offer. Make sure you find a real estate agent who is an expert negotiator and will save you money every step of the way.
If you’re shopping for a home in Wyoming, get in touch with a Clever Partner Agent. Partner Agents work for you by providing on-demand showings and $1,000 rebates to help cover closing costs (where permitted by law).
Fill out our online form and we’ll put you in touch with a Clever Partner Agent in Wyoming for a no-obligation consultation.