Is winter a good time to buy? You bet!
The real estate market in the southeastern Wisconsin always slows down due to the cold weather this time of year.
and I've seen it firsthand already in and around Greenfield, Wisconsin. Many buyers simply do not like being "out and about" searching for homes when the weather is below freezing. But those that are willing to brave the cold may be able to take advantage. Here are the top three reasons for prospective buyers to get out this winter and purchase a home in southeastern Wisconsin:
(1) More motivated sellers - With less buyers out looking for homes there is less competition to deal with. This, in turn, results in a greater number of motivated sellers. Why are sellers more motivated in winter than spring? - Because fewer buyers generally means less hope to sell. With less hope to sell, sellers are more willing to come down on their asking price.
(2) Interest rates remain low, but for how long? The prognositcators have been predicting a substantial rise in interest rates for a couple of years now, but it really hasn't happened. According to Freddie Mac, the average 30-year interest rate on a home is still close to 4%. With a booming economy and a healthy stock market the belief that interest rates will be on the rise for 2018 is still very strong. Buyers need to get in the ownership game when the getting is still good.
(3) It makes more sense to own! When taking into consideration current housing prices, interest rates, and costs of renting, it's clearly a better decision to own rather than rent. Trulia recently reported that with the current state of affairs in the housing industry the big winners for 2017 are homeowners, not renters. This includes their analysis on the state of Wisconsin. With interest rates being so low homeowners are simply able to build equity faster, and thus make more when they do eventually decide to sell.
If you're looking for a good time to buy then get bundled up and get out there looking. Like they say, timing is everything!