Pros & Cons of Buying a House in the Winter NWI 2024

Wintertime in Northwest Indiana is cold, windy, snowy, and boring. The months seem long and the daylight is short. The holiday hustle and bustle comes and goes and there is not much to do. If you have thought about buying a home let me tell you this: Do it.

Buying a home in the winter (as well as selling a home) is a great idea. Psst…I’m a real estate agent. I intentionally bought my first home in the winter.

If you’re thinking about buying a home in the winter, our team at Quadwalls has put together some reasons to help you move forward with confidence. We also cover a few disadvantages.

8 Reasons to Buy a House in the Winter

Winter offers a great advantage for buyers: a smoother, more efficient home-buying experience. Let’s take a look at why you should buy a home during the colder months.

1. Winter Is the Best Time to Buy a Home from a Financial Point of View

I pulled data from the Northwest Indiana market. There are two important patterns in home sales to consider. First, the lowest average monthly sale prices occur in January, February, March, and April. This data is from a closed sale, meaning buyers were making offers in November, December, January, February, and March.

Secondly, buyers get the greatest discounts in the cold months. I pulled data to see the average sale price discount given to buyers. The data is below.

You can see the average sale prices are lowest in January through April and then really start to move upward. Also, buyers are getting the highest discount during the cold months. The discount begins to increase late in the year and stays high into the beginning of the year. We see the pattern repeating here by looking at December 2019, so I expect buyers will be able to get a great discount in the first few months of 2024–2025.

2. Avoid the Panic at the Disco

By waiting to purchase until the spring or summer you will be placing yourself in the frenzy. Housing inventory in Northwest Indiana continues to remain tight. Homes in the cold months are selling in about 75 days and about 68 days in the warmer months. This is relatively short. I and other real estate agents in Northwest Indiana expect the same trend to continue in 2025. With many buyers fighting over fewer homes offers will be higher due to competition. Beat out other buyers by starting to shop for your new home now. You will have less competition from other buyers.

3. Seller Concessions Are Likely to Be Higher

Have you ever heard that home sellers will sometimes pay some or nearly all of a buyer’s closing costs? Yes, that is true. In the real estate business, we call that “credit a seller concession.” Now, there is no way for me to pull data about trends regarding seller concessions. The table above clearly shows sellers are giving a bigger discount on sales price in the cold months. It is equally likely sellers will give out more in seller concessions to reduce the closing costs you have to pay to buy the home.

4. Faster Transactions

Here’s how a winter purchase in Northwest Indiana can lead to a smoother, faster closing:

• Loan officers with lighter workloads: With fewer mortgages being processed in the winter, loan officers have more time to dedicate to your application. This can mean quicker pre-approvals and a smoother loan closing process.
• Faster turnaround times from inspectors: Home inspectors are often booked solid during the spring and summer rush. In the winter, they’re more likely to have available slots which allows you to schedule inspections and receive reports quicker.
• Less competition means more negotiating power: With fewer buyers on the market, sellers might be more open to considering offers and negotiating on price or closing dates. This can put you in a stronger position to secure a favorable deal.

5. Undivided Attention from Your Real Estate Agent During the Slow Season

The winter slowdown in Northwest Indiana’s housing market isn’t just about efficiency; it’s about quality service too. When the market cools down, real estate agents have more bandwidth to dedicate to their clients. This translates into a more personalized and focused experience for you, the buyer.

6. See Your Future Home in Action

Let’s face it, Northwest Indiana winters can be brutal. But there’s a silver lining for house hunters. The cold weather acts like a flashlight, revealing potential problems before you move in. Here’s how a winter purchase can help you sniff out sneaky home gremlins:

• Heating system under pressure: Winter is the prime time to test the house’s heating system. Uneven heating, weird noises, or that constant feeling of being chilly are all signs something might be off. A good inspector can pinpoint the culprit, so you can factor in repairs or negotiate with the seller.
• Drafty windows and doors: Brrrr! Drafty windows and doors are a dead giveaway during a cold snap. Not only are they uncomfortable, but they also jack up your heating bill. Catching these leaks before closing saves you money on both repairs and future energy costs.
• Roof vulnerabilities: A heavy snowstorm can expose weaknesses in the roof. Look for sagging, missing shingles, or those icy dams that can lead to leaks. Early detection allows you to factor in potential repairs or replacements before they become bigger headaches.
• Moisture problems: Condensation on windows can signal ventilation problems or extra moisture lurking inside the house. This can lead to mold growth down the road. A winter inspection can help identify the source and nip it in the bud before it becomes a bigger issue.

7. The Northwest Indiana Housing Market Is Strong

Alright, so we are already hearing journalists with nothing better to do talking about the market slowing down. Hey, they have to fill the airwaves with something, right? Fear sells, they say. In 2020, we had a presidential election as a major distraction. Also, the economy has been doing great for about ten years. Don’t let noise about a recession slow you down. Whether the economy is good or bad, you have to live somewhere. External factors that you cannot control, such as macroeconomic events, should not stop you from buying a house. Instead, work with your lender and real estate agent. Come up with a budget and stick to it. Don’t max yourself out.

By the way, Northwest Indiana real estate prices are up 5.9% in 2019 compared to 2018. Northwest Indiana is doing great. The events that caused the housing crash in 2007–2009 are no longer present in the market, either. Besides, if real estate market conditions do soften a bit, you are buying. That is good for you. Use that to your advantage!

8. There Are New Homes Coming on the Market Every Day

Yes, there are not as many homes on the market in the winter months. However, new homes come on the market every single day. Alright, maybe not Christmas. The housing market is driven by major life events, not the calendar. Major life events that often cause people to sell a home include career relocation, promotion, or job loss, severe illness or entry to a long-term care facility, aging and downsizing, new child or family outgrowing the current home, death, kids moving out, and divorce. I intentionally stated divorce last. Did you know the month with the most divorce filings is January? So, that means some inventory coming on the market in winter.

Disadvantages of Buying a NWI Home in the Winter

While winter offers advantages for NWI home buyers, it’s not all rosy cheeks and cozy nights by the fireplace. Here are some downsides to consider:

1. Limited inspector access: Mother Nature can be a real buzzkill during winter inspections. Rain, snow, and ice can make it hard for inspectors to access certain areas of the house, like the roof or crawl space. This can potentially lead to delays in the process and require scheduling a follow-up inspection once the weather improves.
2. Challenging move-in: Buying in the winter often translates to moving in the winter too. Bundling up furniture and navigating icy walkways can make moving day a logistical nightmare. While summer might seem ideal, remember that scorching temperatures aren’t exactly a picnic for movers either!
3. Landscaping visibility: Winter’s blanket of snow obscures a property’s true landscaping potential. You might be relying solely on photos to envision the yard and garden in full bloom. This can make it difficult to assess the amount of work needed or plan for future landscaping projects.
4. Less daylight: With shorter daylight hours, scheduling home tours and showings can feel like a race against the clock. This might limit the number of homes you can see in a single day and potentially slow down your overall search.

Conclusion

All economic signs from recent patterns on the Northwest Indiana housing market indicate buying a home in the winter in Northwest Indiana is a good idea, despite some minor cons. Northwest Indiana real estate will start off 2025 strong!

Quadwalls.com can help you find your new home. Start searching homes for sale on our website by visiting our home search page. Or, download the Quadwalls.com app available in the Apple App Store and Google Play Store. We’ll provide you with detailed information on real estate in Northwest Indiana.