5 Reasons to Buy a Home in Northwest Indiana in Winter 2022-2023

Winter time 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 are thinking about buying a home in the winter, here are some reasons to help you move forward with confidence. 

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 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 2022-2023.

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 2023.  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 showing 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. 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 which will be 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 which 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 which 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!

5. 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 which 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.  

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.  Northwest Indiana real estate will start off 2023 strong. I expect another strong year.

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 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