All Forum Posts by: Kelly Oswald

Midwest winters definitely slow down the rental market but do not let it stop you from looking and buying. If you buy in the depths of winter, it is vacant and move-in ready I would try for a 60-90 day close to get you into the spring. If it isn't vacant, or you will make some updates before it is move-in ready then I would not even worry about when you close. Just have it ready for the spring lease up.

The Milwaukee market has a very strong seasonality and we see the same pattern every year. Fall has always been my favorite time to buy. After the GFC banks wanted to get REO off their books before the end of the year and consumers are not that much different. Prices soften, sold to list ratio is coming down from it spring peak too. Ironically Jan and Feb are probably the two wort months to buy, but the reason my surprise: we have no inventory. Sellers are waiting for spring, this creates the worst imbalance in the marketplace every year. You can find the data on my YouTube channel.

The renting out issue is a bit overrated; sure it is slower during winter, but there is also much less inventory. And does it matter - we average between 70 and100 inquires in the first 48 hours on Zillow. And our average rent is over 1800. So it may take you an extra week or so to fill a vacancy during winter..

Home inspections: snow can be an issue. It prevents you from seeing the roof and the ground around the property, sometimes you cant tell the condition of the concrete driveway. However, we don't have that much snow. And when it snows it does not last that long, a week after snowfall roofs are usually clear again, especially if the attic insulation is not that great (like R60 which is over 2 feet of blow in insulation you see in new construction).

Moving is hard: I would say that's mostly a misconception. People always picture carrying a sofa out during a snow storm. It's almost easier to move during a snow storm in winter than during a rain storm in summer when everything gets soaking wet and your cardboard boxes get soggy and soft. 90% of our winter days are cool and dry, perfect weather to move actually. Precipitation (heavy rain or snow) is never good, winter or summer.

Historically in Milwaukee, you should be able to find better deals in fall/winter IN COMPARISON to spring/summer. There is less competition for that same reason you mentioned, no one LIKES to move in winter. But, people still do.

Depending on what you're looking for, your few months of owning the property could be used to fix up the property, if you end up getting it in the middle of winter. Then by the time your rehab is done, spring should be right around the corner. Of course, that depends on the length of rehab as well.

I wouldn't worry too much about that.  It is harder to lease in the winter months but lease activity still happens.  Also, it is difficult to find good deals right now, so there is no guarantee you will even find a deal to buy before spring time..

Smart Asset Realty is who we use for our PM.  Happy to make an intro if you want to send me a dm