Buying a home before spring

Let’s face it — buying a home can feel like a challenge with today’s mortgage rates. You might even be thinking, “Should I just wait until spring when more homes hit the market and rates might be lower?”

But here’s the thing, no one knows for sure where mortgage rates will go from here, and waiting could mean facing more competition, higher prices, and a lot more stress.

What if Buying a home before spring might actually give you the upper hand? Here are three reasons why that just might be the case.

1. Less Competition from Other Buyers

The winter months tend to be quieter in the real estate market. Fewer people are actively looking for homes, which means you’ll likely face less competition when you make an offer. This makes the process feel less rushed and less stressful.

According to the National Association of Realtors (NAR), homes sit on the market longer in winter compared to spring and summer (see graph below):

Fewer buyers in the market means you’ll likely have more time to make thoughtful decisions. It also means you may have more negotiating power. According to the Alabama Association of Realtors:

“A significant benefit of buying a home in winter is the reduced competition. Because of the perceived benefits of spring, many buyers delay the start of their house hunt. As a result, you will find fewer people competing for the same properties during winter. Less demand can translate into more negotiating power as sellers may be more willing to entertain offers or agree to concessions to get a deal closed quickly.”

2. More Negotiating Power

With homes staying on the market longer, sellers may be more willing to negotiate. This can lead to better deals for you as a buyer, whether that means a lower price or added incentives, like sellers covering closing costs or making repairs. As Chen Zhao, an Economist at Redfin, points out:

“. . . buying during the off season means less competition from other buyers. That means potentially negotiating a better deal.”

Plus, when demand is lower, sellers often feel more pressure to work with serious buyers. This could give you an edge to negotiate terms that work best for your situation.

3. Lock in Today’s Prices Before They Rise

Historically, home prices tend to be at their lowest point in the winter months, too. According to data from NAR, home prices last year were at their lowest in January, February, and March — right before the spring buying season kicked in (see graph below):

This trend isn’t new — Bright MLS shows between 2010 and 2024, home prices in January and February were, on average, 15% lower than during the month of peak home prices (typically June). Buying in the off-season means you’re more likely to avoid paying the premium prices that come with the high demand of spring.

On top of that, home prices generally appreciate over time, meaning they tend to go up year after year. That means if you’re ready to buy and you can make it happen, you’re not only taking advantage of what might be the lowest prices of the year, but you’re also locking in today’s price before it increases in the future.

Bottom Line

While spring may seem like the obvious time to buy, moving before the peak season can give you significant advantages, like less competition, more negotiation power, and lower prices.

Start your home buying journey by visiting our Property Search page.

Selling Your Home? Avoid This Mistake When Setting Your Asking Price

April 9, 2025

When selling your house, the typical goal is to sell quickly at the best price possible. Naturally, ever ...

Read More →

What’s Your Real Home Value in the 2025 Market?

March 14, 2025

If you've checked home prices in the past few years, you know too well that they're always rising. ...

Read More →

Mortgage Rates Drop to the Lowest Point in 2025 So Far

March 12, 2025

If you’ve been holding off on buying a home for a lower mortgage rate, take another look at ...

Read More →

Can You Buy a Home in 2025 Without Waiting for Lower Rates?

March 4, 2025

Like many homebuyers, you may be waiting for rates to drop before you finally buy a home this ...

Read More →

Century 21 Affiliated Ranked #1 in the World for the 11th Year in a Row

March 3, 2025

MADISON, WI, March 3, 2025 – CENTURY 21 Affiliated is once again the #1 CENTURY 21® franchise in ...

Read More →

3 Questions About Selling Your House You May Be Asking

February 21, 2025

Selling a house is one of the most significant financial and emotional decisions a homeowner can make, and ...

Read More →

Like many areas throughout the country, Wisconsin has seen varied population growth across its cities in recent years following the COVID-19 pandemic. This growth is often driven by homebuyers seeking affordable homes or stronger local economies, and there are several areas enjoying particularly strong influxes of new residents. In this post, we’ll explore the five fastest-growing cities in the state of Wisconsin, based on recent data and trends.

1. Madison

Madison, the ever-popular capital city of Wisconsin, has experienced significant population growth in recent years. Between 2020 and 2023, Madison’s population increased by 4.4%, from 274,686 to 286,785 residents. This growth continues a trend observed over the past decade, where the city saw a 17.7% increase in population from 2010 to 2020. Madison’s robust growth can be attributed to its strong economy, education opportunities, and consistently high livability and quality of life rankings.

2. Fitchburg

Fitchburg, a suburb south of Madison and part of the Madison metropolitan area, has also seen substantial post-pandemic growth. From 2020 to 2023, the city’s population grew by 9.74%, from 30,999 to 34,019 residents. Fitchburg’s recent growth rate is one of the highest in the state, reflecting the town’s appeal as a suburban community with convenient access to the nearby amenities of Madison.

3. Sun Prairie

Sun Prairie, yet another city in Dane County, has experienced a 6.73% population increase from 2020 to 2023, growing from 35,967 to 38,387 residents. Over the past decade, Sun Prairie’s population has surged by 29.3%, making it one of the fastest-growing cities in Wisconsin. Sun Prairie’s growth is strongly driven by its proximity to Madison, family-friendly suburban environment, and considerably strong economic development.

4. Oak Creek

Oak Creek, located on the southwestern shores of Lake Michigan in Milwaukee County, saw a 4.59% increase in population from 2020 to 2023, growing from 36,497 to 38,174 residents. This growth is significant given the overall population decline in Milwaukee County during that same period. Oak Creek’s rising population and development is supported by its strategic location between Milwaukee and Chicago and expanding residential and commercial sectors.

5. Eau Claire

On the opposite side of the state, the city of Eau Claire has enjoyed a 2.71% population increase from 2020 to 2023, growing from 69,421 to 71,304 residents. This growth has positioned Eau Claire as the seventh-largest city in Wisconsin, surpassing Waukesha since the last U.S. census in 2020. Eau Claire has long stood as an attractive destination thanks to its reputation as a cultural hub and close proximity to Minnesota’s Twin Cities. Other notable attractions driving Eau Claire’s growth include its vivacious arts scene and ongoing municipal investments such as the expansion of its downtown area.

The cities of Madison, Fitchburg, Sun Prairie, Oak Creek, and Eau Claire are leading the way in population growth in Wisconsin. These destinations offer a compelling combination of economic opportunities, quality of life, and strategic locations that are driving new residents into their welcoming arms. If you’re interested in making a move to one of Wisconsin’s most popular cities, start a search for a new home today or contact us to get in touch with a local real estate expert.

Buying a house is a major milestone for many people, but it can also be a daunting process. One of the biggest concerns for potential homebuyers is their credit score. So what credit score do you need to buy a house in Wisconsin? Let’s explore this question and how it relates to the housing market.

Understanding Credit Scores

Before we dive into the specific credit score needed to buy a house, it’s important to understand what a credit score is and how it is calculated. A credit score is a three-digit number that represents your creditworthiness and is used by lenders to determine your risk as a borrower. The most commonly used credit score is the FICO (Fair Isaac Corporation) model, which ranges from 300 to 850 and prioritizes payment history. The other credit score type is the VantageScore model, which prioritizes total credit usage and is typically referred to less often.

Your FICO score is calculated based on several factors, including your payment history, amounts owed, length of credit history, new credit, and types of credit used. Credit payment history and amounts owed are typically the most significant factors in determining your FICO score. Keeping your credit balances low and making regular on-time payments are the best ways to maintain a good FICO score. The higher your credit score, the better your chances of getting approved for a loan and receiving favorable mortgage rates.

The Housing Market and Credit Scores

The housing market is constantly changing, and this can have an impact on the credit score needed to buy a house. In a strong housing market, lenders may be more lenient with credit score requirements as they are more confident in the market’s stability. On the other hand, in a weaker housing market, lenders may tighten their requirements and look for higher credit scores to mitigate their risk.

Credit Score Requirements for Different Types of Loans

Different types of loans have different credit score requirements. For example, a conventional loan typically requires a credit score of at least 620, while an FHA loan may accept a credit score as low as 500 with a 10% down payment. While a higher credit score will usually result in better mortgage rates and loan terms, it’s always advisable to compare the repayment terms of different loan offers before accepting one. While a loan with a lower down payment may be enticing in the short term, a lower interest rate will results in a lower monthly payment, saving you more in the long term.

Good Credit Score for Buying a House

While the minimum credit score required for a mortgage loan may vary, a good credit score for buying a house is generally considered to be 700 or above. In particular, Wisconsin has one of the highest average credit scores in the country at 732, which falls in the upper end of the “Good” score range. Having an average credit score or better shows lenders that you are a responsible borrower and can handle the financial responsibility of a mortgage. With a good credit score, you are more likely to be approved for a loan and receive favorable mortgage rates.

Improving Your Credit Score

If your credit score isn’t where you want it to be, don’t worry. There are steps you can take to improve your credit score before applying for a mortgage. These include paying off outstanding debts, making all payments on time, and keeping credit card balances low. It’s also a great practice to regularly check your credit report for any errors and dispute them if necessary. Generally, the best way to build your credit score over time is to make regular monthly payments that slowly lower your total credit usage.

Final Thoughts

The credit score needed to buy a house can vary depending on the local housing market and the type of loan you are applying for. With that said, a good credit score for buying a house is generally considered to be 700 or above. If your credit score is not where you want it to be, take steps to improve it before applying for a mortgage. Keep in mind that the average credit score in Wisconsin is relatively high at 732, and that meeting or exceeding this score will grant you a valuable advantage. With a good credit score, you can increase your chances of loan approval and receive better mortgage rates that will save you a considerable amount of money in the long run.

Between the woes of rising home prices and a lack of new inventory, many eager home buyers are exploring newer, more accessible options for achieving home ownership. One increasingly popular choice among new homeowners is the modular home, a type of prefabricated housing designed to offer increased affordability, customizability, and even construction quality over conventional site-built homes. But what exactly is a modular home, and how does it compare to a traditional single-family home? Keep reading for all the information you need to answer these questions and decide if a modular home is right for you.

What is a Modular Home?

Modular homes are a type of prefabricated housing built in individual sections or modules in a factory and then transported to the site for assembly. Unlike other prefab units, modular homes are placed onto a permanent foundation during assembly, and are built to the same building codes and regulations as traditional homes. Because modular homes are composed of different modules or “pieces”, the buyer has much more freedom and control over the design, layout, and style of the final product.

The main difference between modular homes and other prefabricated housing is the construction process. Modular homes begin as individual modules built in a controlled factory environment, which allows for increased efficiency and quality control. Once the modules are completed in the factory, they are transported to the site and assembled to create the finished home. This assembly process typically takes a shorter amount of time compared to traditional home construction, as the modules are already built and only need to be connected together. The result is a quickly-built and affordable new home, custom-tailored to fit the buyer’s preferences and needs.

Despite these differences from traditional site-built homes, modular homes are subject to the same building codes and meet the same standards of quality and safety. However, like any manufactured product, quality of service and construction can vary between sellers, so it’s advisable to buy from a trusted builder.

Quality Construction

One major advantage of modular homes is the quality construction that scaled factory production provides. In addition to following the same building codes as regular homes, the controlled factory environment ensures that modular homes are consistently produced at a set quality standard. Reputable manufacturers also produce home modules using the same materials that regular home builders do, making sure that a completed modular home meets or exceeds the quality of a traditional one. Of course, this may vary between manufacturers, so it’s always a good idea to research and confirm a builder’s practices before choosing one.

Customizable Options

As their nature implies, modular homes offer customization and creative freedom far beyond a traditional home. The ability to choose and combine different modules provides a considerable number of potential floorplans, allowing homeowners to personalize their new living space. Modular homes also offer the flexibility of adding additional modules in the future, providing the option to expand and adapt your home over time. Meanwhile, regular homes often have limited options for expansion, especially in planned communities or developments. This is even truer of starter homes, which can be costly to expand with added square footage thanks to construction costs. Naturally, this leads us to the last and perhaps most attractive strength of modular construction: cost-effectiveness.

Affordability

Modular homes and their owners enjoy considerable advantages in cost and affordability over regular homes. According to SoFi, modular homes tend to be 10% to 20% cheaper than traditional homes. The simplicity and efficiency of large-scale factory production means modular homes can be constructed and assembled at much lower costs than traditional homes. In addition, housing modules made with high quality materials are often more energy-efficient thanks to more effective insulation, which results in savings on utility bills during summer or winter. The combination of these lower costs provides a home that’s not only more affordable to buy, but more affordable to live in as well. In contrast, regular homes can have higher construction costs due to the increased labor required. The potential for weather delays can also extend a new house’s required construction time, driving up the final cost even further.

Is a Modular Home Right for Me?

Modular homes can be a great option for new home buyers who want the option to expand in the future, but there are downsides to consider as well. You’ll need to work with a contractor to purchase a parcel of land for your modular home, and finding suitable land can be difficult. Purchasing a modular home might require a construction loan rather than a mortgage, and some lenders may not finance a modular home due to unfamiliarity and inexperience. Reselling a modular home can also be challenging due to their customization as well as public misconceptions about their quality and desirability.

If you’re considering a modular home but have reservations, it’s always a great idea to consult a real estate professional or financial advisor. Modular homes certainly aren’t for everyone, but they can be the perfect alternative to the costs and long-term commitments of a regular home.