Here is a surprise, real estate experts say winter is a great time to buy a home in WNY

First-time home buyers face less competition and can save money.
Posted at 1:15 PM, Feb 06, 2019

BUFFALO, N.Y. (WKBW) — Despite WNY blizzards, ice jam flooding and freezing rain, winter is actually a great time to buy a home, explained Sue Chaskes, Manager of the Buffalo Metro Office for Howard Hanna Real Estate Services.

According to Chaskes, competition for homes on the market is only a fraction of what it will be come spring and summer.

In addition, mortgage applications can be approved much quicker because there is not as large of a backlog.

The best reason, said Chaskes, is less competition means you won't have to bid as high to get your offer accepted as you will later in the year - something that could help first-time home buyers.

There are fewer homes on the market in winter and you won't be able to check out pools or air conditioning, explained Chaskes, but there are legal provisions where that can be handled after the sale.

Buffalo remains a very strong market for home sales.

"December was huge. More mortgage applications came in during January than since 2010," added Chaskes.

While some millennials might be reluctant to purchase a home because of job uncertainty or having large college loan debt, Chaskes said a mortgage counselor can usually find a way to help if the individual has a good credit record and savvy money spending habits.

Tonight on 7 Eyewitness News, Reporter Ed Reilly talks with a 23-year-old man who just purchased his first home in Hamburg after beginning his search around New Year's Day.

For home shoppers, it is important to keep in mind that the home buying season starts kicking into high-gear in March - so the time left for the winter buying benefits is short.