Here we are in the middle of February and Spring is just around the corner! 2023 feels a lot like 2019, here in Sioux Falls. 2018 brought on 4 rate hikes, a quarter point per quarter and the mortgage rates were on the rise. The real estate market cooled off at the end of 2018 and the beginning of 2019. We had 3 large snowstorms push through in January and February of 2019. The snow started to cumulate and snow drifts formed around the homes. Rates improved a little bit and the Spring real estate market started to take off. Unfortunately, during the 2nd week of March a huge snowstorm was forecasted but due to warm weather we got rain, 3+ inches of rain! Hundreds of homes that never had water penetration before flooded that year because the snow drifts created a wall around the home's foundation and the rain water was stuck. Not only did this weather event cause our Spring real estate market to be delayed into the mess was finally cleaned up several weeks later, but Seller's now had to disclose water penetration just days before going to the market for sale. A majority of these homes could have prevented water penetration with proper cleaning of the gutters and making sure downspouts were attached and not obstructed by debris or in this cause snow drifts.
With warmer weather in the forecast, now is a great time to make sure your house is ready for Spring!
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