For the first quarter of 2018, real estate sales in Wisconsin were up 2.1% and median prices were up 6.3% compared to the first quarter of last year according to the Wisconsin REALTORS® Association’s (WRA) recent analysis of the current housing market. Lack of homes for sale is the leading contributor for the increase in sales prices. The WRA reported that there was only 3.1 months of available supply in urbanized metro areas of Wisconsin, making for a very strong seller’s market in these particular parts of the state.
Over the last year, home prices increased nearly 3 times the rate of inflation reported the WRA President & CEO Michael Theo in the association’s March 2018 Home Sales Report. With home prices and mortgage rates on the rise, affordability is decreasing. The average 30 year fixed mortgage rate increased almost half a point, up to 4.44% from 4% in 2017. The good news is that affordability is Wisconsin remains well above the national rate. If you’re looking to buy a home, it is imperative to be preapproved for financing and be prepared to act quickly. Today’s competitive market also places importance on writing clean offers.
If you’re looking to sell, it is essential to be aware that a home in good condition will likely attract a lot of interest and may not be on the market for long. Therefore you should be prepared for showings the day the home is listed and have alternative housing plans in place. An experienced realtor is a valuable asset to both buyers and sellers in today’s constricted housing market.
Sources for data and information: “Wisconsin Housing Statistics.” WRA: Wisconsin REALTORS Association, 23 Apr. 2018, www.wra.org/HousingStatistics/.
“Wisconsin REALTORS® Association: March 2018 Home Sales Report.” WRA: Wisconsin REALTORS Association, 23 Apr. 2018, www.wra.org/HSRMar2018/.