Diminishing inventory of homes on the market has kept sales lower than the last two years, but has propelled the median prices of homes to reach record levels according to the Wisconsin REALTORS® Association (WRA). Their most recent sales report provided significant statistics for the month of July as shown below.

STATS FOR THE MONTH OF JULY COMPARED TO JULY 2017

Home sales

Median sales price of homes

Inventory of homes on the market

As you can see, inventory of homes on the market directly impacts the median sales price. In our market’s current condition, supply of homes is low and buyer demand is high which is pushing up the median sales price of homes to record levels.The WRA predicts that housing demand will continue to be fueled by the projected growth of jobs in the state, with the recent announcements of the Foxconn project and ongoing expansion of Amazon.

Interest rates are still low but the rise in median prices continues to erode affordability. Sellers remain in control of the market so buyers should get pre-approved from their lenders and be prepared to move quickly.The key to success for both buyers and sellers is working with an experienced realtor to help guide them through this aggressive real estate market.

Contact one of our experienced agents today to learn how they can help you accomplish your real estate goals.

 

Source: “Wisconsin REALTORS® Association: June 2017 Home Sales Report.” WRA: Wisconsin REALTORS Association, WRA, 21 Aug. 2017, www.wra.org/HSRJuly2017/.

Do you think you can afford monthly mortgage payments but not the initial down payment on a home? There are plenty of down payment assistance programs out there to help! These DPA programs are typically grants or 2nd or third mortgages that have zero percent interest rates, deferred payments and/or forgivable loans. The programs are often offered by state, county or city agencies, housing authorities, WI Housing and Economic Development Authority (WHEDA), the Veteran’s Administration and many others.

The assistance amounts vary and can be used for the down payment and possibly allowed for closing costs, prepaids, repairs and other settlement fees. It is important to remember that each program is unique with different qualifications and restrictions relating to household income, education requirements, type of property and home price limits. Make sure to check out the programs in your local area for specific information. Visit our First Time Home Buying page to learn about some important things to consider before buying.

 

Helpful resources:

Wisconsin Homeownership Assistance

DownPayment Resource

Source: “Wisconsin Real Estate Magazine: Down Payment Assistance Programs.” WRA: Wisconsin REALTORS Association, WRA, 4 Aug. 2017, www.wra.org/WREM/Aug17/DPA/.

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