The Wisconsin REALTORS® Association (WRA) announced that statewide home sales in May plunged nearly 26% compared to last May, in wake of the national emergency and stay at home order in Wisconsin.
The local real estate market was on track to have a strong spring season, but as you can see in the graph below, home sales in April and May were significantly lower compared to the same months last year.
Taking a glance at the first five months of the year compared to the respective time period last year, WI home sales were behind by 5.5% but prices surged nearly 8%.
Many home sellers shifted their priorities when the national emergency hit, and justifiably deferred listing their home or withdrew their home that was active on the market. As a result, housing inventory deteriorated in an already tight market.
Despite the pandemic and officially entering a recession, buyer demand in Waukesha County has remained intact. Mortgage rates are at a record low, standing at 3.23% in May, for a 30 year fixed-rate mortgage.
Pent up buyer demand, especially for homes under $350,000, has created an extremely competitive market for buyers, and a strong seller’s market. Many seller’s are seeing multiple offers on their homes, allowing them to sell quickly and make a profitable sale.
Marquette University economist and consultant to the WRA, David Clark points out in the WRA’s housing report that “We could be returning to a more balanced market,” as low mortgage rates will keep buyer demand steady, and the ageing baby-boomer population may help improve supply conditions in the next one to two years.
If you have questions about buying or selling your home this year, your local real estate agents at Oconomowoc Realty can answer your questions and help you plan your next steps to reach your real estate goals.
4 Recommendations For Sellers in This Unusual Market
New Ways of Buying or Selling Real Estate Amid the Days of COVID-19
Data and market information from the Wisconsin REALTORS® Association May 2020 Home Sales Report.
You may have placed your plans to sell on hold, due to the COVID-19 pandemic. The local real estate market remains highly favorable for sellers, as pent up buyer demand remains intact, despite officially entering a recession.
There is still time for you to make a profitable home sale this year, but there are some details to consider in order to keep your household and the public safe. Continue reading for some recommendations on how to have a successful sale in this unusual market.
If you would like to discuss which option may be best for your situation, please reach out to us and our team would be happy to help.
In the era of social distancing, more buyers are house hunting online and depending on listing photos and video to come to a decision. To showcase your home the best, clean and declutter rooms. Consider removing extra furniture and clearing countertops to limit distractions in the photos. A fresh coat of paint may also be appropriate.
Offering a virtual tour has become the new normal in real estate amid the days of COVID-19. Video tours can help buyers decide if the home will work for them, without doing an in-person showing. It will also help limit the amount of foot traffic through your home. Virtual tours are great for non-local buyers who are unable to travel to the area for showings.
Charm buyers by highlighting recent updates to the home, neighborhood and location information, and points of interest in the local community. Your realtor can add these details in the listing description. With less physical visits to your home, potential buyers may fail to see the other benefits your home offers
New Ways of Selling or Purchasing a Home Amid the Day of Covid-19
Future Home Buyers Will Likely Prioritize These Home Features Because of Quarantine
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