Demand for homes in Oconomowoc and the Lake Country area have been in high demand. Since 2017, it has been a strong Seller’s market due to high demand for housing and limited supply. It is still a Seller’s market, but not the red-hot Seller’s market you saw over the last couple years. If you’re thinking about selling, it may be better to do so sooner than later before the housing market shifts more in Buyer’s favor.
- Housing inventory is still low. The number of homes for sale have been limited in most markets for some time now, enabling a strong Seller’s market to prevail. Selling your home when inventory is low will help your home stand out more to buyers due to less competing homes for sale. Homes for sale in Oconomowoc priced below $300,000 have been in high demand but inventory of homes in this price range have been scarce. The number of homes for sale in the Lake Country area is slowly growing with more homeowners looking to capitalize on the hot market and the rise of new construction homes and condominium developments. More housing supply will help offset demand and moderate home prices.
- You can still make a profit. The limited housing supply has pushed prices up in high demand markets. Low supply of homes can encourage higher listing prices and bidding wars that drive up the final sales price. Buyer demand still outweighs the housing supply in most markets. It has been a competitive market for Oconomowoc homes and homes in the Lake Country area listed under $300,000. Home sale prices have still been increasing but not at the pace they were a year ago, which may be a sign that the real estate market is gradually slowing down.
- You can closer quicker on more favorable terms. Depending on where on the spectrum your home is priced, you could be accepting an attractive offer within days, if not the day of putting your home on the market. Due to such intense competition for housing in some markets, buyers are being quick to submit good offers. For homes in the Oconomowoc area, which has been a hot real estate market, it has been common to see buyers submitting offers on more favorable terms for the Seller in an attempt to gain a competitive advantage. These terms could include a sale price at or above the listing price and excluding contingencies that could hold up the sale. As competition for housing decelerates, buyers will be able to gain back more control when it comes to the terms of the offer.
- Mortgage rates are still low. According to the Wisconsin REALTORS® Association (WRA) most recent Home Sales Report, current mortgage rates are down from November’s rates, standing at 4.46%. This makes it an ideal time to get both transactions done if you’re looking to sell your current home and purchase a new home.
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February 2019 Home Sales Report: Housing Supply Stalls as Strong Demand Remains
Total Home Sales in 2018 Came in Just Short of 2017’s Record Year
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