For the third year in a row, Wisconsin’s thriving economy helped boost home sales to reach record levels in 2017 according to the Wisconsin REALTORS® Association’s most recent analysis of the housing market.
Achieving record home sales given the severe shortage of homes on the market truly indicates how hot Wisconsin’s real estate market is. Annual sales in 2017 increased 1.4% compared to 2016 while the median sales price increased a remarkable 5.5% during the same period. If inventory didn’t constrain sales, we would have seen a much larger increase in the number of home sales. The dynamics of the housing market in 2018 is expected to be impacted by a few circumstances…
Considering demand, more millennials are moving into the housing market ramping up the number of buyers in the market place. Adding fuel to the fire is the restricted labor market pushing up household income levels and elevating the demand for more expensive homes. Mortgage rates are expected to rise slightly but should remain low as long as inflation remains in check, the WRA reports. This is all great news for homeowners interested in selling soon. With more buyers than sellers in the current marketplace, sellers often have the upper hand when it comes to negotiating.
On the supply side, inventory of homes on the market remained sparse throughout 2017. The housing supply in 2018 and beyond is expected to be rejuvenated by the growth of new construction homes and multi-family developments in the area. The upsurge in inventory will attempt to offset demand and may influence prices to subside.
All things considered, buying or selling during the slower first quarter of the year may be the smarter strategy to navigate in the prevailing aggressive real estate market. The peak real estate season is right around the corner which will bring more competition for both buyers and sellers, especially in metro regions including southeastern Wisconsin.
Curious about what your property is worth in today’s market? Request a complimentary home market analysis at no obligation.
If you want to start the home buying process, our agents will guide you every step of the way. Contact us to discuss your needs and we’ll help find the right home for you!
Source for information and data: “Wisconsin Housing Statistics.” WRA: Wisconsin REALTORS Association, www.wra.org/Resources/Property/Wisconsin_Housing_Statistics/.
Knowledge is power and early knowledge can offer you a powerful advantage, especially in tight real estate markets. Those who find properties first gain an edge by being the first have a chance to see new properties and thus the first to make offers. More often than not, this first to market knowledge pays off.
This post will review how you can leverage the property search on this website to quickly access the newest properties on the market and how to setup email alerts when new properties match your criteria.
It’s important to first point out that this website offers you the most current, up-to-date property information available. In fact, the listing inventory on this site comes directly from the local MLS and is updated multiple times throughout the day. Having access to current and accurate information means another advantage for you.
These tools give you fast access to new listings as soon as they become available. Enjoy the first to market advantage and happy house hunting!
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
Source: “Wisconsin Real Estate Magazine: Down Payment Assistance Programs.” WRA: Wisconsin REALTORS Association, WRA, 4 Aug. 2017, www.wra.org/WREM/Aug17/DPA/.
Buying a home is generally the single largest purchase that we make in our lifetimes and most of us are interested in not only the value of our properties, but also the general value of like properties in our neighborhoods. Whether you have just moved into a new home or have lived there for years, tracking the market value of your property is essential for any informed homeowner.
This website’s property search provides an excellent platform to track property values and market trends in your area. In this post, you will learn strategies for tracking the value of your home by researching similar homes in your area.
The goal is to track for sale and sold properties that closely resemble your own. The asking price (or sold price, if available) on similar properties will give you a better idea of the value of your own home at different points in time.
To begin, navigate to the property search on this site and fill in the search criteria and property characteristics that closely match your home, while setting the price ranges at “Minimum” for the low range and “Maximum” for the high range. Remember that you are trying to find other properties that are as similar as possible to your own. Thus, be sure to include location, property type, beds, baths, square feet, and garage spaces. If you live in a newer home, you may also wish to include a year in the “Built After” field to filter our older homes.
As you continue to select criteria, you will notice that the number of matching properties will continue to decrease. When you are done entering your property criteria, there should be a reasonable number of similar homes matching the criteria you selected. If not, you may wish to remove some of the less important amenities or add geography to your search in order to establish a better pool of similar properties.
Once you have selected all criteria, run your search to view homes similar to yours. Reviewing the prices of these homes will begin to help you develop a sense of your own property’s value. You may also wish to save your work by saving your searches for future reference. You can also elect to receive email notifications when new ‘like properties’ hit the market.
To use these tools, simply save your search and give it name such as “Comparisons to my home.” You can save your search on the main search page after selecting your criteria by clicking the “Save Search” button. Alternatively, you can save your search on the search results pages by clicking the button “Email Me When New Listings Match This Search.” Both links will take you to the same screen where you will set up your saved search name and email notification preferences.
As you track home values in your area over time, you will also begin to develop a sense of market trends in your area. For instance, if you notice that the selling price of homes similar to your own are increasing, you can typically conclude that the value of your property may be on the rise. If homes similar to yours are on the market for longer lengths of time and have a lower selling price, you could infer that the market value of your property may be decreasing. But, please remember the results of these searches are indicators–not hard science.
These easy, but important steps will empower you to stay informed regarding the value of your home and on the changing marketing trends in your neighborhood.
For many families, schools are an essential consideration when searching for a new home. However, most property searches only offer property related criteria such as price, beds, baths, and square feet. As such, locating properties that meet the criteria for your family and your child’s education can be challenging, especially when you are less familiar with an area.
For this very reason, this website provides you with the ability to incorporate school ratings directly into your property search as a primary criteria. Additionally, you’ll have access to detailed information and statistics on local schools and neighborhoods on every listing detail page.
In this post, you will learn how to:
When you first start a property search on this site, you will see a menu of search criteria. The Lifestyle section on the right side of the search tool bar allows you to select criteria that reflect your lifestyle preferences. The first option is “Highly Rated Schools.” Simply select the value that best matches your requirements and the results will instantly update to show only the matches that fit your preferences.
If you are using the map search, hover over any home for summary info; click directly on a property to go to the details page. If you are using the form-based search, click “Search Results” once you are done selecting search criteria. You can then click on any property from the search results page to go to the respective listing detail pages.
To access school information from any listing detail page, just click the “Schools” link on the right side of the tool bar.
You will have access to detailed information on all nearby schools as well educational statistics such as expenditures per student, students per teacher, and much more.
As you scroll through this page, a great deal of valuable school data can be viewed. To research individual schools, simply click on the school name.
These tools will help you match your ideal home with the educational path of your children. By following these steps and thoroughly researching schools near any potential home, you will be able to pair two of your most vital investments: your new home–and the education of your children.
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