What is the major difference between March and April in Wisconsin? That may seem like a silly question and certainly there are a multitude of obvious answers, but in the world of real estate the difference a month makes is quite startling.
If one takes a look back over the past decade, the number of homes sold throughout Wisconsin increases drastically from March to April, usually by anywhere from 600-1,000 units. In 2016 however, the number of homes sold skyrocketed by an additional 1600 units between March and April. There is no reason to expect anything different this year.
In simplest terms, the reason for this is more people are motivated to sell when the weather gets warmer. While having more inventory to work with is definitely good news for the industry, hopeful buyers still far outnumber the homes for sale. The result? Buyers cannot afford to waste any time when it comes to making an offer on a property. So what can you do to get a jump on the competition? Be proactive and be prepared!
The first thing potential buyers, especially those who are serious about purchasing property, need to do is get PreApproved for a mortgage. In most cases, this step should even precede initial house-hunting. This not only speeds up the process when making an offer, but it also lays out for the buyer just how much home he or she can afford. South-central Wisconsin is a very competitive market. Having PreApproved loan status can make an enormous difference and will help show your offer in its best light.
I work with several local lenders who will be able to help you through the Preapproval process. I can advise Buyers on how to make a strong, solid offer, and guide them through all the way to closing.
Expect to spring into action this spring. It looks to be the start of a busy real estate season in Wisconsin. And keep in mind, mortgage interest rates are likely to increase again in the next few months. Let me know how I can help!
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