A healthy economy and low unemployment continues to boost
home sales in Wisconsin, despite supply restraints.
The Wisconsin Realtors
Association reported that home sales hit a record high between December and
February — typically the slowest season in Wisconsin. Low inventories and
slowly increasing mortgage rates — an attempt by the Federal Reserve to counter
inflation caused by tight labor markets — have contributed to a jump in home
prices and created a strong seller’s market.
The median sale price for a home
in Dane County has increased from $216,250 in February 2015 to $269,900 in
February 2018. While mortgage rates still remain historically low, they’ve
increased approximately a half percent in the first two months of the year and
that’s a trend that’s expected to continue throughout 2018.
In such a tight
market, here are a few things buyers should keep in mind:
1. Get preapproved.
You’ll have a firm understanding of your budget and sellers will take you more
seriously.
2. Bid competitively. In a seller’s market, homebuyers should be
prepared to make their best offer early.
3. Work with a Realtor. When inventory
is limited, a good buyer’s agent is fast to alert house-hunters to prospective
homes, can offer insight on what’s needed to close a deal and help quickly
prepare a competitive offer.
I know buying a home in today’s market might seem
overwhelming - it is for Buyer's Agents, too - but experienced agents can guide you through the entire process. I'm committed to making the journey
to finding your next home a smooth and stress-free experience. As always, I'm here to help!
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