A letter from Joseph A. Horning, President of Shorewest, REALTORS®
2019 was a robust year for the housing market in Wisconsin. Home prices continued to rise throughout the year largely in part due to fewer listings to satisfy customer demand. Move-in-ready homes saw multiple offers and offers greater than the listed price. As a result, Shorewest’s average sales price increased six percent in 2019 to $255,000.
In 2020, buyers will find the inventory shortage continues to be a challenge, especially for homes under $400,000. The good news, however, is housing affordability continues to be strong as mortgage rates remain below 3.5 percent for a 30-year fixed mortgage. First-time homebuyers, empty nesters downsizing and a strong job market will fuel the housing market in 2020.
If you are thinking of buying in 2020, check out our article on why you’ll want to get preapproved and take advantage of today’s low interest rates.
If you are thinking of selling a home, now is a great time to connect with one of our experienced sales associates. They’ll help you get a jump on the spring market. With a consultation on how to realize the maximum value from your home.