To our Friends, Neighbors and Clients,
Moving into the third quarter of the year, we experienced some unexpected market trends. While real estate slowed significantly in the second quarter due to the pandemic, it came roaring back with pent-up buyer demand in the third quarter. Activity normally seen in the traditionally busy spring months moved to July, August and September. After quarantine and spending more time in their homes, people were ready to move. The market remains strong as we have a continual increase in home sales in Southeastern Wisconsin. In fact, many of our sales offices broke records during the third quarter.
Home mortgage rates have hit record lows. The average U.S. mortgage rate for a 30-year fixed loan fell below 3%, and the average fixed rate for a 15-year mortgage below 2.5%. There have now been 13 consecutive weeks when average mortgage rates have been below 3%. Many families have taken advantage of this opportunity to refinance and significantly reduce their monthly payments.
In terms of inventory, the housing market is very tight. Through the third quarter, listings were down in all seven Southeastern Wisconsin counties. With continued buyer demand and low inventory, smart sellers are realizing that now is a very good time to sell a home quickly while values are up.
When buying or selling real estate, working with one of our knowledgeable real estate professionals will give you the upper hand. We have a large family of agents and local community insights. Through our vast network, we often have knowledge of homes coming to market soon to give our buyers the first opportunity to see them.
At Shorewest we understand how important home is, especially now. If you are looking for a new home because your work or living situation has changed, we can help. Let one of our team serve as your trusted advisor to safely guide you to achieving your real estate goals.
Joe and John Horning
Third Generation Leadership