The third quarter ended on a strong note with record summer home sales and increased median sale prices despite the low inventory of homes available. While we expect seasonal leveling in the fourth quarter, those in a position to sell with a quality, well-staged home can get top dollar and sell quickly. The good news for buyers is even with increased prices, the housing market continues to be affordable.
The Wisconsin REALTORS® Association recorded that August sales were up 9% over August 2015, making this the strongest August since 2005. This is a remarkable record given that inventories remained very tight in Wisconsin. Furthermore, the median price for a home has been moving up since March of 2012. Even with strong growth in prices, housing remains affordable in Wisconsin. According to Freddie Mac’s Primary Mortgage Market Survey, interest rates for a 30-year mortgage have remained at or below 3.5% for 13 consecutive weeks, which means that buyers are still able to get a great, low rate.
In the current market, buyers need to be prepared when they find a home they would like to purchase. One of the best ways is to be pre-approved for a mortgage which will make your offer even stronger. Wisconsin Mortgage Corporation can help you, talk to a Wisconsin Mortgage Loan Officer today and get pre-approved.
Shorewest’s family of companies work hard to make sure that each client is cared for. Working to provide unsurpassed customer service has helped Shorewest remain Wisconsin’s Largest Home Seller™ since 1951. Our continued leadership is evident today as Shorewest was named part of the Deloitte Wisconsin 75 which is an annual ranking and recognition of the 75 largest, best-performing closely held companies headquartered in Wisconsin. This is our 15th consecutive year receiving this recognition.
When it is time to make a move – locally or anywhere in the world – we appreciate the opportunity to serve as your trusted advisor.