A letter from Joseph A. Horning, President of Shorewest, REALTORS®
The first three quarters of 2019 saw strong buyer and seller activity supported by low mortgage rates and a strong economy. The quarter ended on a positive note with a 5.2 percent increase in home sales and a 5.4 percent higher median home price in September.
Now with fall upon us, the housing market is beginning its annual cool down. Buyers are finding fewer homes for sale, but also experiencing less competition.
“The housing market is in the midst of a normalization period, one that is characterized by slowing price growth, moderate sales and new supply that is slow to market,” according to Ralph McLaughlin, deputy chief economist and executive of Research and Insights at CoreLogic, a data provider.
Moving into a more balanced, normalized market is a good thing — especially for buyers who’ve seen tight inventories, higher prices and more competition for homes. But for now, the market continues to remain tight, so working with an experienced Shorewest, REALTOR® who knows the market as well as getting pre approved for financing is still key to success. Wisconsin Mortgage Corporation, a division of Shorewest, can help you with all your financing needs. Learn more about them and the convenience of our one stop shopping later in this newsletter.
Tags: State of the Market