State of the Market – October 2016

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joe-horningA letter from Joseph A. Horning, President of Shorewest, REALTORS®

The fourth quarter of the year ushers in a robust real estate market with expected seasonal leveling. 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. These low interest rates are a factor why summer home sales ended on a very strong note in August.

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.

In the current market, it is advisable for buyers to be prepared when they find a home they would like to purchase. With inventory shortages, new listings at affordable prices will be receiving multiple offers almost immediately after becoming available. To put yourself ahead of other buyers, talk to a Wisconsin Mortgage Loan Officer and get a pre-approval.

Shorewest, REALTORS® has also had a strong year outside of sales. We recently received the 2016 Milwaukee Journal Sentinel Top Choice Award in the “Real Estate” category. The Top Choice Awards are a celebration of some of the most outstanding businesses in the Greater Milwaukee area, chosen by readers of the Milwaukee Journal Sentinel. Shorewest was also 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 14th consecutive year receiving this recognition.

Shorewest continues to grow, and we are proud to introduce our newly remodeled and enhanced website. It has easy access to more detailed property information, enhanced usability, new, larger property photos and so much more.

When it is time to make a move – locally or anywhere in the world – we appreciate the opportunity to serve as your trusted advisor.

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Categories: Community, First Time Home Buyers, Home Buying, Home Selling, Homeowner, Mortgage, Neighborhoods, Quarterly Newsletter, Real Estate News, Real Estate Tips, Shorewest News

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