A glance at the year so far and a look at what’s expected to come next.
The housing market of 2018 has been a mix of ups and downs so far.
The Ups
· Competition is fierce. With a lack of inventory sellers are able to get away with higher asking prices.
· The average time a home is on the market is currently 60 days.
· The number of home sales in Wisconsin is higher at this point than years prior.
· The median price of a home in Wisconsin sits at $180,000, up $12,000 since the start of the year. Prices are expected to continue to rise for the rest of the year. Great for sellers!
The Downs
· Demand continues to exceed supply.
· Interest rates and housing prices rose. Affordability of housing is down 5% and is expected to continue to decline up to 15% by the end of the year.
· Competition is fierce. Lack of inventory is driving asking prices up, making it even more expensive for buyers.
· The median price of a home in WI is up $12,000 since January, making homes even less affordable for buyers. Prices are expected to continue to rise for the remainder of the year.
To sum up the mid-year review, 2018 is proving to be a great time to be a seller and a difficult time to be a buyer. Whether you are looking to buy or sell, you can expect high selling prices and quick turn arounds. Sellers-be ready for multiple offers and a quick sale. Buyers-know what you want and have your financials in order so you can jump on it when you find the perfect home. Only time will tell what the market truly has in store for the rest of 2018.
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