- Tim Kraemer
Wisconsin New Construction
Summer is the peak time for new construction in Wisconsin. We’ve taken a look at the current statistics of new construction homes in Wisconsin as well as some laws that affect new build consumers. Read on to learn more about Wisconsin New Construction.
New construction homes are currently down 2% overall in terms of inventory this year in Wisconsin. However, the Madison area new construction inventory is 3% higher at this time compared to last year. This is good news for those looking to buy in the Madison area as inventory in the real estate market has been scarce again this year.
The median listing price for a home in Wisconsin at this time is right around $200,000. More specifically in the Madison area, the median listing price sits around $218,000. This obviously ranges depending on factors such as size, location, etc.
Did you know Wisconsin has the Right to Cure Act? This act has the goal of facilitating construction defect disputes without litigation. In simpler terms, it gives consumers the requirement of notifying their contractor of construction defects and giving them an opportunity to cure the defect before the consumer can file a suit against them.
New construction consumers should also be aware of the right to cancel. Wisconsin law allows you three business days to cancel a signed contract. If you are solicited and have a signed a contract for more than $25 either at your home or at the contractor’s regular place of business, you have the option to cancel. To do so you must sign and date a notice of cancellation and have it in the mail to the contractor before midnight on the third business day.
The new construction market in Wisconsin as a whole is predicted to decrease throughout the rest of 2018. However, if you are looking for new construction in the Madison area, the market is predicted to stay steady for the remainder of the year. If you are looking to be a consumer in the new construction market, make sure you know your rights, do your research and find reliable sources for the project!