It has not been this busy since 2007. Honestly. I was looking over the WRA (Wisconsin Realtor Association) statistics on home sales and noticed sale in SE Wisconsin in January of 2007 were 1,370 and January of 2016 they were 1,347, That is the highest number of sale in January since 2007. February and March are following the same trend with the exception on March of 2015 out doing 2016 by 16 homes. The median price of a home in March of 2007 $182,000. March of 2016 it was $162,333. Not to make anyone feel bad but in March of 2011 it had dropped to $126,950.
What does all this mean to you as a buyer or seller. Interest’s rates are still at one of the lowest points since early 2015. Prices are still relatively low, but and there is a big but, inventory is also at an all-time low. This puts the curve in the curve ball for buyers. It is very completive and multiple offers are almost standard. I spoke to my lender the other day and he said he is seeing more offers submitted for loans with over asking price then ever before. Buyer are getting frustrated, agents are getting stressed and lender right now are getting overwhelmed.
Suggestions for you as an active buyer especial a new first time buyer.
1) Use a full service full time Real estate agent with experience and make sure you are on an auto search.
2) Use a qualified lender with a solid pre-approval (There are a number of Lenders we are having a lot of problems with)
3) Be prepared to move quickly, This is where 1 & 2 come into play and are very important to help you make a decision.
How important is the agent? I cannot stress enough how important having a good agent working for you in this market is. Meet with them, talk with them, interview them, but make sure you are comfortable and the have time for you and will work for you.
Here is a review from one of my past clients:
“We can’t recommend him highly enough. Bob is the reason our offer on our home was accepted. He worked hard to get us into properties the day they came onto the market. Bob was available and willing to answer all of our questions, and as first time home buyers, we had many. He knows Milwaukee and the surrounding communities well. It put our mind at ease knowing we had a knowledgeable, experienced advocate on our side throughout the home buying process.” Brianna