MOSIN, Wisconsin (WSAW) – Home prices in Wisconsin have doubled over the year and buyers are still paying.
Luke Butzler closed Friday in a new building, but it took him a long time to get to today.
“The last, I would say, a year and a half to two years, I really closely followed the market, and then obviously COVID last year really raised the issue.”
Butzler moved from Eau Claire to start new work in the Wausau area. He rented an apartment until he found the perfect apartment for himself.
“We started, you know, by inspecting several houses a week, with a few open days,” he said. “You know we are faced with different scenarios with bids, multiple bids on the same open house and accepted bids on the same days.”
He looked at about 30 houses, about half of them were serious contenders for him. Most of these were existing homes. He ultimately settled on a new build, which avoided many purchase wars.
His realtor, Austin Solomon of Coldwell Banker Action, said Batzler’s experience is now commonplace.
“The demand for houses is still great, right? Buyers are still plentiful and there are probably 10-15 buyers per home, so a lot of supply will be needed to meet current demand, ”he said, adding that buyers should expect aggressive offers. and is often over-asked.
Solomon said the market has changed even since five years ago, when buyers and sellers were on a more level playing field, and sellers could not expect so many offers.
Currently, he said, there were between 250 and 500 homes on the market at any given time in the Wauzau and Stevens Point area over the past year. The price range for a profitable home is wide – from $ 100,000 to $ 500,000.
According to Association of Realtors of Wisconsinprices in places like Stevens Point, Wauzau and Wisconsin Rapids are starting to decline slightly, but Marshfield maintains a national upward trend.
While interest rates could change and possibly affect buyers’ willingness to buy, Solomon said, “I don’t think this is a bubble.” Other professionals in the field agree…
He said he expects prices to decline in line with typical seasonal trends, but does not expect prices to change dramatically even by next year.
“Nobody knows. Time will tell, but I think we still have a good season.”
The current housing market is similar to the market on the eve of the great recession, but looking at analysis by David Shalov from UW-Stevens Point and Dave Clarke, an economist at Marquette University and a WRA consultant, they say there are differences. In the mid-2000s, high demand for homes was partly due to declining standards for buyers in obtaining loans. Now, they say, buyers are in a better position to face economic problems.
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