The housing crisis of the past is finally in dissipating as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up and distressed sales (foreclosures and short sales) are at their lowest mark in almost a decade. This year has been great for real estate and it will continue.
Despite the current real estate upward trend, there’s one thing causing the industry to slow down: the lack of housing inventory! The National Association of Realtors (NAR) notes home buyer traffic and demand continues to be the strongest it has been in years but the supply of homes for sale hasn’t kept up with this demand. The Madison area for one has seen prices spring up as potential homebuyers battle for the home of their dreams.
Historically, the colder months create the characteristic slowdown in the real estate market. However, continued low interest rates are just one of the many reasons why homebuyers are still going strong in search of a home of their own in Wisconsin.
The lack of housing inventory including new construction isn’t an unfamiliar challenge. It’s been like this all year long and we’re not seeing the seasonal slowdown that the winter typically brings.
Healthy labor markets and job growth have created more and more potential home buyers who are able to buy. The millennial generation is especially willing. Now is a great time to sell and take advantage of the current housing market demand!
Wondering how much your home could be worth? Find out here — it can be worth more than you think! And when you’re ready to sell I’m here to guide you every step of the way.