WHAT DOES ALL THIS CHATTER ABOUT LOW INVENTORY MEAN?

NORTHEAST WISCONSIN MARKET UPDATE –WHAT DOES ALL THIS CHATTER ABOUT LOW INVENTORY MEAN?  

Video Here: Northeast Wisconsin Housing Market Update - March 28

I needed to simplify market updates and the first reality that everyone needs to understand is how big the housing crisis is right now for available homes. I ran data recently on our local MLS for 3 main areas that we serve. I pulled off any homes that were on the market for double the average “days on market.” (These are homes that have been sitting on the market without offers for some reason or another. That number is less than 10 per community, but there are some.)

Available homes = homes with no active offer on the market for less than 70 days

🏡Oshkosh Wisconsin – 16 available homes, median list price $294,900 (prices range from $58K to $1.4 million)

🏡Neenah, Wisconsin – 18 available homes, median list price $372,400 (prices range from $80K to $2.3 million)

🏡Appleton, Wisconsin – 21 available homes, median list price $315,000 (prices range from $60K to $770K)

We need listings to meet the demands of buyers. Interest rates went up again last week--- locally we are hovering near 4.5% for a 30-year fixed mortgage. That’s up from 3% at the end of December. That will push buyers to move now also. More buyers, less homes, means crazy market bidding and list price escalation. If you have been thinking about buying OR selling and need help sorting out if it makes sense, we do have options and suggestions. Don’t go it alone and sit and wonder. Talking to a real estate agent and then a lender, doesn’t cost anything and it could give you piece of mind!

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