A home for sale in Appleton, April 19, 2023. PC: Fox 11 Online
(WTAQ-WLUK) – The number of houses for sale is on the rise, which is good news for those looking to buy. But, despite the increase, it’s still a seller’s market.
One home here, another there, while it doesn’t seem like there are a lot of houses on the market, right now, the number is on the rise in Northeast Wisconsin. A mild winter may have helped.
“January, we were actually busy in January because temperatures were so mild and I can tell from week to week it kind of slows down and then it’s spring fever everybody is wanting to take a look at houses,” said Stacey Hennessey with Stacey Hennessey & Co.
But the increase, according to Hennessey isn’t nearly enough. She said, “It’s tough. I cannot wait for it change. Honestly, I think it’s going to be years before we can catch up because that demand is so high.”
The Wisconsin Realtors Association is reporting new home listings were up more than 20% this February, compared to the same time last year.
The median home price is on the rise too, up 5% to $275,000.
According to realtors, any home under $300,000, is the hardest to secure, right now.
Hennessey said, “Even though the numbers are up, like I say, there are still seniors living in their home longer, the first time home buyers usually that’s the prime price range for them, the rates are affecting things a little bit. Even though they have their down payment they still kind of need some extra cash for some things to sweeten their offer.”
Rick Barlament of Ashwaubenon just sold his home that was listed for a little more than $300,000, within days of it going on the market.
He said, “We had been looking to get into more of a ranch style home and the wife found a real beautiful home in West De Pere. So, we put an offer in on that and that was accepted and we quick put ours up for sale and the following weekend that was a done deal, so the housing market is just booming.”
While all the pieces fell into place for the Barlaments, that’s not the case for every buyer.
In a tight market like this, buyers need to be prepared to make some concessions, like maybe waiving an inspection – because as the Barlaments can attest to, it’s not always the highest offer that’s accepted.
“The people we accepted the offer from didn’t have a house to sell so that kind of ends the chain right there. Instead of waiting for that person to sell theirs in order to get into ours so we can get into ours that kind of made the decision, but it was the second highest offer,” added Barlament.
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