GREEN BAY, WI (WTAQ-WLUK) – If you’ve recently bought a home, or you’re hoping to do so in the near future, you likely already know that it’s been a seller’s market since the start of the COVID-19 pandemic.
“Do we see that changing? Nobody knows,” says Diane Campshure Walczylk, a realtor with Resource One Realty in Green Bay. “If we had a crystal ball we’d be able to determine that, but we don’t.”
The Wisconsin Realtors Association released its first quarter report, saying that strong demand is driving home sales and prices.
The report says in March, existing home sales rose 3.2% compared to March of last year.
Local realtors like Campshure Walczylk say the story is the same for the Green Bay area. But, that doesn’t mean it’s easy for all buyers.
“It is becoming slightly more favorable for buyers although it’s still very difficult,” she adds.
“I think buyers, with the interest rates, there’s less people, it’s still competitive but it’s not like it was maybe a year and a half ago when we’d have maybe 20 0ffers on a house, we’re still seeing multiple offer scenarios but it’s not as much,” adds Greg Dallaire, an owner and broker at Dallaire Realty.
But high demand is driving home prices. The WRA says the median home price rose 10.1% to $299,900 over the last year.
Dallaire says affordability is a major factor right now. Those first-time buyers or people looking for starter homes are likely facing the biggest challenges.
“I just recently looked in Brown County as an example, there’s only seven properties under $200,000 that are available in Brown County,” he says. “You go from 0-$300,000, there’s only 37 in all of Brown County.”
But both realtors say if you’re looking to upgrade, you may have better luck.
“If somebody may have bought their home four years ago during COVID, if they’re selling that same home today, the market has gone up and they’re making that in equity, and so they’re able to take cash out for their home to buy their next one and buy something larger, more expensive, so you’re seeing that in many cases,” Campshure Walczylk adds.
“There’s still a lot of opportunity for people who have been in their home for five to seven years who are looking to upsize or downsize, where they can take that big equity position and then reposition themselves into a different property without having as much competition,” Dallaire says.
Both realtors stress that the good news is that Green Bay is an in-demand place to live for many families.
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