Fall Market Update 2023
Are homes still selling well over asking, buyers waiving home inspections, and multiple offers on homes? These are some common questions I get asked - check out the video below for a fall market update in our local Marathon County real estate market.
In general here are some trends / insights for you:
1.) Multiple offer scenarios are still present, but aren’t as common as they used to be. In general, buyers have a better chance of securing a home as the competition for homes has decreased. With this in mind, it’s easier for a buyer to purchase a home now than it was a few months ago, and buyers are more likely to have the ability to negotiate and get their offer accepted with home inspections / testing contingencies than earlier in the year. However, homes that are very attractive or at more competitive price-points are still getting multiple offers.
2.) Interest rates are hovering between 7.5 - 8.0% for a 30-year fixed rate. Local industry leaders project that rates will likely go up a little this year yet and could go up some in the 1st and 2nd quarter of next year, but then could come down in the 3rd and 4th quarter of next year (2024).
3.) Inventory has remained low relative to past years; however, currently the inventory has remained steady relative to 2023. There are 289 homes on the market in Marathon County and of those, 152 have accepted offers, leaving 137 homes that are available. There are more available homes now than in the spring where the market was even tighter; however, traditionally the market inventory will decrease as we head into the winter months and fewer homes come on the market.
4.) In general the market is starting to balance out more now than in the past few months. The former market was a heavy sellers market in the spring / summer, it’s starting to balance out between buyers and sellers. Sellers still seem to have the upper hand in a lot of cases, but trending more towards a balance as we head into winter.
The market is different for each home and each client, you can’t assume that what happens for friends and co-workers will be your scenario. These are some general market trends I have observed; however, if you are curious how the market is trending for your specific home or your situation, please feel free to reach out and I’d be happy to give you a more specific update for your needs!