Market Recap 2022
As we are nearing 2023, what are we seeing in the marketplace right now? We are seeing things slow down. There are a few key factors that have contributed to this and a few factors that are fueling the market forward, instead of causing a "stand still".
Rising Interest Rates.
Interest rates have gone up this past year. From where they were at the beginning of the year to where they are now is quite a difference. Now, that doesn't mean buyers are not still buying, or that home-buying has become "unaffordable", however, it isn't giving new buyers as much incentive to get into the marketplace right now, if they don't "need to move". This is impacting new-buyer demand.
Extremely Low Inventory.
There are not many homes available on the market right now. There are 235 homes available in the greater Wausau area right now, contrast that against last year about this time there were 380 homes available. This limited inventory, paired with the buyers that need to buy, has kept prices relatively stable and has maintained the already established marketplace.
Word of Advice.
For those looking to buy, it may a favorable time to get back into the market, knowing that you are not going to be competing with as many offers as you would have seen earlier in the year. As a seller, it's important to understand the market is shifting and pricing your home according to the market is important. Similar to a school grading system the "A & B" homes that are extremely desirable are still very competitive, but the "C & D" homes that maybe have some shortcomings are not moving as quickly.
If you have questions or want our team to cover a specific topic of interest, drop us a line below!