Spring Market Update 2023
Spring is in the air, and the market is starting to pick up! Austin shares a real estate market recap in 2 minutes - tune into the video below.
From last year into this year, the inventory levels continue to remain low. This has continued a "competitive market" for buyers looking to purchase a home, amidst the rising interest rates - those rates don't seem to be slowing buyers down as local rental costs continue to rise and buyers are eager to find a home.
Right now, in the greater Wausau area, there are 179 homes on the market (all price ranges). Of those, there are 117 under contract and 62 active / available. That doesn't give buyers many choices, creating a unique market to navigate.
For sellers, if you price and market your property well, that will typically result in multiple offers within a few days, most of which are competitive / attractive offers (this will vary by the price-point of your home).
For buyers, expect some competition when purchasing a home. That may mean making a quicker decision and in most cases going up against mulitple offers.
We often get asked, "Will the market correct in the month ahead?" Experts are predicting the market will continue to remain "competitive" while the inventory remains low. Many hope more inventory in the future will help create a more "balanced market". Some buyers may get discouraged and "leave the market", but experts predict the number of buyers looking to purchase will remain stronger than the supply available in our market for the months ahead.
Another common question is, how can new home construction help in our local market? New construction is always beneficial to a community's growth and development. In our area, new construction homes continue to be built and open up opportunities for "move-up" clients to purchase a new home and sell their existing home, opening up opportunities for more buyers to enter the market. Overall, this trend is positive for our area, but the frequent fluctuation in the cost of supplies and operational delays in material delivery in some cases has caused a slower completion timeline - increasing the cost of building for both the builder and the consumer.
We've said this before and we'll say it again, there isn't a "perfect time" to buy or sell, but if you are considering it, it's best to be educated on the current conditions and make your decision based on your goals. It's important to understand the market conditions are always changing and to stay educated if you're in the market.
If you have questions about the market, please reach out! Whether you're considering selling or buying? We are here to help.