Current Market Update
The market has remained favorable for sellers and competitive for buyers, but perhaps not so much, relative to the robust spring/summer market in Wausau!
In March of 2021 there were 227 homes on the market in the Wausau area across all price points. In May there were 305 homes, and today there are 383 homes. With more home options paired with fewer buyers in the market, buyers may feel it’s less competitive now than it was a few months ago. Relatively speaking it’s still a sellers market and buyers are still under high pressure when purchasing, but they are getting some relief and this balancing out in the market will likely get closer as we head into the fall / winter.
Looking back over the last few months, as a seller, June was the best month to have put a home on the market during. That appeared to be the height of the market as far as prices / number of offers per home/ etc . . for sellers. May / July would be close seconds but the most favorable conditions appeared to happen in June. For buyers, if the right home came up, the winter months were likely the most ideal time to purchase price wise, but it's likely the right house may not have came up with limited inventory during that time. Moving forward, if you are thinking of selling, it may be good to do so sooner rather than later as the cyclical trend is for the market to slow in the coming months. As a buyer, if you are thinking about getting into the market or if you haven't found the right home yet, the next few months may be a great time to find a home!
Lender Resource Highlight
Talking to a lender early on in the process is a great idea when preparing to buy a home. They can help you identify what you can afford as you search for your home, what you're comfortable budgeting for, and areas of improvement in credit (if needed) while offering recommendations to improve credit score - which can help you secure a better loan program and better rate in many cases. Things like paying your bills on time and keeping your credit card balance as low as possible are a few of the many things you can do to improve your credit score.
How do buyers decide what loan program is right for them? There are many options when it comes to the type of loan, but to summarize, it comes down to the borrowers credit score, down payment, and the type of property they intend to buy (investment, primary residence, land, etc.). In short, if your credit score is 680 or better, than a conventional loan often is the most typical type of loan and the least expensive one.
Once you own a home, there are ways you can save and watch the market to know when the refinance and when to draw equity. In general, you should consider refinancing if you will be saving about 1.0% interest and if you don't have plans to sell or move within the next 1-2 years, if you currently pay for PMI (private mortgage insurance), or if you have an adjustable rate mortgage you may be able to refinance to the fixed rate mortgage.
The refinancing process takes about 30 - 35 days. The refinance process requires an appraisal which can take a couple weeks to complete and process. If you have owned your home for a few years and are curious on refinancing or getting a better rate, please reach out to our team. We're happy to help connect you with a local lender who can help.
Special thanks to Song for sharing her industry insight with our team and buyers! For lending-specific questions, please contact Song below.
Song Khang CoVantage Credit Union Mortgage Loan Originator
303 S 1st Ave Wausau WI 54402-1986
PH: 715-627-4336 EXT: 4648
Email: [email protected]
Contact Our Team
Have a question? We’re ready to help. We look forward to connecting with you. Please feel free to reach out to our team via phone call, text or email!