It’s never too soon to start planning your real estate moves for the New Year! Whether you are thinking of buying or selling a home in Northwestern Wisconsin, you’ll want to keep these scenarios in mind.
Home inventories will remain lean through 2021. Still, we may see more homes on the market than we did in 2020. Sellers waiting out the pandemic might feel more confident by mid-year. At the same time, home builders have been increasing production. The supply of homes for sale should improve somewhat this summer, but it’s likely to fall short of demand.
Home prices will go up. Home demand is expected to be strong in 2021, and Barron County home sellers are likely to stay in the driver’s seat. The ever-rising cost of construction materials and land acquisition also means that new homes will not get any cheaper.
Mortgage interest rates will remain low. Mortgage interest rates set another record low in December, reaching 2.66% for a 30-year fixed. (Based on national averages.) Mortgage rates may rise slightly in 2021, but no significant increases are expected.
Wild cards: A major Wisconsin employer announced permanent work-from-home options for most of its staff. Other employers in Madison, Chicago and the Twin Cities will soon decide whether to allow permanent work-from-home. If thousands of employees are unfettered from the office, it could drive more property sales in Northwestern Wisconsin.
Buyers and sellers, now is the time to schedule your free, no-pressure consultation with Six Lakes Realty! We are a locally-owned family business with over 40 years of experience. Our friendly, hometown service is just a call away!
John Flor CRS, GRI, ABR, RSPS, RRS, e-PRO
Team Lead / Property Marketing Specialist
Six Lakes Realty powered by Keller Williams Realty Diversified
Office: (715) 924-4806