If you’re waiting for lower mortgage rates before buying or selling a Northwestern Wisconsin home…don’t wait. You can refinance a mortgage if rates come down in the future, but you can’t turn back the clock on home prices.
If you’re a potential home seller, waiting for higher home prices sounds great – unless you need to buy a new home! As a seller, the market works in your favor when inventory is scarce. As a buyer in the same market, you face higher prices the longer you wait.
Most real estate economists agree that home prices nationwide will continue to move higher in 2024. According to Lawrence Yun, chief economist for the National Association of REALTORS©, home inventory would need to double from current levels to slow down price appreciation.
Meanwhile, interest rates are not expected to decline significantly during the next twelve months, according to industry analysts. If the economy slows down, the Federal Reserve might nudge rates down by ¼ to ½ percent over the upcoming year. This won’t be enough of a change to justify waiting out the market, especially as home prices continue to rise.
Whenever mortgage interest rates do come down, it will draw more buyers to the market. However, an influx of buyers chasing too few homes for sale will only spur home prices higher.
There’s an old expression: the best time to buy a home is five years ago. The next best time is right now! If you have been thinking about buying or selling a Northwestern Wisconsin home, contact us today for the latest market information and price trends. We offer free home value estimates, too! (No obligation to sell your home.)
Six Lakes Realty is a locally owned family business with over 45 years of experience. Contact us today for friendly, hometown service!
John Flor
Managing Broker
Six Lakes Realty
Office: (715) 924-4806
Email: john@sixlakesrealty.com