Northwestern Wisconsin home sellers have been in the driver’s seat for some time! Here are three main reasons why, and how things are changing.
1. Home demand has outpaced supply for over a decade. The Great Recession slowed home building significantly. In recent years, the escalating costs of land, materials and labor have limited the number of new home developments.
2. Many homeowners with active mortgages have the lowest interest rates in modern history. As of early 2024, the Federal Housing Finance Agency found that most homeowners had mortgage rates well below 6%. Those who have interest rates below today’s norms are less inclined to sell their homes.
3. Overall, most homeowners seem to like where they live. During 2024, a survey by Clever found that 73% of American homeowners were happy with their current home. Another 2024 survey by U.S. News & World Report found that 57% of homeowners were planning to stay long-term.
However, conditions are changing! Mortgage interest rates are falling, improving purchase power for buyers, and making selling more attractive for current homeowners. Northwestern Wisconsin home inventory has already improved over last year. Our real estate market is busy, but sales are not frenzied. This allows buyers and sellers to consider their options thoughtfully, without feeling pressured by a whirlwind market.
Whether you are buying or selling Northwestern Wisconsin real estate, now is a great time to start! We provide a market valuation of your property free of charge, along with complete buying and selling guidance.
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