According to the GMAR (Greater Milwaukee Association of REALTORS), “Home sales were down 17.2% in July compared to the same time a year ago. While that appears to be a big drop, some perspective will help explain the decrease.
First, the 2021 market was the best ever. Year-to-date sales through July were only down 6.3%. Looking back to the first seven months of 2020, the 2022 market was up 6% comparatively.
Second, July sales were negotiated in June, when interest rates were starting to climb. That undoubtedly scared a few buyers away.
Finally, while some buyers stood on the sideline, brokers have been reporting very strong interest among buyers looking for homes all summer. Especially first-time buyers. And many of those first-time buyers are still getting out-bid on properties.
Nonetheless, the real estate market is still operating at a remarkably high level.
We cannot tell if interest rates will fluctuate in the near-term, but rates in the 5% to 6% range are historically normal. REALTORS® will work with buyers to find properties that fit their budget accounting for a normal interest rate.”
Saturday, Sept. 17th
10am – 12noon
St. Vincent De Paul in Slinger will be hosting an electronics recycling drop off day.
See flyer for details.
For those considering home ownership for the first time, it may seem as if there’s a long list of details to tackle once the search begins. However, before potential buyers even start looking at homes, there are three important steps to take.
Are you ready to buy your first home? Or maybe you are ready to sell your family home and downsize to a condo? Whatever situation you find yourself in, trust a local real estate agent who knows the market inside and out to help you. Contact Noel today!