Every time I find myself at a party, a get-together, or a networking event and people find out I am a REALTOR®, they ask one question – “How is the market?” In short, the market is hot, despite the numbers. The Wisconsin REALTORS® Association just released their May numbers. The numbers show that existing home sales are down, but prices are up.
At first blush, lower volume sold looks like a slowing market, but not when you realize WHY the numbers are down – there are simply not enough houses to sell. In Madison, particularly in the first-time-buyer market there are tons of buyers in the marketplace, and they are making offers and closing on sales, but there are not nearly as many sellers. This is slowing sales (we can’t sell what we simply don’t have to sell) and driving up prices.
But don’t think that this makes buyers CRAZY for buying right now. Interest rates are still low, projected to go up, and I do not expect prices to come down either. By buying now, they are getting into the market before it gets more expensive to do so, or in some cases, while they still can. This is an exciting summer in the market. If you are thinking about tossing your hat in the ring (or if you know someone who is) – call me!
Again – seriously – I’m that girl – CALL ME!