A healthy economy and low unemployment continues to boost home sales in Wisconsin, despite
supply restraints. The Wisconsin Realtors Association reported that home sales hit a record high
between December and February - typically the slowest season in Wisconsin.
Low inventories and slowly increasing mortgage rates - an attempt by the Federal Reserve to
counter inflation caused by tight labor markets - have contributed to a jump in home prices and
created a strong seller's market. The median sale price for a home in Dane County has increased
from $216,250 in in February 2015 to $269,900 in February 2018.
While mortgage rates still remain historically low, they've increased approximately a half percent in
the first two months of the year and that’s a trend that's expected to continue throughout 2018.
In such a tight market, here are a few things buyers should keep in mind:
1. Get preapproved. You’ll have a firm understanding of your budget and sellers will take you more
2. Bid competitively. In a seller's market, homebuyers should be prepared to make their best offer
3. Work with a Realtor. When inventory is limited, a good buyer's agent is fast to alert house-hunters
to prospective homes, can offer insight on what's needed to close a deal and help quickly prepare
a competitive offer.
We know buying a home in today's market might seem overwhelming, but our experienced agents
at Restaino & Associates are here to guide you through the entire process. We're committed to
making the journey to finding your next home a smooth and stress-free experience.