TOMAHAWK, Wis. (WJFW) – After a difficult year for people looking to buy a home in Wisconsin, there is an upturn in Northwoods real estate, according to the Wisconsin Association of Realtors. Interest rates have been falling in recent months, with interest rates down 3% compared to November last year. Inventory is also a major struggle for real estate, but Northwoods Association of Realtors President Edward Raasch said inventory is also increasing.
“Obviously, we hear over and over again that there is a shortage of properties now, but with a 7% increase in November this year compared to last year, we are still at a light stage,” Raasch said. .
With more homes available, first home buyers have a better chance when entering the market.
“We think that at the same time as this slight interest rate decline, it’s trickling down to an increase in listing activity,” Raasch said.
Jackie Leonhardt of Northwoods Realty in Tomahawk said that despite rising interest rates and listed properties. We are running low on stock.
“Right now, we have the lowest inventory I’ve seen in 20 years in the real estate industry, and that’s partly due to inventory starting to decline year over year,” Leonhardt said.
Leonhardt says it’s always worth it in the long run to take your time looking for a new home.
“Some people are patient, but for me that’s the best way to go. Don’t just buy a house, sell it now, rent it now and see if you can be happy,” Leonhardt said. .
The Federal Reserve Board is January Further interest rate cuts may be decided on the 31st.