Are you looking to buy or sell real estate in Northern Wisconsin? Stay in the loop with a quick Real Estate Market Update from the Julie Winter-Paez Group!
I have been driving all over the Northwest the last couple of days doing market analysis on properties all over Vilas and Oneida County. And the biggest question I'm getting, as I have been probably for the last couple of months, is, what will happen in the marketplace? Is it going to remain a strong time for me to sell? Should I wait, or should I go? And everything that I am hearing, everybody I'm talking to, all of the people I follow nationally are all saying the same thing. We are in a unique spot right now. And as a seller, you are in a really strong position to continue to sell your home. Yes, it's competitive if you have to buy and sell. That is a tough combination right now, but we are making that happen for people every day. It just really requires you to give us a phone call so we can sit down and lay out the strategy for how that looks.
Buyers right now are feeling the crunch with interest rates going up. They're worried about their payments. They are worried about their buying power. So as interest rates rise, it usually puts more buyers back in the front seat again. We have boomers, and we have millennials fighting for the same property. They are all entering the market to buy at the same time, which has also created a weird thing. It's almost made it impossible for first-time home buyers because you have so many other people competing for homes right now.
We have a lot of new construction starting, but they probably won't be done until the end of the year to next year. Rents have been increasing at incredible rates. It's almost becoming more economical and more beneficial for some people to buy than to continue renting. So, it seems like there's this huge tornado of things happening right now, which is continuing to feed the market and put sellers in a very strong position if they are thinking at all of selling. So, the question I'm asking my sellers is, what are your plans with your home for the next two to five years? And if you plan to make a move and take advantage of a real estate market elsewhere, maybe you're downsizing here and then going to buy a smaller home in a different marketplace. Now is the time to do it.
Feel free to reach out to us! Let us talk you through the process and help you decide what to do with your home, its equity, and how to move forward and put yourself in a strong winning position. We would love to help at the JWP Group. Make it a great day in the Northwoods!