Wisconsin Housing Marketing Update
Updated March 17, 2023
It’s time for a housing market update! It’s always great to see interest in the Wisconsin real estate market, especially when it comes to Wisconsin home buyers. According to recent data from U.S. News, while the housing market may not be experiencing the frenzy of a year ago, buyers are still showing strong interest in purchasing a home.
In fact, there was a 62% jump in showings from December to January, which is one of the largest on record. There were also more showings in January than in any other month since last May. This is a positive sign that buyers are getting back out there and ready to make their move. As you can see in the graph, it’s normal for showings to increase early in the year, but the jump this January was larger than usual, and a lot of that has to do with mortgage rates.
Michael Lane, VP of Sales and Industry at ShowingTime+, explains that while it’s typical to see a seasonal increase in home showings in January as buyers get ready for the spring market, this year’s increase is significant. Mortgage rate activity this spring will play a big role in sales activity, but January’s home showings are a positive sign that buyers are still out there.
It’s important to note that mortgage rates played a role in the high number of showings in January, as they hovered in the low 6% range. This means that when mortgage rates eased, buyer interest climbed. While rates may be volatile right now, the increase in showing activity early this year makes it clear that there are interested buyers out there, and when mortgage rates are favorable, they’re ready to make their move.
So what does this mean for you if you’re thinking of selling your house? It’s a good sign that there are buyers who are eager to purchase a home, and it’s a great time to talk with your real estate agent about listing your property. With interest rates still on the lower side, it’s a great time to take advantage of the market and get your property in front of potential buyers.
In conclusion, while the Wisconsin real estate market may not be experiencing the same frenzy as a year ago, there are still plenty of interested Wisconsin home buyers out there. With an increase in showing activity in January, it’s a great time to talk with your real estate agent about listing your property and taking advantage of the market while interest rates are still low.
Contact us today if you have any questions about the current market and what your next steps are! We have a large team of expert real estate agents that are ready to assist you with either the sale or purchase of your home.