From the Wisconsin Department of Revenue report:
Wisconsin’s housing market is expected to weather the currentmarket better than the rest of the country. Home prices in Wisconsin decreased 0.5% in the second quarter of 2008 when compared to the first quarter of 2008. But, home prices still are increasing year by year. For example, Wisconsin home prices rose 1% in the second quarter of 2008 versus the second quarter of 2007. Meanwhile, national home prices in that same time period dropped 1.7%.
Wisconsin does have a higher rate of subprime mortgages in foreclosure (14.1%) versus a national average of 10.7%. Howewer, Wisconsin also has less sub prime mortgages in general.
Wisconsin ranked 28th in the nation for foreclosures, with one out of 408 Wisconsin households in foreclosure. Nationwide, the statistic is one out of every 171 households.
Ever wonder what the median home sale price in Wisconsin is? In the second quarter of 2008, it was $162,200. That is down 3% from the second quarter of 2007, but not down nearly as much as nationaide. Nationwide, during that same period of time, the median home sale price declined 7.6%
For buyers, there is no better time to buy. The pricing situation is very favorable. There is money for loans, and while standards are higher there, that is a good thing.
For sellers, homes will sell at the right price. The market sets the price. Work with your agent on any offer you get. Their job is to negotiate offers to a close. Work with them to make that happen!