October, 2010 Wisconsin real estate update from First Weber Group

Home sales in Wisconsin fell in October but prices remained stable, according to the Wisconsin Realtors Association.  Year to date, existing home sales in Wisconsin were down 6.9% with median prices down just 0.9% since January, 2010. Although sales are down, that’s still 43,504 Wisconsin homes sold so far this year.  

A common measure of the health of a real estate market is to compare a current month to the same month last year. Using that method now does not paint an accurate picture because of the effect of the two tax credits: one which inflated last fall’s numbers to an unseasonal high, and another in early 2010 which drove strong sales in spring. Keep this in mind when viewing monthly reports comparing last year’s sales. After the tax credit expired, sales fell off quite a bit.  However, did you know the current affordability and low interest rates can combine to save a buyer more than the tax credit did?  See here how low rates and high affordability in Wisconsin can save you money. Don’t let the fact that there is no tax credit deter you from buying.  There is great value in homeownership .

"With inventories up, this is a very good market for buyers who can qualify for a mortgage," said WRA President Bill Malsasian. "With 30 year fixed rate mortgages at 4.23%, rates have never been more favorable, and with stable prices, housing affordability continues to be extremely high," said Malkasian. How affordable? Wisconsin affordability index is 210.

That means a Wisconsin family with 20 percent down and the median state income can afford to buy 210% of the median priced home.

Are you thinking of buying Wisconsin real estate? If so, we hope you’ll search firstweber.com. Have a real estate question? Please feel free to ask First Weber using the Ask Fiirst Weber feature here on the First Weber blog. If you are selling your Wisconsin property, you must make your price compelling.

Thank you for reading the First Weber Wisconsin real estate blog for an update on Wisconsin real estate sales.  We’ll do detailed regional posts with Wisconsin stats with information by county over the next week.

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