Rents are rising, making it cheaper to buy
In many places it is cheaper to buy than rent, with rents rising more than 3% over last year according to departmentofnumbers.com. With already expensive rents rising it may be difficult to save for a downpayment on a house. However, it can be done if you put your mind to it. Forget the luxury apartment and/or get a roommate. Put a certain amount in an account each month for your downpayment fund. One of the great things about owning a home is that your payments will likely be fixed and relatively stable. Also, the money you pay each month is paying down good debt, not paying the landlord. That money you will never see again.
Low inventory of homes for sale means competition
Several years ago, buyers were in the driver’s seat. Definitely not so in today’s market. Buyers need to be ready to act quickly with approved financing and a strong offer, in addition to being flexible in areas which might make your offer more attractive than others. Sellers need a quick closing date? If you can make that work, it might push your offer over the top. Seller need long closing or ability to rent back? Same thing. Stories of homes selling in just days with multiple offers over asking are happening. Talk to your agent about strategies to make your offer the winner.
New construction on the rise
With fewer homes to choose from, low interest rates and available vacant land in most areas, more buyers are building what they can’t find in the existing home market.
It has been a busy spring in Wisconsin and if you want to buy a home we are here to assist you through the whole process. You can find existing homes for sale, lots and new construction at firstweber.com. And be sure to check out the benefits of a buyer’s agent who can work on your behalf. An important asset to have in a very competitive market.
First Weber sells real estate throughout Wisconsin: Metro Milwaukee and Southeastern WI, South Central Wisconsin, Southwest Wisconsin, Western WI, Central Wisconsin, Northeast Wisconsin, parts of Minnesota and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com
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