Real estate agents nationwide expect home prices to rise an average of 3.3% during the next 12 months according to the May 2016 Realtors Confidence Index survey done by NAR in which 50,000 agents were surveyed. Percentages varied by region, with Wisconsin coming in at greater than 3-4% expected price growth.Much of the central region the US is expecting less, around 2-3%. Several others came in at 4-5+ with just three states with prices increases in the 5-7% range.
Steady is good.
Wisconsin typically has a more stable growth pattern – a good thing to have rather than extreme run-ups and drops offs around the coastal areas we saw in recent years. This makes Wisconsin real estate a stable and less risky investment.
Heads up, potential buyers
While this news is very good for current homeowners, it does serve as a heads up for anyone waiting to buy a home. This time next year, if expectations are reached, your dream home will be 3-4% more in terms of price. And, who knows what the interest rate will be – those can’t get much lower than they are now and they play a HUGE part in the overall cost of owning a home. See this post that shows what different interest rates have made a $250,000 mortgage look like over the years.
You can see what is available all across Wisconsin at firstweber.com. If you are thinking about buying, you might also want to think about sitting down with a First Weber real estate agent and a loan officer in Wisconsin to get some of the groundwork started.
First Weber sells real estate throughout Wisconsin: Metro Milwaukee and Southeastern WI, South Central Wisconsin, Southwest Wisconsin, Central Wisconsin, Western Wisconsin, Northeast Wisconsin and Wisconsin’s great Northwoods. You can start searching for Wisconsin real estate and Wisconsin real estate agents at firstweber.com