Home prices reach historic highs in Wisconsin as buyers navigate the real estate market
WAUWATOSA, Wis. (CBS 58) -- The expense of housing in Wisconsin is growing. A new study found that property value is increasing at the fastest rate in over a decade. The real estate market is keeping hometown realtors busy and their clients on pins and needles.
"It's been a bit overwhelming," said Dave Evans, prospective homebuyer. Dave and his wife Krista have been on the hunt for a Milwaukee home for over a year. Dave's job is based in the area so he's looking to move his family closer to cut down on commute time. He says house hunting has been tricky and a bit stressful.
"I don't think shopping is an option. If you see something you like, you have to jump on it immediately even without seeing it sometimes," he said. Commuting from Green Bay, Dave says sometimes a home is gone before they can even make it to a showing.
Maura Strickler, Dave's realtor, says it's the same situation for buyers all around the area. "The market is continuing to remain very competitive, so sellers are thinking about staying in their homes now that they're building a lot of equity," said Maura Strickler with Shorewest Realtors.
Two years ago, there were more homes on the market than today. The high demand means homes are selling for much higher than the asking price. "Sellers are experiencing anywhere from 10 to 60 showings in a day. What that means for a buyer is when you used to be able to have a private tour...now you must move quickly," said Strickler.
For renters, property value increase means you'll pay more for rent.
Housing affordability in general is expected to continue on the downward trend as interest rates also remain high. "Buyers need to be educated. They need to understand what their budget is. Having a preapproval before you even set foot into a house is crucial," says Strickler.
For the Evans family, remaining patient during their search remains key. Dave says he wants to shop smart. "Let the process play out," he says.
Experts say there's no sign of the market slowing down anytime soon, so if you are looking to buy, it's important to do your research and find someone with knowledge of the real estate market to help you.