In October, existing home sales fell 2.2 percent compared to October 2017 and the median selling price rose 5.1 percent to $182,500. During the first 10 months of the year, home sales fell 2.2 percent compared to that same period last year, and median prices were up 6.4 percent to $184,000.
While the market will likely still remain in the sellers’ favor, as we head into the winter months, buyers can expect the scales to shift slightly.
Traditionally, there’s far less competition in the real estate market come fall and winter. And with interest rates slowly rising, interested home buyers might just find a sweet spot in the coming months.
While inventories remain very tight statewide, buyers can expect home prices to dip slightly during the winter months, according to the Wisconsin REALTORS Association. Because people tend to avoid moving during the winter months, sellers during this time of year are typically more motivated.
As we reflect on the Thanksgiving holiday, those of us at Restaino & Associates would like to express just how thankful we are for all of you who put your trust into our experienced professionals as you navigate the often complex path to homeownership. We wish the happiest of holidays to you and your families.