The current real estate market is evolving. Demand supersedes supply. The largest buying group in history, 72 million millennials, are looking to purchase homes. This shortage is fueled by 14 years of underbuilding. Typical inventory is at 3 months supply. Realtors in Appleton Wisconsin are struggling to find homes for buyers. One reason is home owners aren’t selling unless they need to. 71.7 % of homeowners have a loan at 4 % or less. There isn’t a lot of incentive to purchase at 8%. This is creating an extreme shortage of inventory. Locally showings are up 21% from 2022, and inventory is down 20%.
Pam Beattie owner at Waterstone Mortgage, says, "Credit card debt is at an all time high and that as well as inflation numbers are affecting interest rates." The increased economic pressure is keeping many buyers on the sidelines.
At Berkshire Hathaway HomeServices Fox Cities we have noticed a significant decrease in activity since July. This is fueled by higher interest rates and weary buyers. Buyers are beat up from bidding on homes and losing out. It now takes 14% more income to purchase a home now than a year ago.
If you would like more information on the current market check out my video on YouTube where Pam Beattie and I discuss the market. Feel free to email me for more information or check out my website: www.northeastwisconsinhomes.com.
Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
Company Name: Berkshire Hathaway HomeService Fox Cities
Contact Person: Chris Siamof
Email: Send Email
Address:W6180 Aerotech Drive
Country: United States