SUAMICO, Wis. — The key piece of advice Shawano Friend gives to home buyers: be ready to move when you see something you like.
What You Need To Know
- Housing remains a sellers market in Wisconsin
- Some listings on are only on the market 24 to 48 hours
- The need to move quickly on homes can be stressful for buyers, sellers and real estate professionals
She’s a Realtor with Appleton-based Cardinal Realty.
“Sometimes before I can even get a buyer into a listing for a showing, it’s already under contract,” Friend said.
While January homes sales dipped slightly from the same time in 2021, they’re still near historic highs, according to the Wisconsin Realtors Association. A tight home supply is reflected in a 4.2% year-over-year drop in January. There's also a 10% increase in the median price of homes across the state, according to the association.
That’s set up a sellers market where dozens of buyers may be interested in the same home as soon as it hits the market.
“Be prepared to commit when you see what you want because we don’t have a lot of time to make that decision," Friend said. "Homes are going in 24 to 48 hours from the point of being listed."
Diane Campshure Walczyk of Team Campshure Walczyk Resource One Realty said the market has picked up steam after it slowed a touch.
“It seems to be a more aggressive market, that the buyers are being more aggressive,” Campshure Walczyk said. “Unfortunately for buyers, to win in today’s market the fewer contingencies you have and the stronger financing you have, the better off you’ll be.”
While there were some indications earlier in the year things may settled down in last months of 2022, Walczyk said this market is likely to stick around — though some perherphial economic factors could come into play.
“Interest rates increasing could limit the market but it depends on how fast the interest rates ago up and it depends on gas prices,” she said. “If gas prices continue to go up it just starts to affect your bottom line and what you can afford.”
While purchasing a home in this market may be stressful for buyers, it can also be difficult for sellers.
“Numbers are coming at them, different contingencies are coming at them and they’re also being forced to make a very quick decision,” Friend said. “It is tough, but it has been very rewarding in this market we’re in for sellers.”
She expects the market to remain like this a few more years.
“It’s going to be a challenge for everybody — buyers, sellers and professionals in the industry — to find balance,” Friend said. “I think it will be a long while before we do see the system balance out again.”