What's Going on in Our Market?

2017: Reflections on the 1st Quarter 

April 26, 2017
The Noelke Team
www.NoelkeTeam.com

The first quarter of 2017 is in the record books.  As licensed real estate agents and as insiders of the industry, the Noelke Team has observed a few things of the current market.

Sales of existing homes, according to the National Association of Realtors, was up 5.6 percent nationally, for the first quarter of 2017 over last year.  Locally, in the LaCrosse area, inventory of homes for sale is still very low and has struggled in overall numbers.

The shortage of homes for sale in our area has resulted in a 9 percent drop in total volume of sales, from this time last year.  That is the slowest start in several years, and LaCrosse County is the tightest market in the State of Wisconsin.

The small availability of homes for sale has frustrated buyers.  Many buyers are looking to purchase, and those that are serious, need to be ready to act fast when locating a listing that they are interested in.  Being pre-approved for lending is different than being pre-qualified.  If you haven’t done so, go speak with a lender so that you’re ready to put in an offer right away.   Many of the homes listed for sale so far in 2017 – in LaCrosse County, depending on condition and location, are seeing multiple offers the first few days on the market.  

This has been music to sellers’ ears however.  Home prices have been driven upward due to the shortage.  Many are seeing full price offers, or even greater, depending on how many offers they are receiving.  It is important to note that this is where hiring a professionally trained and licensed realtor to handle the negotiating and documentation of the transaction is important.  It protects both the buyer and seller.

Spring is in full swing, and it’s time to get serious.  The next six months are prime season for buying and selling of homes, so don’t wait until fall, when buyer demand begins to diminish.