Housing Market Sees Rise in Home Resales, Prices

By: Madeline Anderson Email
By: Madeline Anderson Email

It's been a year now since the for sale sign went up at 912 Gilbert St. in Wausau.

"It isn't the fault of the house, it's the fault of the market," said Bitsy Hoffmann, a Wausau realtor with Coldwell Banker Action.

But the market may be taking a turn in the right direction. The National Association for Realtors says existing home sales have increased nearly 8 percent since July. Economists credit good buying conditions.

"When housing is affordable, more people can afford to do it," Hoffmann said. "Interest rates have never been this attractive in my experience, and I've been in the real estate business since 1976."

Hoffmann says she's noticed more activity just within the last 10 days.

"I think it is the best we've seen in probably three years," she said.

Since the 2007 recession, many people have decided to wait out the economic storm that's now left more than 4 million home foreclosures in its path. Five years later, the forecast is a bit brighter. The uptick in demand has meant the median price is also on the rise--9.5 percent higher than 2011.

"I think perhaps people are beginning to recognize that this is an opportunity and they ought to take advantage of it," Hoffmann said. She says for those looking to sell, be patient. And for those looking to buy, talk first with a realtor they trust.

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