WAUSAU, Wis. (WSAW) - With warmer weather, residents are starting to set out ‘for sale’ signs in front of their houses. Right now all signs are pointing to it being a seller market in the Wausau housing market. The average home price increase per year is about three to four percent. But this year, the prices have increased to double that. Which is good for those selling homes right now.
Jeff Marg, a realtor with Remax, says that there are a few reason why buying a home is so popular.
"A lot is rent prices has gone up, so you can own a house for what it costs to rent a house now," Marg said.
After the 2008 recession, home buying was not as popular. But now more than 10 years later, houses are in high demand.
"A lot of people weren’t buying homes, so you have a pent up demand from people. You also have your first time home buyers and now people who are moving into the Wausau area. So you have three areas of people right now who are looking hard to buy," Marg added.
For Wausau residents like Chris Bandura, who recently purchased a home in Kronenwetter and is looking to sell his home in Wausau, buying has been easier.
"It's a lot less stressful being the seller right now than it is being the buyer. If you find that right home and price range, that's the right home and price range for a lot of people right now. So when you're trying to buy the house you're fighting for it. But when you’re selling it it's more of a laid back environment," Bandura explained.
If cheap housing prices weren’t enough, there are multiple reason why people outside of Wausau would want to buy homes in town.
"I think if the community has better well-paying jobs, it's going to make it more attractive to move here," Bandura added.
If you’re looking to buy a home right now, you need to act fast if you see something you like.
"If a house comes on the market you want, see it within 24 hours. Don't wait because if it's proceed right it's going to be gone," Marg said.
He says if you're hoping to buy, having a preapproval letter is key. He said saying you have 'good credit' isn't enough.