Realtors expect that more people will purchase homes in Wisconsin in the coming months and even buy a short sale as interest rates remain low and residential property supplies offer vast choices. In some areas of the state, buyers have already started taking advantage of the buyer's market as shown by increasing sales figures.
An increasing number of investors and homebuyers have been taking advantage of the affordable prices of properties under Milwaukee foreclosure listings and homes available in various areas of the state in the past few months. In Wausau, realtors reported that housing unit sales have jumped last month compared with a year ago. Housing sales figures showed that the metro area sold a total of 70 residential units in January 2011.
Although the total was only 14 units higher than what was sold in January 2010, it still represented a 25% increase. In addition, realtors reported that last month was the first time that sales have climbed up in over a year. They also reported that more buyers are showing interest in residential properties in the region, including homes under foreclosure listings in Wisconsin, which might mean a further jump in sales figures in the coming months.
They stated that most people who buy a short sale or have shown interest in making a purchase are of the opinion that they will not get another opportunity as good as what is being offered now. Housing market observers stated that the uptick in sales is good news for the region's housing market, and although the crisis is far from over, they expect better figures for the rest of the year.
In Wausau County, the number of properties available to people who buy foreclosures and non-foreclosed properties has almost doubled from figures recorded during the real estate market boom. The county has around 1,200 houses available for sale as of January 2011, realtors have reported.
Data for the month showed that a buyer usually buy a short sale or properties that are sold for $150,000 or lower. Around 70% of houses sold last month belong to this category, with most buyers opting to take advantage of cheap-priced dwellings available in the market.
John Cutts has been educated in the finer points of the foreclosure market over 5 years.
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