The beginning of the year is a time to pause and reflect on the success of the 2016 market and look forward to the continued growth of 2017. According to Freddie Mac, “The year 2016 was the best for housing since before the crash by nearly every measure—existing-home sales at their highest level in nine years, increased refinance and purchase activity due to near-record low interest rates for much of the year, and foreclosure and default rates at their lowest levels since before the recession.”
2016 was indeed the year of low mortgage rates and the highest home sales reported since 2006. The Wisconsin REALTORS® Association reported that the number of home sales in 2016 was 3,000 over the 2007 level. This is encouraging as millennial home buyers are realizing that homeownership is a smart choice to build wealth. CNBC ran an article quoting self-made millionaire David Bach explaining that not purchasing a home is “the single biggest mistake millennials are making” because buying real estate is “an escalator to wealth.”
With mortgage rates increasing and the inventory of homes for sale continuing to be tight, 2017 remains to be a little more uncertain for growth. Right now is an opportunity to buy or sell. Talk to a Wisconsin Mortgage Loan Officer today to get pre-approved to start your journey.
Make sure to visit the newly remodeled shorewest.com. The revamped website provides quick and easy access to additional property information including: market data, demographics and sales and tax history. It is the most accurate and updated source for real estate property details. We showcase more local open houses than any other resource. Don’t miss out on your dream home by searching elsewhere.
2016 was a fantastic year for Shorewest, REALTORS®. We helped over 12,800 local families fulfill their real estate goals this past year. Thank you for allowing our dedicated team to care for your real estate needs.