Market for Wausau-area home buyers ‘red hot’
WAUSAU, Wis. (WSAW) - Buying a home in the Wausau area might be difficult right now. With each for-sale sign, there could be two to five buyers trying to get their hands on it. The market is heating up earlier than ever this year and something’s driving first-time buyers into the market.
Wausau-area realtor Austin Solomon says if you see a for sale sign, you’re going to want to act quickly before another buyer comes along.
“The market is very active right now, it’s very hot,” said Solomon, who’s team lead at the Solomon Group at Coldwell Banker.
The pandemic has slowed many things, but not people looking to buy a home.
“Each year it seems like it starts earlier and earlier. This year… it’s a red hot market out there right now,” he said.
And the market is competitive as ever, even with prices driven slightly higher. Solomon says anything under $300,000 is a booming market right now, with fewer buyers above that price point.
“There’s lots of buyers in the market. You pair that with low supply, there’s not a lot of inventory. And that’s where you have a competitive market for buyers,” he said.
But the pandemic might be making building a house more expensive, meaning more competition for used homes.
“We’ve seen a lot of builders that are having a hard time getting materials. With prices going up, and it being more difficult to build now, shortage of supplies, increased costs, that’s kind of spurring that used market,” Solomon said.
One incentive driving new buyers is low-interest rates.
“If you can save 80 to 100 dollars each month for 15 to 30 years that you’re making that payment, that’s a huge difference, so even though prices have gone up, with those low-interest rates it still makes sense to pull the trigger now as a buyer, versus if the interest rates go up, you might miss out,” he said.
He’s also seeing more people from out of town adopting Wausau as their home.
“We’ve seen some people move to our area because they like the recreation, they like the area, the downtown hill paired with the ski hill,” he said. “I think it’s more important to people now than say, a few years ago, just with everything going on, they’re re-evaluating what’s important to them and the area that they’re in.”
Solomon also says because of these things, it might take people longer to find a home, meaning the market might stay hot for months or the year to come.
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