June 7, 2021 4:20p
(WGTD)---The easing of the pandemic, a tight supply of homes and low interest rates have combined to keep the housing market hot.
Actually, “explosive” is how real estate veteran Steve Beers describes it. And that’s not necessarily a good thing, he says, as all parties involved in the process—from sellers to buyers to mortgage lenders—are scrambling to keep up.
Homes are selling in 30 days or less. 90-day listings used to be common, Beers said.
According to statistics from the Wisconsin Realtors Association---existing home sales for the first 4 months of the year are up about 15% in Racine-Kenosha and Walworth counties. Median home prices vary from county-to-county---but---in general---they are up between 15-30%.
Beers---a past chairman of the Wisconsin Realtors Association---is currently the CEO of Keefe Real Estate in Lake Geneva.
Beers advises buyers to get pre-qualified for a loan, and be prepared to make decisions fairly quickly and consider offering more than the asking price.
Sellers need to be prepared to evaluate a flood of offers. “Sometimes the highest offer is not the best offer,” he warns.