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Buyers remain confident despite low inventory of homes

House hunters in Wisconsin, for the most part, can expect a competitive environment when they try to buy a home in 2018. Responses to a survey prepared by Realtor.com indicate that buyers are optimistic about their chances of finding the perfect home even though many of them have been searching for months.

Another market survey sponsored by Toluna Research showed that 40 percent of people currently searching for a private residence had been looking at listings for over seven months. Another 34 percent of them had been trying to find a house to buy for four to six months. The number of buyers has been burgeoning because of declining inventory. Listings move off of the market rapidly according to Realtor.com. As of March, housing inventory has declined for 42 months straight. Compared to spring 2017, the inventory in spring 2018 is down by 8.5 percent.

Despite confidence among buyers, many of them understand that they will be competing for homes. They are adopting strategies to improve their chances of having an offer accepted. More than one-quarter of the people surveyed expressed willingness to make offers above listing prices, and a full 40 percent have decided to make cash down payments above 20 percent.

Every property transaction involves unique characteristics, and a person planning to buy real estate might benefit from an attorney's advice. An attorney might describe the liabilities and obligations present within the terms of a purchase agreement. When problems arise with a title, an attorney might be needed to interpret documentation and manage litigation necessary to resolve the issue. Legal advice may also help a person evaluate issues like zoning, future development plans or boundary disputes.

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