When people in Wisconsin want to sell a home and find a new one to buy, timing and financial pressures represent great challenges. People who sell their homes before they secure new residences face a time crunch. Alternatively, people trying to buy homes while still saddled with mortgages on their other homes operate at a disadvantage in the real estate market. To overcome these tricky situations, experts have some strategies that might help.
Research from some financial experts in the real estate industry indicates that commercial property pricing trends have stabilized and will likely to stay steady for at least six months to a year. Part of the reason for this phenomenon is that interest rates have ceased declining and have even risen. Since the economy continues to do well, the Federal Reserve is likely to raise the prime rate again by the end of 2018.
Many real estate developers in Wisconsin are already thinking about how to tailor their next commercial real estate projects to appeal to a rising market: the young people of Generation Z. It is the generation that follows the much-discussed Millennials, and its members were born in 1996 or later. While many "Gen Z" youth are too young to invest or buy into real estate projects, its oldest members are graduating from college, entering the workforce and developing their investment and real estate portfolios. As a result, developers are looking to create new projects with timeless appeal that also speak to the specific concerns and desires of this growing market.
Even in a seller's market, it can be difficult for some homes in Wisconsin or other states to sell quickly or for top dollar. One reason may be that the home is not listed correctly. Buyers tend to look for homes that meet specific criteria such as having three bedrooms or a finished basement. If a home is incorrectly listed, a buyer may never find it during his or her search.
People shopping for homes in Wisconsin have likely encountered rising prices and a tight inventory. These factors have influenced home markets nationwide, but overall home prices are lower than they were ten years ago after adjusting for inflation. Interest rates, despite six quarter-point increases by the Federal Reserve System, remain low when compared to historical rates.
People who are not U.S. citizens may wish to purchase residential, commercial or investment property in Wisconsin. Contrary to what some might believe, it is perfectly legal for non-U.S. citizens to buy real estate. In addition, these individuals may be able to obtain mortgages.
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.
Wisconsin residents may feel that buying a home with a partner is easier than getting married. However, the opposite may actually be true. For instance, those who want to end their marriage may only need to divide joint assets. To leave a house, a person will need to find a buyer, and that may not be easy depending on the condition of the home.
Investors in Wisconsin who are interested in commercial real estate have many factors to consider if they want to make wise choices and be successful. If investors opt to purchase and manage commercial properties by themselves, there are certain issues of which they should be aware and certain mistakes they should know how to avoid making.
In 2016, 30 percent of all homes were purchased by individuals between the ages of 52 and 70. Another 8 percent of home purchases were made by those between the ages of 71 and 91. While there is no age at which it is too late to buy a house in Wisconsin, there are a series of questions older people may want to ask themselves before making a purchase.