Amid pandemic, home values keep rising in Northeast Wisconsin
GREEN BAY, Wis. (WBAY) - If you bought a home this year, you likely had some competition and had to act fast.
Despite the pandemic, home prices shot up with demand far outweighing supply.
In the real estate industry across Northeast Wisconsin, 2020 proved to be a year very few expected.
“All of the predictions were prices were going to come down because who wants to buy a house during a pandemic, and it did the opposite,” says realtor Ben Bartolazzi, owner of Ben Bartolazzi Real Estate, Inc.
“When we look at this year and we think about it as agents, not coming from an emotional side and things that people have experienced, it’s been a real resilient year for real estate,” adds real estate agent Julia Wesa.
With record low interest rates fueling demand, competition among buyers continues to be stiff, and sellers are taking advantage.
“I remember any given Saturday you’d line up a day of eight to ten properties to show somebody without really any competition anywhere and you had your pick and you had time to think about it, those days have been gone for awhile,” says Wesa.
“Last year, same time frame, November to November, the average price in Northeast Wisconsin, the average sale price was $200,000, this year is $220,000, so prices on average have gone up about 10-percent,” says Bartolazzi.
“We have buyers that are ready to show on Christmas Eve if we’re ready and the house comes up and we’re ready to go, it’s not going to stop,” adds Wesa.
Looking ahead to 2021, local agents are expecting this trend to continue.
“They predict for 2021 another 5-10 percent increase in values still, so sellers have still a really great opportunity to get their home sold at the highest price,” says Wesa.
“Even if unemployment goes down, they’re going to have a hard time increasing interest rates because people are kind of addicted to free money right now,” says Bartolazzi.
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