MILWAUKEE — The real estate market is in the middle of an unprecedented boom.
Even with mortgage interest rates rising, Tom Larson, of the Wisconsin Realtors Association, expects homes to continue to sell quickly this spring.
“We think it could have a bit of a cooling off effect on the market, it may price some people out, but every other indicator we’ve seen is that the market’s still strong,” Larson said.
Larson said the Wisconsin real estate industry had a historically good winter of sales statistically – the second best of all time.
“The interest rates are still very low, historically,” Larson said.
Larson added, with demand for homes so high, it’s important buyers get pre-qualified and be aggressive when searching for homes.
“The fewer contingencies they have in the offer, and the greater assurances they can provide to the seller that they can actually close during the time alloted on the contract, the better chance they’ll have to be successful and buy the home,” Larson said.
At the same time, Larson said not to take unnecessary risks, or sacrifice doing their due diligence, in the interest of quickly closing on a home.