Outagamie County housing market stays hot as mortgage rates hit record lows
(WLUK) -- The U.S. housing market is staying hot -- even as summer has come to a close.
Ashley Williams is looking for her home sweet home,
"We are living with my in-laws right now, but homes are just cruising off the market. We can't seem to see them as fast as they're going."
She says her past home sold for full asking price in a single weekend.
"We've only been in about one house to look at and right away the realtor was like, if you like this house we need an offer within two hours," said Williams.
Realtor Kelly Davies says the housing inventory is shrinking as COVID-19 continues,
"Right now there are about 180 houses available in all of Outagamie County and there is about 187,000 people in Outagamie County. So that is less than one house per thousand so you can see where the inventory problem really lies," said Davies.
Supply is low, and so are mortgage rates...
The Wisconsin Realtors Association says the 30-year fixed-rate mortgage fell to less than 3% in August, setting a new record low for the fifth straight month.
But since demand is high, homes are also selling for higher prices.
"I would say the most common price range is anywhere from 100 to 250 thousand," said Davies.
Realtors Association data shows August's median home prices rose 14% to $235,000, compared to the same month last year.
The same report says more houses were sold in Wisconsin this summer than ever before.
"We've got great interest rates, affordability is amazing, you can get way more house than your money but it's just finding that house," said Davies.
Davies says some potential sellers are keeping their homes off the market to keep foot -traffic low for pandemic related reasons.
"Just a couple of weeks ago we had a buyer who was on offer number eight before one got accepted," said Davies.
The WRA says buying a home will be affordable as long as mortgage rates remain low.
Davies remains optimistic about the numbers and hopes to see more homes on the market.
Davies says there are about 280 houses on the market in Brown County.
