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One of the biggest challenges facing the housing market is the lack of homes for sale. This is a huge change in comparison to 2007-2011, where inventory, especially in distressed foreclosure or short sale properties, had flooded the market and caused prices to drop dramatically. The chart above shows year-over-year change in inventory levels throughout the nation for 2013. Demand for homes, however, has continued to increase throughout the year and is continuing to dip into the inventory levels, preventing inventory growth towards a normal level. In Wisconsin, inventory rates fell 12.5% in December 2013 compared to December 2012, and Michael Theo, Wisconsin REALTORS® Association (WRA) President and CEO stated, “The combination of fewer foreclosures and higher sales has reduced inventory levels statewide.” Inventory is especially a seasonal issue, where you can see months of inventory in the first quarter were an issue for home buyers. Experts predict we will face similar struggles to maintain inventory levels in 2014, especially during the first quarter. If you are looking to sell, now is a great time to list your home and start adding to the inventory available for buyers!
Categories: Quarterly Newsletter
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