Housing prices, mortgage rates up in Wisconsin

 

WISCONSIN (CBS 58) -- March real estate numbers are out from the Wisconsin Realtors Association, and they show good news and bad news for home buyers.

First, the bad news: prices are up and mortgage rates are up.

Home prices are up 10.2 percent compared to March of 2021, mortgage rates are up 35.4 percent.

Home buyers tell us that despite rising costs, right now the buying market is still competitive. Amanda Elmer said she placed offers for houses well above asking price, only to be rejected.

"I wasn't prepared that $40-thousand over asking price wasn't going to be good enough," she said.

The good news? Rising prices might scare some buyers out of the market and make it a little easier to find a house. Michael Theo, president of the Wisconsin Realtors Association, said in a statement that higher prices "will likely moderate housing demand pressure over the next few months as some potential buyers drop out of the market."

That would be good news for Tais Pereira, who is already frustrated over her now two-month search for a home.

"What's out there is already overpriced," she said. "If you find one house that is worth the price, 20 other people jump right in."

Angela Walters, Greater Milwaukee Association of Realtors chair-elect, thinks buyers should be confident that their home purchase will retain its value.

"Buyers and sellers should rest assured, knowing that there is no sign of a housing bubble," she said.

Elmer just closed on a home. She says while she lowered her demands, and spent more than expected, she's happy she did.

"We bought a house that we can grow old in and we will be happy with, but it isn't my dream home."

For Pereira, the search continues.

"It's literally exhausting, it feels like we are going in circles and we don't find an exit."

Read all the numbers from the WRA here: