housingpricesincreasedinearly2007

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Wisconsin Housing Prices
Increased in the First Quarter of 2007

As the nation’s median sale price for homes fell 1.8% to $212,300 in the first quarter of 2007, median sale prices in Wisconsin rose over 1%, from $158,200 to $160,000. When you consider that this increase sets Wisconsin apart not only on a national level, but on a regional level as well, the numbers are even more impressive. In fact, the data provided by the National Association of Realtors reinforces the message that the Milwaukee building industry has been trying to get out over the past several months – we don’t have a housing bubble looming over the Wisconsin housing market. Now is a great time to build, remodel, or improve your home!

Across America, consumers remain highly confident about the nation’s housing prospects, with more than four out of five homeowners expecting the value of their home to appreciate over the next five years and nearly seven out of ten calling it their most valuable investment, according to results from a recent nationwide survey. The survey of 2,000 households, including more than 1,750 registered voters, was conducted by RT Strategies between October 26-29, 2006.

The polling found that 81 percent of homeowners believe that the value of their homes will rise over the next five years. Only 13 percent felt their home would fall in value, while 4 percent expected no change and 3 percent were unsure. In addition, 69 percent of the respondents listed their home as their most valuable investment. By contrast, this was followed by 401(k) and other retirement accounts, with just 11 percent of those polled citing this as their top investment.

There is no doubt that the region’s housing market is built on a strong foundation and likely has record setting years ahead of it. While the market has cooled from the recent record setting years and returned to an average activity level, homes continue to appreciate in this region, just at a more sustainable rate. As a result, your home is still a very safe place to put your money.

The recent Spring Tour of Homes & Condominiums saw an increase in attendance over last year, and many builders are also experiencing an increase in model home traffic. The climate is right for buying a new home. Interest rates are near historic lows. A 30-year fixed mortgage at around 6.0% is always attractive, but when you combine that with a strong economy, rising home values, lower material and labor costs, and a projected demand for homes well into the future, you’ve got a market that puts you in the driver’s seat. Professional builders agree, there has never been a better time to invest in a new or remodeled home. Talk to a Metropolitan Builders Association member today to find out how you can get started on building or improving your home in a way that works for your family, your lifestyle, and your budget.