September 23, 2014

Housing market turning around

Good news for the housing industry — and jobs — in Wisconsin.

As Wisconsin marks New Homes Month, Wisconsin Builders Association Executive Director Jerry Deschane says the market is turning around. “It’s sort of a perfect storm, if you will, of events that kind of come together. And the story that we want to tell people is that now is the time to get off the fence. There are some things in place now between interest rates and costs and things like that that may not be here in a year and you may never see again.

Andy Inman with T.Wall Properties says the public is starting to release a lot of their “pent-up demand” from over the last five years during the recession. He says people might have been waiting to buy a home, perhaps renting or living with relatives, and everything is coming together — interest rates are low, homes are more affordable, and current homeowners are looking to sell. “Interest rates right now are 3 to 3 1/2 percent for a 30-year mortgage so historically, that’s great value. And that’s really what buyers should be looking for in buying new homes is their buying power.”

Inman says interest rates will go up over time, but nobody is forecasting any decrease. Homeownership is a major driver of state and local economies.

Governor Scott Walker has proclaimed April as New Homes Month to highlight the economic impact and to recognize the importance a home can have to a family.