GREEN BAY, Wis. (NBC 26) -- In Northeast Wisconsin, Realtor Mark Cherney says it's time to sell.
"We've seen seller's markets and we've seen buyer's markets in the past, but I've never seen anything quite like this," Cherney, a real estate broker with Real Living Bay Realtors, said. "There's a high demand, so there's 10 buyers for every house that's listed out there."
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Since the start of the pandemic, many sellers have taken home a big profit.
Buyer demand is booming with average mortgage interest rates sitting at and below three percent across the state.
"It's a very heated market and I don't see it ending anytime soon, as long as interest rates stay down where they are," Cherney said.
And it's a short supply. According to the REALTORS Association of Northeast Wisconsin, new listings were down almost 14 percent in Brown Co. last month.
"I think right now in Brown County, there's under 250 homes on the market that don't have accepted offers on them," Cherney said. "And that's nothing."
The Wisconsin REALTORS Association reports the median price of a house in the Northeast region is at an all-time high in 2021 at $205,000.
But with low interest rates, Realtor Elizabeth Helfenberger says it's still a good time to buy.
"They see these big prices on homes compared to what they saw a couple years ago and it scares them," Helfenberger, an agent with the Ben Bartolazzi Real Estate Team, said. "But after that initial sticker shock, you see 'hey, my payment is the same.'"
And Helfenberger believes the current market trends could continue.
"Just given that the average interest rate is between 3 and 3.25 percent, it's still pretty low," she said. "If it goes up, I think next year you can see it taper off just a little."
So whether you're a seller or a buyer, you might not have much time to think.
"The reality of it is if you see something you like, don't wait," Helfenberger said. "Don't wait a week, because you might miss out on it no matter which price range it is."
