The Milwaukee area is full of vibrant communities, each with its own distinct personality and culture. The Northshore area, located directly up the Lake Michigan shoreline from the bustling Downtown area, strikes a unique balance between peaceful, scenic living and high-energy city action. Two gems of this area, Shorewood and Whitefish Bay, are full of a variety of people, places, and beautiful properties with tons of potential. If you’re in the market for a home in the Shorewood or Whitefish Bay areas, Bob Arnold is your full-service Milwaukee realtor. Let’s take a closer look at these two excellent areas: Shorewood Shorewood is an attractive, progressive, established community, and is a great option for those planning on moving to the North Shore. Shorewood is the first suburb north of Milwaukee. Shorewood residents enjoy a wonderful blend of quaint, quiet living and all the modern conveniences of the big city. There exists a high quality of life, while preserving diversity amongst different age groups, races, tastes, and backgrounds. Shorewood’s award-winning schools believe in maintaining a low student-teacher ratio to ensure that all children will succeed. Enjoy the beauty of Shorewood’s stately lakeside homes, the Village’s unique commercial strip with trendy shops and cafes, and the gorgeous beach and park. New condominiums that provide beautiful, carefree living in the village center and the diverse architectural styles of the historic homes give Shorewood the reputation of being truly unique. Whitefish Bay Come and experience this charming, exquisite, lakeside community that is rich in history! This Village of roughly 14,000 residents is filled with beautiful, architecturally diverse homes, stretched along the western bluffs of Lake Michigan in Milwaukee’s North Shore. The living is easy, with corner coffee shops, park-like streets, day spas, frequent block parties, and fabulous award-winning schools! There is no industry in Whitefish Bay so the quality of life is quiet and peaceful. School children are usually within blocks of their schools and many residents utilize the sidewalks to jog, run errands, or greet neighbors. Festivals and small-town special events bring neighbors together often- the Pumpkin Carving and Lighting Festival, and 4th of July Festival. The main streets are closed off for special events like the Professional Bicycle Race, Christmas Parade, 4th of July, and Homecoming Parade, and for bands to play in front of Sendiks, where you will see children and parents dancing together in the street. The Village of Whitefish Bay is waiting for you! Experience the Bob Arnold Difference! My commitment as your full-service Milwaukee realtor is to provide you with specialized real estate services to aid in your decision-making process. As a continual Multimillion Dollar producer, I use a professional, informative, non-pressure approach in working with my clients and customers. I am your personal Milwaukee Real Estate Consultant. Contact Me today at (414) 379-1101 or visit my website to see current listings.
Is it Spring yet?Between the crazy weather and the raising interest rates in January, our Metro Milwaukee Real Estate market is well on its way. The lack of inventory is already at an all-time low, making it extremely difficult for buyers to take their time when looking at homes. New listings are down 7.5% (a 17 month low per MLS). Buyers are needing to make quicker decisions on purchasing a home when they find the right one. While mortgage rates are at 4.25-4.5%, they have not made a significant move further upward recently. Most analysts project stronger economic growth in the U.S. later this year which always causes fixed rates to rise. Everything is related. A stronger economy also means higher wages and more jobs (two key factors in housing demand). GMAR reports that the 4 county Milwaukee Real state home sales are up 4.3% in January with also the fewest listings of any January in the 21 st century. The median home price in Metro Milwaukee area has risen another 10.6% since last year which equates to 3 years of double digit price increases. A $200,000 home in the beginning of 2014 is now worth or would be sold for about 250,000 if on the market. With an increase of $50,000 in purchase price and .5 to 1% more in interest rates, your loan would change. The loan would need to increase $50,000 and a change of 1% in interest would increase your mortgage payment about $165/ per month. Unfortunately, it is not going to get easier this year looking for homes or condos. My advice would be to work with an agent that is working for you! Make sure you are on auto searches and get homes emailed to you as soon as they appear online. While Zillow or Trulia provide great information on homes in the Milwaukee area, they are very inaccurate on listing status and late on new listings online. I specialize in first time home buyers and understand what is needed for them. I feel it’s important to meet with the buyers so I can understand their needs, goals and discuss the market. I give the buyers I am working with the time they need and I’m always there to answer any questions they have. I have included a few of my reviews from 1st time home buyers for you to view. I am not here to push you or to sell you a home. I am here to guide you through the process and work with you to find not just any home, but the home that is right for you. I would enjoy meeting and discussing your goals or any questions you have about the Milwaukee Real Estate market. You can always get a hold of me by email at [email protected] text at 414.379.1101. Please feel free to see past blogs and additional information about Milwaukee and the Real Estate market on my web site at move2milwaukee.com
Happy New YearIs your New Year’s Resolution to purchase a home or condo this year? Well then join the club. Sorry to burst your bubble, but you are not alone. In the Metro Milwaukee 4 county area showings will increase by 100% in the next 2-6 months. Yes 100%, for every 100 people looking today there will be another 100 people looking next month! If you say you aren’t ready to purchase yet, think again. If your apartment is rented until June, I have an answer . If you have not been pre-qualified yet, I can help. These are all good concerns that can be easily addressed. It’s a process. Here are a few first steps in starting your search and addressing your concerns:
- Make the commitment that purchasing a home is your goal for 2017
- Do some research and choose an agent that will work for you and in your best interest. Check their reviews!
- Talk to not only 1 but 2 or 3 lenders about getting pre-qualified. If you are not sure or don’t know where to start, find an agent. A good agent will start by explaining the process and helping you with the next steps.
- Your apartment lease doesn't end until June? If you make a commitment today to purchase a home, by the time you pick an agent, get pre-qualified, evaluate your search and start looking online, most of January will be over. Start looking at homes today because it could take 30-90 days to find the right home for you. Once you put an offer on a home or condo and it’s accepted, it will take another 45-60 days to close. Your first payment is the month after closing. If you close June 5th your first payment is not due until August 10th. Starting in February, take 2 months to find the home, 2 months to close and suddenly you are at the beginning of June.
A national apartment report just released statistics stating that the Metro Milwaukee apartment rental prices have increased 7% in the last year. We have the third highest increase in the United States in October. The Metro Milwaukee apartment rental price average has gone from $887 per month to $951 per month. This is just the average. I know some of the newer apartments are now going for $1500-$1800 and even as high as $2400 per month. (Not including additional expenses) What are you waiting for? Home purchases have been going up an average of 10% per year for the last 3 years. Get tax deductions and benefit from the increases in property value. Stop wasting your money every month with apartment payments. If you want to purchase a duplex you will benefit even more. Take advantage of tax deductions and increasing property value while also collecting in on increasing rent prices. With an owner occupied duplex you can still purchase with as little as a 3.5% down payment. 1. Milwaukee area rent is up 7% 2. Purchase a home with as little as 1% down payment* 3. Purchase a duplex with as little as 3.5% down payment* 4. Build equity, peace of mind, and hedge against inflation by knowing your month payments will not go up. *(2) Payment on a $150,000 home with 1% down payment, interest rate of 3.75%, 30 year fixed rate. Based on qualified buyer (loan program with Providence lending) YOUR PAYMENT would be about $672.00 plus property taxes and insurance *(3) Payment on a $150,000 duplex with 3.5% down, interest of 3.75% on a 30 year fixed rate. Based on a qualified buyer (FHA loan program) YOUR PAYMENT would be $675.00 plus property taxes, PMI, and property insurance. All that while you would also be collecting an average rent from the rented unit of $700-950 per month. So like I said what are you waiting for…..interest rates to go up? Contact a Milwaukee Real Estate Agent who understands the market, call Bob Arnold. Please feel free to contact me by email, text or call with any questions or how I can help you. I am more than glad to meet and discuss some option and put together a plan to move forward.
What is an investment property? I believe a property whether it be a home, condo or duplex in the Milwaukee real estate market is always an investment. If you want to get technical though, I look at a true investment property as something that you will make a return on or will help cover your current costs. Today's buyers are savvy and are looking for a safe option to invest in. Investing in real estate, especially in Milwaukee, does receive national attention. Owning a “Brick and Mortar” can be highly beneficial. This year I have more buyers purchasing duplexes, 4 families and even larger 8, 16, 18, and 24 family properties than ever before. The Metro Milwaukee area continues to be a relatively safe area for investment. The best kept secret is that a qualified buyer can purchase up to a 4 family, but must owner occupy, with as little as 3.5%, YES 3.5% down payment. Can you imagine purchasing a duplex for 185k with only $7,500 down and have someone cover $750-$900 of your month’s payment? Another option would be to purchase a 4 family all brick low Maintenance for 250K with as little as 12k down payment and have income of $1900-$2400 per month to cover cost and more! Remember these properties are increasing in value, you are getting a tax deduction on them and after a couple of years you can refinance, move out and then purchase another property. I have a number of buyers doing that now. Yes, this does seem to be like one of the best kept secrets in real estate. If you are interested please feel free to contact me to learn more or visit my web site move2milwaukee.com. Check Out a Previous Client Review! Highly likely to recommend 09/13/2016 Bought a Single Family home in 2016 for approximately $225K in Bay View, Milwaukee, WI. 5 of 5 Stars As first time home buyers, we needed a lot of guidance and Bob was more than willing to go out of his way to meet with us and educate us through this process. He helped us not only find our first home, but our dream home! Follow the link for more: http://www.zillow.com/profile/move2milwaukee/#reviews
Milwaukee Area Real Estate Market Update While we experiencing a strong real estate market in the metro Milwaukee area but we can’t forget that it is still based on supply and demand. One of the biggest factors effecting price in the Metro Milwaukee market is the inventory. New listings in the Milwaukee region decreased 10.4 percent down to 2,288 listings July. Pending sales were also down 36.3 percent to only 1,150. Inventory levels fell 10.2 percent to 6,906 units, while the median sale price increased 1.3% in July. Making this even more of a seller’s market. In most areas the $250K and under market is extremely active. Some Milwaukee real estate areas are experiencing the problem of little or no homes available in this price range. Go under $150K and nice homes are being sold in less than a week with multiple offers. For example, I was looking for some homes in Thiensville the other day for a buyer I am working with to find 8 homes on the market and 7 of the 8 had offers. Our four county area, Milwaukee, Ozaukee, Waukesha and Washington are a price sensitive market with very different buyers and number of buyers in different price ranges. For example: Once we get over the 600K range our inventory increases and prices actually seem to be dropping or we are seeing price reductions. Now updated or new construction are always going to sell quickly. Pockets like Whitefish Bay and Shorewood are doing great in any price range. What's going to happen with the interest rates, up or down? If I only had that magical crystal ball. We are seeing them fluctuate in the 3`s. Are we living on borrowed time? It depends on who, what bank, economist or media you want to listen to. World chaos and poor employment numbers in the U.S. are keeping them down. What we do know is prices are going up at an average of 10% plus per year. The house now priced at $250K will be $275K next year, yes the same house that was $200K 2 years ago! I know our incomes are not going up that fast. You may want to really think about a home purchase game plan. I have not had any buyers come back to me in the last 3 years saying "Bob I wish I would have waited to purchase a home". Instead most if not all say I wish we would have purchased sooner! Here is another one of my great testimonials: 7/06/16 5 of 5 Stars Buyer’s Agent Worked with Bob shortly after we relocated to the area. Bob took the information we provided and gave us a good sampling of what was available in a fast moving market. Bob was very flexible in his schedule to accommodate our schedule. Once we found our home, Bob acted quickly to bring our offer to the table and get accepted. Bob also worked closely with us in making offer conditions and following up with some additional matters in the home inspection. Bob also had connected us with an excellent home inspector who provided a very detailed report as well as a Real estate attorney that met our needs. Bob made the home search and overall home buying experience stress free and enjoyable.
Which Real Estate Agent Is Right For You? When you are searching for a Real Estate agent in the Metro Milwaukee area to work with, research is important. Purchasing your new home will most likely be one of the biggest investment of your life. Doing a little research on a Real Estate agent will go a long way. Looking up reviews on the agent, google searching them, and checking their website are just a few ways to find out about the agent. For reviews and volume of sales, check major search engines such as Zillow, Trulia, and Redfin. These sites are the best way to truly figure out what the realtor brings to the table. Want to know the best part about all of this, there is no cost to this research, it’s all free! I rely heavily on Real Estate reviews from my clients. I actively reach out for reviews as well as send out my reviews to potential clients. I would like to show you the power of a review. Below are 2 reviews one from Ben and Stephanie and one from Brianna, both were recent clients of mine. Sure, we had some bumps in the road with these purchases but rarely does everything go perfect in such a big investment. It is how those bumps are handled by the Real Estate agent and the solutions they find that make be biggest difference. In the end, the only thing that matters is the Realtor did the best job for his/her client and the client feels good about their purchase. Here are two examples of a recent reviews I received on Zillow. Highly likely to recommend 5 out of 5 Stars 06/18/2016 Purchased Home in 2016 in Milwaukee, WI Local knowledge: 5 out of 5 Stars Process expertise: 5 out of 5 Stars Responsiveness: 5 out of 5 Stars Negotiation skills: 5 out of 5 Stars Bob is the best! I've never written a Google review but I had to give Bob 5 stars. He's been really helpful as we are first time buyers. We had no idea what we really wanted at first and he's been very patient and accommodation. Plus he's been really honest and upfront about certain things which was refreshing. He's not pushing you into the wrong home, he definitely seems to care about you getting into the right fit. I recommended Bob to my brother and I'd recommend him to whomever is looking for a home. We had some huge issues with a lender (won't mention the companies name) but Bob fought for us. Wish I could bump up the stars from 5 but I can't recommend him enough. Highly likely to recommend 5 out of 5 Stars Brianna Purchased Home in Brookfield We can’t recommend him highly enough. Bob is the reason our offer on our home was accepted. He worked hard to get us into properties the day they came onto the market. Bob was available and willing to answer all of our questions, and as first time home buyers, we had many. He knows Milwaukee and the surrounding communities well. It put our mind at ease knowing we had a knowledgeable, experienced advocate on our side throughout the home buying process.
Still Great interests rates…Why? This is one of those times you don’t ask why but take advantage of it. I just got off the phone with a lender I work with and he said rates as of today are around 3.65% with a range to 3.5% to 4% . On a $200,000 loan a .5% change in interest can make a $60.00 per month difference. Are the interest rates going to get any better? Probably not. Are they going to go up? Good chance yes, but when is the question. We do know house prices in the metro Milwaukee area are increasing about 10% per year. Per GMAR The usually strong spring housing market will be strong this year but could be far stronger, if only there were more homes for sale. The number of listings continues to drop, as demand outstrips supply and potential fearing they won't be able to find something else to buy before interest rates and home prices go up. The inventory of homes for sale nationally in April was 3.6 percent lower than in April 2015, according to the National Association of Realtors. Despite ongoing inventory shortages and faster price growth, existing-home sales sustained their recent momentum and moved higher for the second consecutive month, according to the National Association of Realtors. The inventory drops are most severe in the lower-priced tier of the market. Looking for a home should not be a challenge but will take a commitment. Pre-approval is a must to be prepared when that right home comes along so you can move quickly. When a buyer commits to working with me, I make a full commitment to that buyer to make sure we find the right home and see it as soon as possible so the buyer can make a decision. I have said this many times “when you see the right home you will know it”, I just want to make sure you see it soon enough and are prepared to write an offer on it. Please feel free to see some of my reviews on the main page of my website. Bob Arnold - Milwaukee Real Estate Agent Realty Executives Integrity 414.379.1101 [email protected] www.facebook.com/move2milwaukee "Specializing in Results"
Our Milwaukee real estate market continues to grow and limited inventory is making it very frustrating for buyers. While there is a shortage of condos in downtown Milwaukee, The Bay View condo market area has even less. At this time there are only 10 condo on the market in Bay View. But there is a silver lining to this clouded day. At the base of the Hoan Bridge going south, 5 minutes from downtown Milwaukee is a wonderful high rise condominium called Bay View Terrace. There are currently 4 units for sale. All over 1,100+ sf, 2 bedrooms and one bath with spectacular views on the lake, downtown Milwaukee, west and south. Bay View is one of the hottest areas in Milwaukee with great restaurants, shops, parks and yacht club. If you are not finding what you want downtown Milwaukee in your condo search expand just a little and see what is available on the other side of the river in Bay View. Let me email you a link to view these wonderful condos or better yet let me set up a showing for you. I think you will be surprised.