It has not been this busy since 2007. Honestly. I was looking over the WRA (Wisconsin Realtor Association) statistics on home sales and noticed sale in SE Wisconsin in January of 2007 were 1,370 and January of 2016 they were 1,347, That is the highest number of sale in January since 2007. February and March are following the same trend with the exception on March of 2015 out doing 2016 by 16 homes. The median price of a home in March of 2007 $182,000. March of 2016 it was $162,333. Not to make anyone feel bad but in March of 2011 it had dropped to $126,950. What does all this mean to you as a buyer or seller. Interest’s rates are still at one of the lowest points since early 2015. Prices are still relatively low, but and there is a big but, inventory is also at an all-time low. This puts the curve in the curve ball for buyers. It is very completive and multiple offers are almost standard. I spoke to my lender the other day and he said he is seeing more offers submitted for loans with over asking price then ever before. Buyer are getting frustrated, agents are getting stressed and lender right now are getting overwhelmed. Suggestions for you as an active buyer especial a new first time buyer. 1) Use a full service full time Real estate agent with experience and make sure you are on an auto search. 2) Use a qualified lender with a solid pre-approval (There are a number of Lenders we are having a lot of problems with) 3) Be prepared to move quickly, This is where 1 & 2 come into play and are very important to help you make a decision. How important is the agent? I cannot stress enough how important having a good agent working for you in this market is. Meet with them, talk with them, interview them, but make sure you are comfortable and the have time for you and will work for you. Here is a review from one of my past clients: “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.” Brianna
In the last 2 weeks I have been involved with writing and receiving Offers to Purchase with interest rates of 3.857%, 3.5% and 3.75%. Yes, we are back in the 3%! For how long, we don't know. But for now, if you are serious about looking for a home or condo, take advantage of these outstanding interest rates! I understand the home buying process is still based on finding the right home and should not be rushed. A 5% (3.5% vs. 4%) change in interest rate on a $200,000 mortgage amount can mean a difference of $50.00 per month! Please let me know if I can help you not only with your search but also help you find a qualified lender to work with. When purchasing a home or condo it is important to set yourself up with a good team, Realtor and Lender. Finding these individuals can make all the difference in a smooth and successful transaction vs. a dysfunctional and frustrating transaction.
Walkers Point, the one fastest growing and most up and coming areas in Milwaukee, is the “new frontier” for Downtown Milwaukee, connecting Bay View to the 3rd Ward. The district, also known as the “Fifth Ward” is quickly evolving into a foodie’s dream neighborhood. With many factories that have been and are scheduled to be converted into commercial or residential spaces, one can find an abundance of restaurants, coffee shops, and clubs while just blokes from the 3rdWard and Bay View. What’s Happening in Walker’s Point In May 2014, construction began on a 120-unit upscale apartment development, featuring 3 five story buildings. The $12.2 million project by Tim Gokhman will be north of W. Washington St. between S. 1st and S. 2nd St. The average rent for these apartments will be $1,350. On Thursday, October 22nd , there was a groundbreaking ceremony for “The Freshwater Plaza.” This development by Wangard Partners is a mixed-use development adjacent to the inner harbor and will be the gateway to UWM’s School of Freshwater Sciences. Wangard specializes in green, sustainable, and efficient spaces for office, multi-family, industrial, and retail. Freshwater Plaza is projected to create 75 construction jobs and 156 permanent jobs, as well as attract regional and national tenants. Why it Could be Important to You Already a very walkable area, Walkers Point will become even more accessible after the Street Car project loops through, which is part of the long term plan. While the area is quickly growing and increasing in popularity, real estate is still quite affordable. This could be a great time to get in on the ground floor at a reasonable cost and watch your property values rise as the community continues to grow. Real estate inventory in the area is limited, so some of the homes available will need updating, but there are a few great options. One example of this is a property listed for only $39,900, just blocks from Freshwater Plaza. This 3 bedroom, 1,000 sq. ft. home already has some updates and could use a few more but could be the opportunity you are waiting for! Bob Arnold is a qualified Walkers Point Real Estate Agent who understands the market and can help you navigate the purchase of your new home or condo. Relevant Links For more information on Gokhman’s apartment development: http://www.jsonline.com/business/upscale-120-unit-apartment-development-planned-for-walkers-point-b99484850z1-300703831.html For more information on Freshwater Plaza: http://fox6now.com/2015/10/22/gov-walker-in-milwaukee-for-freshwater-plaza-groundbreaking-a-46-million-development/ For more information on 322 W. Orchard St.: http://move2milwaukee.com/listings/322-w-orchard-st-milwaukee-wi-53204/
While it has been quite an eventful summer real estate market, our fall market might be a little tougher for buyers with limited inventory, but some good deals. Our inventory level overall has gone down. While some areas do remain very strong, such as West Allis with over 356 homes available (82 have offers and 81 of the homes are under $100,000). Wauwatosa only has 217 homes on the market, 55 with offers and only 3 under $100,000. Some of the communities that are the worst for buyer right now include Greendale, with only 45 homes currently on the market (10 with offers) and St Francis with only 31 homes on the market (6 with offers). There are specific price ranges in a lot of the markets that really limit purchasing options. Now let’s include the fall/winter market factor coming up. What does this all mean? Don’t panic or abandon your search. There will always be new listings coming on the market. Some you may have to move faster than others. However you may keep in mind that two variables will more than likely happen. Home prices will continue to go up as well interest rates. This will affect your buying power. Our spring market usually starts right after the first of the year with new anxious buyers. This will increase the buyer competition. New listings after the first of the year, as always, will look at pushing the prices up in that spring. The best metro Milwaukee home purchase buys will be in the next 3 months. Sellers that have had listing on the market want to sell before the winter to eliminate holding costs. If you would like more information or would like to meet and discuss the Milwaukee real estate market, I am more than happy to do so. Call me anytime!
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January and February were very busy. January was actually one of the busiest I have ever had. This was partially because of mild January weather, but mainly because of the market. There is a large amount of active buyers due to GREAT interest rates. As the weather warms up, look out, the warm weather buyers come out in droves. NAR reports, “Despite concerns that harsh weather could lower buyer demand, pending home sales in January reached their highest level since August 2013.” Buyers in 2014 faced low inventory and that is continuing in 2015. This increased home prices and continues to do so. This may have closed some buyers out of the market price ranges. There were several key developments late last year that will likely result in more first-time buyers and other house hunters getting in the market in 2015. Again, results will be lower inventory and higher prices. The median existing-home price for all housing types in January was $199,600, which is 6.2 percent above January 2014. This marks the 35th consecutive month of year-over-year price gains. So what does all this mean? If you are serious about looking for a home and have not started ….START NOW!!!! Please call, text, or email me to help you get started. If you are serious, and looking to purchase, I will make a commitment to you, and we will find you the right home. Please see a few of my testimonials at: http://move2milwaukee.com/resource-center/testimonials
Year end Bargains? Yes! When it comes to real estate, this could be a December full of them. Not a bad thing for buyers!!! In the Metro Milwaukee area, December has always been a rough month for home owners that are thinking of selling – as a “what should I do?” month. They are thinking “it’s going to be a long winter in Milwaukee,” especially after the last few weeks of inclement weather. Sellers are facing taxes being due, home expenses are going up, outdoor work has been left unfinished and possible painting and concrete work hasn’t been completed because of the early cold season. These are all good things for a buyer, as these items could help with prices coming down or to negotiate when purchasing. It may not be the case with all listings, but the odds are in your favor. If a listing does come on the market at this time of year here in the Metro Milwaukee area, it is often because a seller truly needs to sell their home. Most often home owners that are not selling out of necessity will wait until after the New Year to list. After the first of the year it is a whole new market with new buyers. With January comes buyers with new goals to purchase a home. These are people that were not even thinking about buying a home in 2014. If you are one of those people considering beginning your home search, call me, Bob Arnold, to help you get started! After the first of the year the market gets very active, buyers are anxious, and sellers will start to push pricing up on new listings. This is due to a continually increasing market that has seen consistent growth over the last few years. The US Commerce department reported, for the third straight month, that October single family home sale prices increased. National single family homes sales are up 15.4 percent from last year at this same time. Looking for some help? Interested in sitting down and discuss the Milwaukee Real Estate market? Know a first time home buyer needing some assistance? Please have them contact myself, Bob Arnold or visit my web site www.Move2Milwaukee.com.
2014 has been a very wild ride so far. While home sales have been strong in the Metro Milwaukee area, lending issues and new guidelines have made it a very frustrating year over all. Some buyers have been spooked, even before Halloween. However, overall “Metropolitan Milwaukee home sales were up 3.6% in September from a year earlier.” Buyers are still seeing good value with the current market and interest rates continue to be very appealing. Rates hit a 16 month low a couple of weeks ago, landing at 3.85% for a very short period of time. Home owners are continuing to see some equity back in their homes, and are now considering selling. Inventory levels continue to stay low but, “September listings, up [slightly] 3.7% from 2013, continued their upward trend.” Nice homes that are priced well are selling fast and getting multiple offers. According to GMAR, in September “almost a third of residential sales in the metropolitan area occurred within 30 days, and well over 50% closed within 60 days.” Though interest rates were predicted to increase before the end of the year, world economic problems, as well as Global warfare and our sluggish economy are helping keep US interest rates from rising quickly. The end of the year market is always a good time to look at purchasing a home. I am starting to see end of year price reductions and impatient sellers. Sellers don’t like holding inventory through the winter. New listings are still coming on the market but are limited. I think we will continue to see price reductions by motivated sellers. Remember, most sellers are also buyers. With the many market evaluations I do on a daily basis, I have seen a rise in the average listing and sale prices from 2013 to 2014. MLS statistics show a steady increase from the beginning of 2013 moving forward. There has been a strong boost in 2014. Even bank owned properties have been increasing in listing price (now some are priced the same as or close to market price of regular listings). Bottom line – if you are even considering purchasing a home or condo in the Metro Milwaukee area NOW is the time to do it. Now puts you in the best negotiating position possible. I am a certified negotiation expert. This is the time that I can make a difference for you when purchasing a home. Feel free to contact me, Bob Arnold, a Milwaukee realtor with Realty Executives at Move2milwaukee.com or email me at [email protected]  Greater Milwaukee Association of Realtors, September Statistics  Greater Milwaukee Association of Realtors, September Statistics
Real Estate sales continue to improve in the Bay View area partially because of a lack of listing. The Bay View market lends itself to a very unique opportunity for sellers of almost all price ranges and property conditions, if marketed properly, to have active buyers looking to purchase. I am a market leader with Trulia and Zillow in Bay View as well as the 53207 zip code area and talk with over a dozen buyers weekly. Please call, text (414.379.1101) or email ([email protected]) me with any questions about your home or area market. Thank you!