Consumer Confidence in Housing Market Hits All-Time High!
Consumer confidence in housing is at an all-time high, with millennials posting strong increases in confidence, according to new data from Fannie Mae.
According to Fannie Mae:
- More Americans NOW expect their home prices to go up.
- 11% more Americans believe NOW is an appropriate time to buy a home.
- 7% more Americans believe NOW is an appropriate time to sell.
In the Metro Milwaukee Area, we are experiencing some of the lowest inventory in almost 17 years! According to the Metro MLS, new listings in April in the Milwaukee region decreased 6.3 percent, down to only 2,437 homes while Metro Milwaukee home prices continued to gain traction. The median home sale price has increased 9.1 percent.
Millennials have now taken over the baby boomers in shares of the housing market and are now one of the largest buyers of homes/properties in the Metro Milwaukee real estate market. Millennials are finally believing the time is right to purchase. Strong increases in job confidence and income gains, both necessary precursors for increased housing demand from first-time homebuyers is the leading contributor to the change in market share.
Purchase prices seem to range in the $100,000 through mid to high $200,000 causing a high demand for homes with very little investment. Short supply and high demand = multiple offers and usually for over asking price. I have been very successful with a number of my buyers in multiple offer situations, having won the bidding war. A lot of experience and being a certified negotiation expert helps. I make a commitment to my buyers and make sure we find the right home. It’s not easy and we do have to move quickly.
Please let me know if you would like to meet and discuss the market, your goals and/or additional questions you might have.