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.
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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.
It seem like time is speeding up sometime. As our year continues into April with May around the corner what happen to February and March. Buyers have been taking advantage of the market and interests but are soon to see changes. April 2014 GMAR reports that 1st quarter Home sales are down 10.2% from a year earlier, compared to 2013 in the 4-county Metropolitan Milwaukee real estate market. The slowdown for the first three-months of the year is being blamed on an exceptionally cold winter. While sale were down prices went up as inventor continues to stay low. Multiple offers are not uncommon with new listing especial if they are exceptions. In some areas, communities and price ranges properties with accepted offers and pending out number current listings. Sellers should not assume they will get whatever they ask for, and buyers should know the days of deep discounts are gone. When selling or purchasing, seeking a good full service Realtor will benefit both sides of the transition. Rising interest rates, warmer weather and the still strong demand for properties with number of buyer still in the pipe line should continue to make 2014 a very strong year. Price ranges will effect purchases as the strongest percentage of buyer is are 1st time or under 30+ buyers. The condo market has made its comeback as well with a need for condo listings downtown. Don’t be surprised to see some new condos either as conversions or new construction hit the market. I don’t think you will see the big large scale projects but smaller building or conversion sites. I am always available to discuss your change of address plans or evaluate the market for a property sale or purchase. Visit me www.move2milwaukee.com or call/text me 414-379-1101
Hi everyone! I am humbled and excited to be named Milwaukee Journal Sentinel’s Realtor of the week. Please share this article with anyone that could use an exceptional experience in Milwaukee real estate. Please read the official press release here. Thank you for your continued support!
I was at an Economic summit sponsored by Northshore Bank and GMAR this morning. They had 3 professors, one from Whitewater and two from Marquette as well as Northshore Bank reps and GMAR reps with reports for 2013 and upcoming 2014. All experts in their field on Real Estate from lenders, Foreclosures to valuation and predictions.
I thought some of this might be of interest to you.
Everyone is in agreement that interests will go up and loans will be more difficult. The bond rate has increased/will increase from 1.7 in June of 2013 to 2.8 in 2014, while the new Dodd-Frank lending regulations will make qualifying more difficult and time consuming. The bond rate is a big indicator that we will not see interest rates go back down. The question, how high and when. That will be based on other economic indicators such as unemployment and economy growth. What is going to happen or the effect the ACA will have on the consumer is still a big question. Homes sales increased a total of 10% over all in the 4 county area from 2012 to 2013 with an over all price increase of 7.2%. Foreclosures in our 4 county area were down 30% for 2012 to 2013 are expected to continue over all but some big Banks may see some increases.
They showed stats that the increase in apartment rentals have been strong and growing over the last 5-7 years, but have seen them taper off and expect them stay constant in 2014 and forward. They also said the rental amounts/rates should stay the same and will not increase. Some of the reason for rental market increased and now tapering off are, renters that could not qualify for purchases from leaving there homes can now purchase as well as Y generation buyers waiting 7-5 years for the market to improve, that have now become active buyers in the market. This will change the rental market. Other indication in Milwaukee are growth downtown or area job growth, these will also have an effect on the rental market. They did stress 2 areas of strong growth are new construction home and condos. New homes are up 30-40%, while the demand for condos are up with both Baby boomers and Y generation buyers with very little inventory.
Bottom line, while many indicators look good, it is too early to tell what 2014 will be like for the Milwaukee Real Estate market. They do predict sales increasing, inventory staying low, interest rates going up and lending becoming more difficult. What is going to happen with the economy is still in questions and what effect ACA will have with the consumer have insurance prices staying the same or going up and how much and how it will effect there monthly expenses/costs indirectly effect the amount of the debt to income ratio. . They did agree that this will effect first time home buyers less than trade up buyers. They still said it is a good time to purchase and all agreed the sooner the better.
As always please feel free to comment or get a hold of me with any questions.