October 13, 2017 by move2

Best Time to Buy a House in Wisconsin?

October Marks the Beginning of the Best Time to Buy a Home in 2017

NOW is the Time to Take Advantage of the High Inventory in the Milwaukee Real Estate Market with Bob Arnold!

Inventory is up, interest rates are down. It’s the 10th month of the year and if you aren’t currently trying to find real estate near Milwaukee WI, you’re missing out! The best time to buy a house in Wisconsin is NOW.

Not September. Not January of next year.

The Spring market is the most active time of the year for realtors in Milwaukee WI. By this, I mean buyers are EVERYWHERE. Inventory is low and everyone wants to have the best deal on Second street, so the competition gets cutthroat.

This is a national chart – November & December in Wisconsin real estate has higher inventory than the rest of the country!

Property of the Week

Best Time to Buy a Home in Wisconsin: October, November & December

With the upcoming Spring of 2018 fast approaching (Only 4 months away!), another exceptionally busy Spring Milwaukee real estate market is expected, lugging with it increased prices and low inventory – again. Tagging along? High buyer competition.

Don’t get trampled by the house hunting herd!

The Spring of 2017 was very frustrating for buyers who ran blindly into one of the busiest real estate markets Milwaukee has had in over 15 years. Bidding wars were common and it shoved home buyers into corners, especially those who were renting. This caused many buyers to abandon their dream home or condo.

For example, let’s say a home in the metro Milwaukee market is priced at $250,000 with an interest rate of 4.5%. As a buyer, you have a 20% down payment prepared. The differences between buying this property in Spring and Fall include:

April of 2017 | With the busy market, a bidding war would have taken place. Offers shoot the price up $20,000 to $270,000 with very little room for any negotiations on price and terms.

October of 2017 | Facing less buyers and a better 4% interest rate in the Autumn market, a buyer would instead negotiate the price and terms to benefit themselves instead of dealing with bidding wars. This drops the home mortgage payment by $150.00 per month.

Buy real estate at the end of the year – its when the buyers are in control!

Free Property Search!

Still Renting & Looking to Purchase a Home or Condo? Call Bob Arnold!

I have more than 25+ years of experience in the Milwaukee real estate market and can show you how to get credits to cover 3 to 4 months of rent – it makes the transition from apartment living to property ownership so much easier!

(Your lease that ends in March or April would have all costs covered so you can take advantage of the current real estate market instead of fighting your way through the Spring Real Estate market!)

Source: Money | Real Estate “When is the Best Time to Buy a Home?”

The market is a perfect for buyers right now with lower interest rates than the spring by almost a half percent and double inventory level with very few competitive offers. If you found the right home today and put an offer on it, you would be saving on the increase in prices of 2018 and projected increase of interest rates that are currently lower than they were in Spring of 2017.

Spring buyers who had been renting got frustrated, decided to continue renting, not purchase or move and wait for another year. These are not active buyers anymore and are missing the boat with the current metro Milwaukee real estate market. You may have been one of those buyers yourself, but the question is: is someone else going to take advantage of the Autumn real estate market, or are you?

Happy house hunting!

Sincerely,
Realtor Bob Arnold

Realty Executives Integrity

(414) 379-1101

[email protected]

Sources: Investopedia & Business World

Contact Bob Arnold!

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Now is the best time to buy a house in Wisconsin – Contact Realtor Bob Arnold today to start your home search!

June 9, 2017 by Bob

Interest Rates Alert, Great News for Buyers!

While looking to purchase a home or condo in the metro Milwaukee area I understand that interest rates are a key factor. Interest rates fluctuate daily and it is important to stay up to date on them if considering buying a home or property. I keep a close eye on them and I have seen them creep downward lately. Interest rates are highly based on world catastrophes unfortunately. However, they open up opportunities for buyers. While the market is still challenging to find properties in some areas, interest rates make it appealing to look aggressively right now. FHA, VA, and USDA rates are at 4 % or lower.

When I work with my clients in the Metro Milwaukee Area I make a commitment to each of them to search for homes daily and I make myself available 24/7 to view homes as soon as they come on the market. Having an agent that is always available when you are actively and aggressively looking at homes in this tight market is extremely important. Please feel free to contact me by email or text to help answer any questions about the market or looking to purchase a home.

Check out this review from a previous client of mine:

“This is the second house I have worked with Bob with to purchase and things couldn’t have gone any better. Bob has a great sense of the market and what true market value is. He also isn’t going to tell you what he thinks you want to hear, he is going to tell you the truth which is super refreshing. Gives you confidence in what you are buying. Highly recommend.”

-Tyler

February 24, 2017 by Bob

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 21st 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] or 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

Reviews

(5 of 5 Stars)

Wonderful experience with Bob, who is so patient and knowledgeable. He has helped us from beginning to end and given us his honest feedback. We will definitely work with him in the future and be proud to refer him to our friends.

(5 of 5 Stars)

This was my first home buy and Bob was more than I could of asked for. He was very helpful, readily available and helped us get to the bottom of what we were truly looking for. He did more than I could have expected and I was consistently impressed by his willingness to help. I'd recommend him to anyone Bob is a very honest, knowledgeable, great guy to work with

June 7, 2016 by Bob

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”