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!