Metro Milwaukee Real Estate Inventory Update
Milwaukee Real Estate Home Sales Continue to Be Strong 2nd Month in a Row.
Longer days and warmer weather are just around the corner! The first day of Spring is March 20th, Daylight Savings Time was last weekend, interest rates are still below 4.5% and we’ve picked up some more inventory. Life is GREAT! With the spring market is well on its way, finding real estate near Milwaukee WI in January or February was not easy.
Low inventory, competitive offers and an extremely active market made it difficult and a little frustrating for some home buyers. New statistics show February closings were up 11% from last year. (Remember, those are buyers who wrote offers in January. These successful deals are not the offers in escrow today!)
We track listings being put into MLS daily. Since March 1st (As of March 12th), 919 new listings have come on the market in our 5 county area, including Milwaukee, Ozaukee, Waukesha, Washington and Racine county:
+673 are Homes
+147 are Condos
+99 are Duplexes, Multi-Family, Commercial & Land
**I have seen inventory up a little with a new influx of homes and condos on the market. If you are a serious home or condo buyer, stay active. The right one WILL come along!
A couple of weeks ago we had little scare when interest rates shot up to the 4.65% range, but are now back to the 4.25% range. (It going to happen again, just to prepare you.) For now, let’s take advantage of the market – don’t wait to look at homes on the market!
Is Now the Best Time to Buy Homes in Wisconsin?
“National home prices are set to increase by up to 6% in the coming months with end-of-year home sales reflecting the upward trend seen in 2017. Job growth, historically low interest rests and a successful stock market are responsible for these numbers. There really is no time like the present to buy new construction homes!”
4 Tips for Buying Homes in Today’s Market
Here are a few important takeaways for home buyers in today’s market.
1) If You are Renting a Home…
Start looking at homes today! We can work around your rent lease. Start looking 4-6 months before your lease ends. This would be much better than a 2-3 month time frame and will make your journey from apartment to home living much easier.
2) Find a Good Lender…
To get pre-qualified and not just pre-approved. You want to look as strong as you can when writing an offer in today’s competitive market. Ask you lender if they will be able to close in 30 days. You may need that option to be a step above other buyers in a multiple offer situation. If you are looking for lender, please give me a call or shoot me a text or email!
3) Made More Than 3 Offers?
If you have made more that 3 offers on 3 different properties and lost them to another offer or multiple offers, you may need to reconsider who you are working with. In a multiple offer situation, I have an 80% Acceptance Rate with 1st Time Offers and a 95% Acceptance Rate with Second Time Offers. The agent does make a difference.
4) Be Prepared…
and ask questions! When looking for homes, its important to know the offer process and understand the home inspection. Both move very quickly and will have their own bumps in the road. Make sure you understand the process completely and have a good professional realtor and lender working for you.
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