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