Greater Milwaukee Homes

02/25/2022

30 year fixed rate average now 4.23%. Still historically low, but 1% higher than six months ago. Individual rates will vary depending on credit score, loan amount, amount down, and discount points.

01/18/2021

Here are some thoughts as we roll into 2021. I'm sure you've heard that 2020 was a banner year for sales. It varies by municipality, but most homes in the Milwaukee area went up in value by 8%. Interest rates remained amazingly low, about 2.5-2.75% depending on loan size and your credit rating. In the $350K+ range, people refinanced or were able to purchase a more expensive home, as monthly payments became more affordable.

And oh yes, we had the coronavirus. This meant substantial hardship for those not in white collar office jobs and less rapid sales for homes less than $350K. The good news is that with the vaccine coming online in 2021, sales for this sector, which comprises 72% of homes, will recover. Another redeeming factor is that the average millennial, which now outnumber boomers, is now reaching the prime age for first-time homebuyers at 33.

The same low interest rates that are driving sales and prices also make it more challenging to purchase a home. The inventory for homes is at a one month's supply. Compare that with what has historically been a balanced market between buyers and sellers at a 6 months' supply. In this extreme sellers market, buyers are advised to have your loan pre-approved when making an offer. Often there are multiple offers on the table and you don't want this to get in the way of your bid.

Keller Williams has done a great job during this time and has been able to sell homes at a higher price and faster than the average brokerage.

I'll try to post more often because there is a lot of information out there that will help you become an informed buyer or seller.

10/06/2020

Some interesting stats about Whitefish Bay. In the past year, 282 homes have sold.

36% were sold between Oct 1 and April 1 at an average discount of 3.3% from initial list price. 61% sold from April 1 to Oct 1 at an average discount of 1.3%.

From Oct 1-Apr 1:
27 sold for 1.2% over list, 11 at list, and 70 sold for an average of 5.6% less than list.

From Apr 1-Oct 1:
66 sold for an average of 3.3% over list, 29 at list and 79 for an average of 6% less than list.

When you hear talk of a hot market with people bidding over list, the answer is yes, there are more homes being sold over list price. These homes are probably the most desirable in terms of location and being move-in-ready. Note that the majority of homes are selling at list or with some discount.

The takeaway here is that it's important to price your home right in the first place. This will get the most buyers for your home and sell it efficiently! Some confident sellers will even price their home slightly under market knowing that there will be enough buyers to create a bidding war.

Let me know what I can do to help you sell your house or buy your next home.

09/25/2020

I've been thinking about this one--which two would you choose?

09/22/2020

Always interesting to see what parts of the country are popular. This is as of second quarter 2020, so it will be interesting to see how recent events continue to affect migration patterns.

Important to remember when looking at the map that the percentage increase is going to be very different because the average home price varies significantly by state.

But the gains are not expected to last as effects of the coronavirus pandemic begin to show on the housing market, according to a new CoreLogic report released Monday

09/15/2020

Wisconsin real estate is likely a solid investment.

Millions will be displaced in the coming decades by fires, hurricanes, extreme heat and rising seas. Where will they go?

09/13/2020

Showed this little gem in Rivers Edge condos today, just north of the Schroeder Y and convenient to a lot of things, including Culvers. This building is the one furthest from Green Bay Road. Literally across the river from River Hills-2BR 1.5 BA, 962 sf listed at $69,900.

09/11/2020

Looking forward to showing this 4 BR, 2.5 BA Kingsway home In Mequon today from 4:30-6:30 pm. Updated baths and walking distance to the River Club.

09/01/2020

A tale of two markets locally--spring inventory was down 20%, market came roaring back this summer. Demand remains strong because of extraordinarily low interest rates. List prices are up 3.6% year over year and sale prices are up 9% year over year. In other words, people are offering premium of more than 5% over list when bidding on homes.

07/26/2020

https://www.inman.com/2020/05/28/this-maryland-house-has-an-entire-village-in-the-basement/?utm_source=inbriefselect&utm_medium=email&utm_campaign=inbrief&utm_content=798571_textlink_2_20200529

It may look like just another mansion in the Washington, D.C. suburbs, but the basement hides a mini Main Street

06/30/2020

From our market meeting today discussing mortgage rates, "If you are above 3%, everyone should consider refinancing."