Milwaukee Home Sales

June 2014 home sales were very strong, with title companies and lenders increased in the last couple days of the month. May 2014 home sales had dropped slightly compared to those of the previous May, however, the median home sale prices increased by 3.8% over the same period.

What’s happening in the Milwaukee real estate market? Yes, prices are going up. Yes, lenders are getting more difficult to work with. Yes, great deals are harder to find. Yes, listings are getting multiple offers or selling quickly. Yes, good inventory is limited. Lending changes from the first of the year have been taking their toll with buyers. They have caused a large number of closing deadlines to get pushed back and have even killed deals. Be careful who you use as a lender. It’s not the representative that causes the problems in most cases; it is the lending institutions and their guidelines/underwriting. Sometimes, we don’t even know until the day before or day of closing if the property will close. Working with qualified and established lenders and a realtor to the Milwaukee area are a must. It’s highly recommended to go beyond just getting pre-qualified, but to get pre-approved as well.

Where is the Milwaukee real estate market going? Good question. All it takes is to look at the current market and the trends of the last 6-12 months. Buyers are seeing the changing market and taking advantage of the low interest rates before they rise. Sellers are beginning to benefit from this market, as increasing prices make sense for them to consider selling.

Here are a few simple ownership advantages that are not going away:

1) You are paying for housing whether you rent or own.

2) There are substantial tax benefits to owning.

3) Owning is usually a form of forced savings, especially in an upward market.

4) Owning is a hedge against inflation.

5) Housing is typically the one leveraged investment that is still available.

To expand on the first takeaway, we are finding that a purchase price of $200,000- $250,000 is generally the equivalent of renting, depending of course on the property taxes or condo fees. If there are cost savings, such as a tax saving or increase in value, you may not see that right away, but value is there. That is why it is always a good exercise to do a calculation and compare.

It the cost saving such as tax saving or increase in value you will not see right away.

-          Milwaukee real estate market -- http://move2milwaukee.com/faq/

Realtor to the Milwaukee area -- http://move2milwaukee.com/