Here are Milwaukee County, single-family home statistics through August 2023, when compared to the same time period in 2022.
Rising interest rates have slowed the overall real estate market, but values continue to increase. The lack of supply appears to be the biggest catalyst in rising values. In my experience, many homes still sell for more than the asking price, but the overall competing offers appear less than it was over the past 2 years. While many contingencies still are being waived with home purchases, it does appear less common than it was over the past 2 years. The lower the price point, the more competition.
My advice: Date the rate, marry the home. While most buyers are not excited about 7% interest rates, many Federal agencies are stating that interest rates should drop in the next 18 months. Talk with one of my preferred lenders, as it might be in your best interest to have a higher rate now and later refinance, instead of watching overall home prices rise while you wait for rates to decrease.
Who do you know, that I could be helping? I’m here to help making your real estate experience as seamless as possible.