What’s Going on in Milwaukee Real Estate?
We spoke to local real estate expert Karen Larson about rising interest rates, new construction and what home buyers and sellers need to know in this market.
KAREN LARSON Broker Owner, Sterling Real Estate Homes LLC
What’s the state of the metro Milwaukee real estate market right now?
We are seeing the market leveling out in some areas. There was a short pause when rates suddenly climbed. Buyers are coming out again and we’re seeing multiple offers on many houses. Right now at 6% or 7%, the rates are more of the norm. Both buyers and sellers are starting to realize that.
What are some of the hottest areas?
There are five hot spots. They are Bay View, Wauwatosa, Grafton, Pewaukee and Oconomowoc. We are seeing a remarkable amount of new construction that is increasing in demand due to low inventory of existing homes. New home builds are increasing in Pewaukee, Grafton and Oconomowoc because there is an abundance of land available for building.
How can a buyer close a deal in one of these indemand areas?
There are many creative ways to help sweeten the deal. You don’t always have to go over asking price. It really helps to know what the sellers’ needs are. I always call the listing agent and ask if there is anything that is important to include in the offer.
What are some common mistakes you’ve seen buyers and sellers make?
For buyers, the biggest mistake is waiting too long to make a decision. If you wait one day, or sometimes just a few hours without making that offer, it’ll be gone.
For sellers, one of the biggest problems right now is overpricing. It’s a problem because if your price is higher than all competition, all you are doing is helping to sell the houses around yours.
