If you’re thinking about putting your home on the market, or if you have friends and family that are considering downsizing, it is time to stop thinking. It’s a seller’s market, meaning buyers are motivated and interest rates are low. To quote that famous Nike slogan, “Just Do It!”
The nationwide hot real estate trend has hit Milwaukee in a big way. According to realtor.com, the median list price for homes in Milwaukee is up almost 22% over last year. The site says, “Milwaukee, WI is a seller’s market in February 2021, which means that there are more people looking to buy than there are homes available.”
Unless you’ve been living under a rock for the past year, you’re well aware that working from home has become the new normal. Although some sense of normalcy will (hopefully) return, the work from home trend could be here to stay. Families that work and study from home require more space, so if you’ve got a house you’re thinking of listing, there really is no time like the present. Local realtor Lorie Wertheimer, with Realty Executives Integrity, has fifteen years of Milwaukee real estate experience. Wertheimer sheds light on the three major ways sellers can benefit from today’s unique home selling situation:
1. Low inventory = high demand.
It’s basic economics. As working and studying from home motivates more families to search for bigger homes, demand for those homes increases. Wertheimer explains, “Our inventory (in Milwaukee) is very low, which makes it a prime time to be a seller. The pandemic has changed our work environment (think about working at home) and has allowed buyers to reconsider where they want to live.”
2. Low-interest rates = motivated buyers. Buyers realize the benefits of low-interest rates, and they aren’t waiting to buy, so sellers should not wait to list. “Interest rates play a big part in the overall cost of the loan, and they are hovering just over 3%,” Wertheimer adds.
3. Quick, sales process = less stress. Before you can sell your home, buyers have to see it. The home showing process can be nerve-wracking. But the faster a home sells, the less stress. “Most homes are selling quickly, which makes the process of having strangers walking through your home less of an inconvenience,” Wertheimer adds.
There are dozens of stories about bidding wars (multiple buyers bidding on one home) driving selling prices up. This is very challenging for buyers but great for sellers. Don’t miss out on the chance to sell your home for an excellent price, and then join us here at Eastcastle Place. You’ll love our amenities and our community. From fantastic food prepared by our professional culinary team to a state-of-the-art fitness and aquatic center, staffed by certified trainers, and from a perfect East Side location to a wonderful group of neighbors that become friends, we’re ready to welcome you to the Eastcastle Place family.