Homes Sales up 25%!
Wow, this year is amazing! I haven’t been this busy in a long time, and my colleagues are seeing the same thing. The Milwaukee Journal-Sentinel headline says it all: “Home Sales Shoot Up 25.6%.” Here are some things reporter Paul Gores said in the article:
“It’s the metro area’s best Match in 9 years…”
“In addition to a rise in sales for March, the average price of homes sold in Milwaukee, Waukesha, Washington, and Ozaukee counties climbed as well in the first quarter- in part because homes in move-in condition are selling quickly, sometimes for more than the asking price, real estate professionals said Tuesday.”
“…Realtors say there has been less dawdling among home shoppers so far in 2015.”
These observations match what I see in the field every day. Competition is keen, buyers are fighting for quality properties, and there is actually a shortage of quality homes on the market. Yes, I underlined quality for a reason. There are still a lot of sub-par properties on the market; sellers who are unrealistically hopeful in their pricing, places that have not been properly updated, and properties that need a lot of work. I see these properties again and again at every price point.
It’s very telling when my buyers at both the $75,000 and $750,000 price points make the same observations and complaints!
Takeaways for buyers? It’s not 2010 anymore. Competition isn’t always doing second showing and sellers don’t always need to give the luxury of a second showing. Decide beforehand what you want in your new home and be ready to be quick and decisive when opportunity presents itself. Have your pre-approval ready and in hand. Recognize when you’re in competition. We can also discuss some tips and tricks to slip into offers to make yourself look better to the seller!
Takeaways for sellers? While it’s not 2010 anymore, we haven’t returned to 2006 either. This market recognizes and handsomely rewards quality while punishing those who push sub-par properties. Has your home been updated recently or does it look like Seinfeld (or worse, Mork and Mindy) is still putting fresh episodes on the air? Does it need repairs? There are inexpensive ways to improve your home’s looks and keep up on maintenance! I want my sellers to see a minimum 10% return on anything they do to help market their property. I welcome conversations about getting that best return! This includes my private list of qualified contractors who do great work inexpensively.
Whether you are buying or selling in this changed market, I am here to help you. Please don’t hesitate to contact me for help!