Back when I was a brand new agent, one of my experienced mentors told me “When the Packers are done, it’s time to start thinking business.” While I hate the reason, today it’s time to talk about our 2017 housing market and what to expect.
Over 21,000 homes sold in Milwaukee, Ozaukee, Washington, and Waukesha Counties in 2016. This is a 7%+ increase from 2015 and just shy of the 2005 record of 21,642 sales. On the positive side, nearly all indicators point to this trend continuing. While increasing, mortgage rates are still low. Pent-up demand from the Millennials and from “boomerang buyers” (those returning to the housing market after being forced out due to the economic downturn) is mixing well with normal demand.
What are the concerns? Frankly, there’s only one true concern at this time. Unfortunately, it’s a huge concern. The supply of homes is too low to meet demand. Mitigating this supply crunch are rising prices. As prices rise, more “underwater” homeowners (people who paid more for their homes than they are worth) can come to market and avoid selling at a loss. Higher prices may also induce more sellers to bring their home to market.
Most Realtor’s businesses are quiet until March. This is year has been … different. If this is any indication, I’m nearly at the point of temporarily closing the door and establishing a waiting list for new investor clients. I purposefully limit the number of clients that I serve so ensure that I offer the best service possible. My phone has been ringing off the hook with investor inquiries and my buyer services are already two months ahead of schedule. However, I still have room for sellers. My colleagues say the same thing; the few serving investors are busy, buyer agents are busy, and agents who list properties are having trouble finding people to serve.
Please call me if you are considering selling your property. Let’s work together to determine how you will benefit from a sale. Let’s get the highest and best dollar for your property! And if the benefits are not yet enough, let’s at least determine what needs to happen for you to earn that top dollar.