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You don’t have to be a real-estate guru to know that Milwaukee is in the midst of a seller’s market like we haven’t seen in decades. High demand, low supply, affordable mortgage rates and work-from-home opportunities combined to create an incredible housing market. What does this surge mean for Milwaukee, and how long will it last? I reached out to Peter Promersberger of The Promersberger Group, Keller Williams for his thoughts.
A local real estate agent for 18 years, Promersberger explains that the housing market is bursting across the country and Milwaukee is no exception. “The market in this city is just as strong as others in the country,” he says. “Interest rates remain low, and there are many more buyers than previous years, making our market as competitive as that of neighboring cities.”
The Milwaukee Market
According to the Redfin group, the average home sale in Milwaukee is $181,000; an increase of 7.3% from 2020. Recent trends in the Milwaukee housing market indicate that homes are selling 3% to 9% over the asking price and are usually on the market anywhere between 31 and 43 days.
What are buyers looking for? Reports indicate that a quarter of recently sold Milwaukee properties contained a home office, finished basement and/or large master bedroom. Buyers also found high value in homes that included a washer and dryer, fenced-in yard and/or deck.
“It’s important to note that there has been a shift in the market lately,” Promersberger adds. “Some properties are still selling fast after having multiple offers. Depending on the area and the condition of the home, however, some are beginning to sit on the market a bit longer.
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“In spring, for example, offers were being accepted with the agreement of no home inspection and no appraisal contingencies. Buyers regularly offered to pay the seller’s moving costs,” says Promersberger. “While this is still happening, these situations are beginning to diminish in Milwaukee.”
What’s with All the Condos?
Longtime residents have not only noticed an increase in condominiums across the city, but they’re also wondering who is moving into these hot spots?
The answer might be found with Milwaukee’s millennial population. Wanting to take advantage of walkable neighborhoods, public transit and a variety of entertainment opportunities, young buyers often find what they’re looking for in downtown complexes.
“The local market is strong with condos,” says Promersberger. “Young buyers are attracted to condos because they want to live in an exciting atmosphere. Many aren’t interested yardwork, and they like the idea of exploring their neighborhood on foot.
“The same can be said of empty nesters,” he adds. “They’re big on downtown condos because they want to walk to restaurants and other venues. They’re no longer interested in maintaining a house and yard. They want a simpler life and downtown condos offer that.”
Some experts believe the current housing market will shift in 2022 or early 2023. “I personally believe the market will flatten in 2022,” says Promersberger. “No matter what happens, however, the Milwaukee housing market will continue to be a success. This market has always been and will continue to be exciting and growing, which is just one of the reasons Milwaukee is such a great city to invest in and such a great place to live.”
The Secret to Getting the House You Want
Found the house of your dreams? You’ll have to act fast during this competitive market. Real estate agent Peter Promersberger says that working with the listing agent is key to helping your offer get noticed.
“It’s important to maintain good communication with the listing agent,” says Promersberger. “As soon as you want to make an offer, have your agent contact the listing agent. Find out what the sellers are looking for in an offer and work with your agent to submit a fully executed offer. Be sure your agent clearly communicates what the terms are. By working closely with the listing agent, you’ll be better suited to craft an offer that’s sure to get the seller’s attention.”
Whether you’re looking to sell or buy a home, contact Peter Promersberger of The Promersberger Group, Keller Williams. Call 262-844-0237 or email peter@peterpsells.com.
