Like the Metro Milwaukee housing market, MetroMilwaukeeLiving.com is back. While the blog was dormant in the last four months or so, the housing market most certainly was not. It has been a busy market since our last post with home sales and prices continuing to grow, both locally and statewide.
Home buyers in the Milwaukee area continued to take advantage of the rejuvenating economy and historically low interest rates as home sales in the area grew 24.6%, compared with 2011. More than 16,000 total homes were sold in 2012; the best year since 2007.
Sales were strong throughout the year, including the fourth quarter when sales typically slow down. The fourth quarter of 2012 saw a 23.1% increase, when compared to 2011′s fourth quarter.
2012 was a good year for the real estate market, especially in the Milwaukee area. Through the first eleven months of 2012 home sales in the Milwaukee area have increased 25.7% compared to 2011’s first eleven months and there’s reason to believe that this good news will continue. Although some challenges still remain we can still look forward to more good news in 2013. Here are 13 reasons why, courtesy of Brian Summerfield of REALTOR® Magazine :
If you’re thinking about buying a home, the time to buy is now! Interest rates keep falling to record lows. According to Freddie Mac (FMCC, Fortune 500), rates have fallen to their lowest point in over forty years. The average fixed rate on a 30-year loan fell to 3.31% from 3.34% the previous week in addition to the rate on a 15-year fixed rate loan also dropped to 2.63% from 2.65% in a one week period.
According to a recent report by the Greater Milwaukee Association of Realtors, the Southeast Wisconsin housing market was as hot as the weather in July, boiling 29.2% over July of 2011.
Historically low interest rates, low prices and improved consumer confidence have helped the market tremendously, generating double-digit sales growth for more than a year. (more…)