Metro Milwaukee MLS statistics came out today. The papers will report the bad news, for sure – and it is true MLS statistics are down. The number of homes listed is down to 1822 in the month of November. The number of home sales is down to 783 in the month of November.
When you look year to date, those numbers are down too, but impressive still, when you really think of it. Over 13,000 properties have been sold so far in 2008. That’s a lot of real estate sold in a down market.
No one likes to hear bad news all the time. And we here at First Weber are SO hoping for a turn around soon. The talk of 4.5% interest rates could certainly get some buyers off the fence. Home prices are still low. You can buy a lot more house than you used to. Yes, you may not get the return you expected on your current home, but think of what you can get in your buy up. Then there is the First Time Buyer Tax Credit which expires in June, 2009. There are a lot of reasons to buy now.
What is always true is buy carefully. Remember Location, location, location. Borrow a number that YOU feel comfortable with, pay close attention to your personal finances to get the best credit rating. Work with a good REALTOR and a good lender. When you do so, you are not alone, but have people who have an interest in helping you.
We hope to see Wisconsin’s real estate market on the rebound very soon. No one knows when. You can’t predict it. But when you are ready, we hope you will think of First Weber.