The Metro Milwaukee MLS stats reports included some good news and some bad news. The number of homes sold is up more than 7% over last September. That’s the good news. The bad news is the average sales price has dropped to 2002 or 2003 levels. The good news about the bad news is that local REALTORS say the average sales price decrease is a result of more sales in the $200,000 and under starter home price range. Sellers of those homes are now free to buy-up. So that is more good news.
JSOnline did an article on the statistics and you may read it in its entirety here.
Some commentary from the article is as follows:
"In the first-time buyer market there is price competition. Sellers are getting 98%, 100% of the asking price – multiple offers in some cases," said Mike Ruzicka, president of the Greater Milwaukee Association of Realtors. "But if you go up the ladder a little bit – over $300,000 – it’s really slow."
Also, REALTORS are hoping that Congress will extend or open up the first time home buyer tax credit. Doing so would continue to spur sales.
"It absolutely needs to be extended and opened up," said Tammy Maddente, executive vice president of First Weber Group.
The uncertainty of an extension may have some buyers still waiting. Bob Larson of First Weber’s Waukesha office is quoted as saying:
"They are trying to wait it out to see what will happen, so it’s causing a little bit of a pause," Larson said.
As of now, the tax credit does expire and homebuyers must close by December 1. Better get on it if you are serious about buying.
Good luck from First Weber Group. We are here to help!