Signs of Life in Wisconsin Home Sales
Milwaukee-area REALTORS® and mortgage brokers are cautiously optimistic about the spring selling season. On one hand, an improving economy and better job prospects mean more stability and a possibly improving market. On the other hand, an $8,000 federal tax credit for new home buyers is set to expire on April 30, which has many people wondering if the market will maintain its momentum after the incentives run out. "I think what you’re going to see is a bunch of accepted offers in April, and they’re going to be closing in May or June. Then I think you’re going to see a little lull in the activity after that push," reports Dave Schmidt Jr., owner of Dave Schmidt Realty in Milwaukee. "Hopefully, as the economy continues to improve, you’ll see a decent second half of the year."
While it is very much a buyers’ market right now, many potential buyers are waiting to gain some confidence in the economy and their jobs. Mike Ruzicka, president of the Greater Milwaukee Association of REALTORS®, believes people should not wait too long to capitalize on this potentially once-in-a-lifetime buyers market. He remarks, "If you ask your parents or grandparents or anybody who’s been around for a while about this market, it’s just unbelievable and we probably won’t see it again for a good 50 years. We’ve got the perfect storm of low prices, low interest rates and lots of inventory."
Original story by Paul Gores, Milwaukee Journal Sentinel. Article above compliments of WRA Realtor Newswire Weekly.