The 2023 market has been making our purchase last June look like a deal. At the time, it felt like almost a ridiculous price to pay for a fixer upper, but it checked everything we wanted. It looks like the data is confirming that we probably would have paid even more this year!
That's Very likely true Katie. It depends in which community you are. Most listings that came out in early spring this year were priced (list price!) a little higher than 2022 comps. Think of it as the average of 5 houses like yours close by. And then you can typically add 20k to 50k on top of the asking price (depends on condition and location). Milwaukee is still priced about 30% below the national average and we are not a below average city, so there is a reasonable expectation that over time this will correct.
Really appreciate all the charts and graphs showing the hard data of what is happening in order to figure out the best course of action to take in this market!
It amazes me that most brokers have little to no economic knowledge or awareness. Your breakdown of the relationship with the 10 yr bond, interest rates etc shows an astute and informed understanding of what affects house pricing in the aggregate. Refreshing to see such an informed educated opinion.
Thank you for the nice compliment! It has always been very important for me to understand the MKE market as we also invest in real estate. And I think our clients should know as well and be able to make decisions based on sound information, that's why I started this channel.
Not my intention to deflate anyone's dreams, but rather to provide a realistic picture and information you can use to your advantage! What were you looking to do?
The 2023 market has been making our purchase last June look like a deal. At the time, it felt like almost a ridiculous price to pay for a fixer upper, but it checked everything we wanted. It looks like the data is confirming that we probably would have paid even more this year!
That's Very likely true Katie. It depends in which community you are. Most listings that came out in early spring this year were priced (list price!) a little higher than 2022 comps. Think of it as the average of 5 houses like yours close by. And then you can typically add 20k to 50k on top of the asking price (depends on condition and location). Milwaukee is still priced about 30% below the national average and we are not a below average city, so there is a reasonable expectation that over time this will correct.
Your videos are so informative! Thanks so much, my family will be listing soon.
Thank you! Would love to take a look at your house! If you want to connect here is my email: m.auerbach@kw.com
Really appreciate all the charts and graphs showing the hard data of what is happening in order to figure out the best course of action to take in this market!
Glad to hear. I have always found that with good data you can make good decisions. Stay tuned for next month's market update!
I’m looking for a house but houses sell by the time I see them on the market
It amazes me that most brokers have little to no economic knowledge or awareness.
Your breakdown of the relationship with the 10 yr bond, interest rates etc shows an astute and informed understanding of what affects house pricing in the aggregate.
Refreshing to see such an informed educated opinion.
Thank you for the nice compliment! It has always been very important for me to understand the MKE market as we also invest in real estate. And I think our clients should know as well and be able to make decisions based on sound information, that's why I started this channel.
Sobering
Not my intention to deflate anyone's dreams, but rather to provide a realistic picture and information you can use to your advantage! What were you looking to do?