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Franklin Real Estate and Homes For Sale in Wisconsin - Troy Chowanec, RE/MAX Realty 100, RealtorĀ®

20 November 2012 Milwaukee WI Real Estate Market Update

Hi, Troy Chowanec, RE/MAX Realty 100. Today is Tuesday 20th November 2012. I’m coming to you from the entrance of the River Terrace Estates Subdivision in Franklin Wisconsin. I wanted to give you a quick market update on what’s happening in the greater Milwaukee Area.

Currently RE/MAX Realty 100 is representing 829 active listings and we had 458 showing requests last week on those listings. Compare that to 2011 we had over 1000 active listings and 431 showing requests. So we continue to see where inventory is tight compared to the previous year and showing requests are stronger compared to the previous year. That’s a good thing for sellers out there as inventory continues to tighten. Home Sales in the 5 county area were up 32.8% in the month of October verses of October 2011. That’s 16 consecutive months of sales growth month over month. Inventory continues to be an issue we currently have an 8.4 month supply so as inventory continues to tighten up buyers are going to have fewer and fewer properties to select from.

As of right now most of the properties are falling in the $100,000-$200,000 price range of those that sold. About a third of all sales were in that price range. In Milwaukee County though its not as good a picture. 50.8% of all sales in Milwaukee County in the month of October were under $100,000.

Interest rates continue to be very low and very good for those that are looking to get conventional financing right now. We expect that over the next year we’ll start to see them slowly creep up. Probably in the mid 4% range is what is they are projecting for the moment. Underwriting rules are set to change at the beginning of the year so it’s going to be harder for buyers out there to get a loan on the properties that they’re considering buying. So that may be a challenge as we move forward into 2013 as will the expiration of some of the tax credits that we are currently getting. With the expiration of some of those tax credits Buyers are going to have less of their paycheck to be able to spend on housing.

That’s kind of a quick look at what is going on right now in middle of November here just before Thanksgiving. If you have any questions or need help with selling your home or buying a home please feel free to reach out to me. Again my name is Troy Chowanec with RE/MAX Realty 100. I’d love to hear from you. Have a great weekend. Bye!

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