Has Milwaukee’s Robust Spring Housing Market of 2018 Started?
The best time to list your Milwaukee home has traditionally been right around January 1st through March 17th; miss that window and your sale price may suffer.
In January, there is low inventory and high demand following the holidays. Wait ‘til March and there will be more supply, resulting in buyers having more choice. Anxious RELOCATION buyers are plentiful in January because many of Milwaukee's corporate relocations happen around the first of the year.
The Milwaukee Real Estate market is VERY seasonal. It seems many homeowners are confused about when to list their homes. There is so much conflicting information for Sellers, and determining when to list your home is probably the most important decision to successfully sell your home.
Sellers who list their homes in May are generally too late to the market. Sellers may think this is a good time to list their home, as reports of the Spring Market begin to flood the news right about May. Industry reports during this time of the year are generally conveying sold closed business from offers written and accepted in February and March. Sellers may believe May is the right time to list their homes based on what they hear in the news.
However, historically, summer in Milwaukee is SLOW for selling residential real estate. Buyers are enjoying the weather and vacationing with their families. Sellers can be very frustrated during these summer months as a result of a slowing market and often pull their houses OFF the market at the end of September or October, missing the second-best time of the year to list their home.
So why is the Milwaukee market seasonal?
It is all about RELOCATION! Budgets are being determined in the fourth quarter resulting in Milwaukee new hire notices being posted. RELOCATION to Milwaukee increases in November, December, January and February and as inventory decreases in fall, the homes on the market and in the market sell.
So, here’s a helpful Seller’s tip: The market is not happening when the homes are closing. The market is happening when the OFFERS ARE WRITTEN!
Who knows when the offers are being written? Your REALTOR@, not the news media. Reports of a robust July are the closed sold offers written in May and closing in July. Reported housing data lags three months behind the actual market. So the glowing housing reports in April are the offers written in January! This is very important for Sellers and new REALTORS@ to understand. There is so much confusion about timing. Setting the record straight for Sellers leads to higher success rates for all of us.
So, what is the formula for selling your home in 2018?
Sellers are wise to list their Milwaukee homes as early as possible and before March 17 to realize the best price for the Spring Market.
The Fall Market begins September 15 and can be very good for Sellers who missed the Spring Market of 2017, if inventory is low. This market mellows with better sales as we slip into the holiday season and this was radically true for December sales in 2016! Fight the instinct to pull your house OFF the market.
Remember: It is a numbers game. If there are 130 listings in Whitefish Bay in May and, historically, there have been 80 in October, October may be a better market for Sellers. Ask your REALTOR@ about historical supply and demand in your area.
Don’t be afraid to expire your listing and come out with a new MLS number at any time. Refreshing your listing can make sense if you are not getting results!
Predicting the Milwaukee Real Estate Market is tough. Your Real Estate sale is very dependent on the local economy and inventory rates. The economic health of Johnson Controls, Northwestern Mutual, GE Healthcare, the Medical College of Wisconsin and other large companies will have a tremendous impact on Sellers’ abilities to sell their homes here in Milwaukee. Forecasting the spring market? Look to Rockwell. What is happening with the hiring process in their fourth quarter? How about Northwestern Mutual? That is how you and your REALTOR@ predict the spring market of 2018.
Happy Selling, Milwaukee!
Suzanne Powers is a licensed Wisconsin Broker, the Owner Powers Realty Group, and ranks #1 in the State of Wisconsin as the Top Sales Agent. Suzanne lists and sells homes and consults on all real estate matters for SE Wisconsin Real Estate. You are welcome to reach out to Suzanne for a Consultation @ 414-870-7175 or Suzanne@powersrealty.com
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