Despite many areas of the economy seeing a downturn, the Milwaukee area real estate market for home buyers is picking up. Despite overall sales being down a bit from the same time last year, according to the Greater Milwaukee Realtors Association, the performance was better than expected given the overall challenges of the current economy.
Specifically, June housing sales decreased about 14% from 2019, with a second quarter drop of seven percent overall. However, incredibly low interest rates and a lower than normal inventory means it is a seller’s market. According to a Senior Vice President at an area bank, many houses continue to sell with multiple offers per day. Some expect this trend to continue well into Fall, based upon the current inventory numbers.
Considerations for buying a house
In a busy housing market, there can be a lot on the line for both buyers and sellers. For buyers, competition with other bidders can drive up pricing, but can also affect other terms of a real estate purchase offer. For example, contingencies related to financing or certain desired upgrades may not match well with what others are asking. There are many items like this buyers will need to consider as they try to place the winning offer.
Despite potentially having the better position, sellers will also need to be aware of some pratfalls. A sale is never truly final until title is transferred, and a number of issues, such as defects found during an inspection, can cause problems during the sale process.
Working towards a positive outcome
When issues do come up during the purchase process and the parties disagree about how to proceed, it may be necessary to seek the advice of an attorney who has significant experience with real estate transactions. Depending on the circumstances, it might be possible to negotiate an amicable resolution, but it can also be important to advocate for your rights as either a buyer or seller to properly protect your interests in such a major financial transaction.