Mortgage rates are at all time lows and are currently bouncing around 5%. New listings continue to drop as well in Waukesha County, down 11.4% vs. 2007, but banks say they are about to unload their inventory of REO properties which could affect prices depending on your location. Traditionally as new listings go down the market becomes more in balance with the number of buyers; helping prices to stabilize and start appreciating again.
Contributing to the downward slide are tighter credit standards and ending of the FHA gift programs. Economic uncertainty also has buyers nervous. There is a new incentive for buyers however in the "Housing and Economic Recovery Act of 2008"; an $8,000 First Time Homebuyer Tax Credit is now available. This tax credit is equal to 10% of the purchase price of your home up to $8,000. But this special tax break ends at the end of the year. For more information on this program, go to my website and give me a call.
With interest rates at historic lows, an abundance of inventory, the recent market price adjustment and the new federal tax credit; it's a great time to buy and an even better time to upgrade!
There is more good news for buyers & homeowners! PMI has rated the metro Milwaukee area as "minimal" or only having an 8.3% chance of home prices being lower 2 years from now. Pretty good considering many areas in California and Florida have a rating over 95%.
So far in 2009, Brookfield had a median sale price of $226,804 compared to $254,000 at this time in 2008. As of March 15th, there are 234 active single family listings ranging from a low of $165,000 to a high of $2,250,000 which have an average day on market of 116. There have been 41 properties sold year to date with an average days on market of 121 compared to the previous year's 41 homes sold with an average days on market of 94. There have also been 57 expired listings with an average day on market of 156.
If you would like to see what's going on in your neighborhood, give me a call or stop by my website and request an up to the minute Market Snapshot. This free monthly report will show you actual selling prices, days on market, price trends and much more.
If you're looking to purchase and would like to see listings of properties matching your search criteria as they become available, give me a call at 262-641-0900.
Your time is valuable. I'm here to help!
ZIP Codes: 53005, 53008, 53045, 53072 Approximate Location Boundaries: Approximately 14S to 48N and 124W to 220W
Location Characteristics: Per the mayor, With a population of 39,740 and the third highest Equalized Property Value in the state, Brookfield is a city where superior schools, high quality public services, a wide range of employment, and broad based commercial services all help to create a unique community that is highly desirable to families and business alike. The parklands and natural landscape provide spaces for recreation as well as connecting safe and attractive neighborhoods.
For more information on the City of Brookfield, go to their website at: www.ci.brookfield.wi.us
About Mark Dallmann:
As a full time agent partnering with Shorewest, I strive to offer the level of service that has become so hard to find these days.
My purpose as your agent is to give you as many options as possible; to listen to your needs and represent your interests with absolute confidence. Every agent runs their business differently, but I do my best to have the answers and services to help make your move as effortless as possible.
Stop by my website where you can search the MLS database or request to have new listings sent to you within hours of their going public. Wondering what your house may sell for in today’s market. Would you like to see a market snapshot of what is going on in your neighborhood? All this and so much more is just a click away.
Your time is valuable. I'm here to help!
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
