MILWAUKEE COUNTY, Wis. — The Wisconsin Realtors Association released its February report. It shows home sales are down nearly 30 percent. But that doesn’t mean they are falling. However, a Redfin report shows Milwaukee is the city with the highest home sales prices in the country.
An Oak Creek veteran knows that all too well. To say it has been a struggle for Bennie Brown to find a home is an understatement.
“Looking for over two years,” said Brown.
He says he and his wife have made nearly a dozen offers on homes. At one point, they made an offer of more than $50,000 over the asking price and still they have nothing. The military veteran and surgical tech at the VA Hospital joined TMJ4 on his lunch break because he wants people to know what it is like out there.
"You actually found it easier to find a home to look at during COVID because more was on the market?" asked reporter Rebecca Klopf.
“Yeah, it was easier then,” said Brown.
Nationally, home prices have fallen for the first time since 2012. They are down .2-percent. But a newRedfin report shows Milwaukee is the city where home sales prices have increased the most, with a 10.4-percent increase.
Brown is looking for a home in Milwaukee County in the $200,000 price range. The Greater Milwaukee Association of Realtors says since 2020, the average home in the county has gone from $170,000 to $223,000 in 2023.
On top of that, the president of GMAR Mike Ruzicka says there is a huge problem as interest rates have gone up, people are now holding onto their homes and don't want to sell.
"The interest rate increasing is causing a slowdown and it is happening all over the country. The number of listings sellers are putting on the market has slowed down,” said Ruzicka. "There are just not enough houses to satisfy the current demand."
But that is not going to stop Brown from becoming a first-time homeowner.
"Just keep it up, keep believing,” said Brown.
If you are starting your housing search, the Greater Milwaukee Association of Realtors has a couple of tips:
- Figure out how much you can afford
- Get pre-approved for a mortgage
- Be prepared to make a decision quickly
GMAC says homes are typically on the market in Milwaukee County for less than 60 days.
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