Bruce Nemovitz

The real estate market is not unlike other markets you are familiar with such as the stock market, food prices, and just about any environment where goods or services are sold and purchased. The difference with the real estate market is that we have been quite used to the fact that prices of homes always go up! Historically, this has been the case over long periods of time in the United States, but there have been periods where prices have stagnated or reversed.

We are currently in a period of uncertainty, not only in homes sales but the entire economy which is quite unpredictable. As interest rates have risen (currently a 30 year fixed rate mortgage is in the range of 6.87%), buyers have been more cautious and discerning as to the homes they choose. Inventory of homes offered for sale has risen in some areas of Milwaukee at the rate of 20-30% compared to 2004 and 2005. The law of supply and demand tells us that if there is more supply then demand prices generally will fall until demand catches up with supply.

What does this mean to the homeowner that desires a sale this year? In my opinion and experience, I would suggest that more attention be paid to staging your home, and repairing or replacing major components such as furnace, roof, electric and basement repair. Buyers have so many choices today, that they will walk away from any major defects, unless the price has been so discounted that they will take a chance with these properties. Take more time preparing the home aesthetically so that even if cosmetic updates are needed, the home appears well maintained and cared for. The homes currently listed that don’t show well are taking a major hit on price.

Have a Senior Real Estate Specialist view your home if you are contemplating a sale this year, or even next year. It is never too early to begin the thinning out process of clutter, as well as getting estimates for repairs needed. Many times, there is a long wait for repairs such as basement defects. A Senior Real Estate Specialist can give you a market estimate as to value, as well as provide insight as to the best months to sell. They will inspect the property and give you a sense of what updates and repairs will bring you back the most return on investment.

Remember, planning and understanding of any situation will always give you the edge as to the results you desire. Procrastination and avoidance usually end in frustration and bad results. Information is the cure for fear and avoidance of the most critical areas of our lives…where we live and protecting our nest egg!!

Bruce Nemovitz is a Senior Real Estate Specialist, as well as Certified Senior Advisor. Bruce has sold residential homes in the four county Milwaukee-Metro area for over 28 years. He works with his wife Jeanne and assistant Boni at Realty Executives Lakeshore. Please feel free to call Bruce or his team with any real estate questions you may have at 414-303-4004, or email at Bruce@BrucesTeam.com