By: Chris Muellenbach
Don’t let your home or condo hibernate until spring. Milwaukee’s North Shore, East Side and Downtown markets remain very strong, at a 4-month absorption rate.
What is absorption rate? Not to over complicate a blog post…but in a nutshell, the absorption rate is the rate at which homes will sell within a given period of time.
The absorption rate shows what the market actually is, without emotion or guessing. The rate is determined by taking the number of active listings and dividing that number by the reported sales in the last 30 days within a certain neighborhood or community.
When the rate is between 3-6 months of inventory, it is a very good seller’s market with moderate to high appreciation.
If that isn’t enough, here are the five reasons I encourage people to consider listing in the fall and winter months.
- Inventory is still low and buyers are waiting in the wings to buy – even in the winter months. Most sellers wait until spring. In May of 2017, 53 single family homes were listed in the 53211 zip code. In October of 2017, there were 26. List it now and you’re likely to have a lot more interest than in spring when the market is saturated.
- Winter buyers are serious buyers. People who are willing to bundle up, put on their boots and parkas tend to be a bit more focused, motivated and serious buyers. You do not see too many tire kickers in the winter months.
- Job relocations. January is a very popular month for people relocating for new jobs. Those folks are looking for homes now.
- Interest rates are still very low.
- Curb appeal – Less yard work. Selling a home in the winter months means no hauling mulch, trimming hedges or weekly lawn mowing. Simply keep your walk and driveway shoveled and be generous with ice melter.
Considering selling? I set up a webpage for you to check out the value of your home for free: