Buyers beware: Milwaukee area houses are going fast

Buyers beware: Milwaukee area houses are going fast

MILWAUKEE (CBS 58) -- The real estate market is hot right now and houses and condos are going fast in the Milwaukee area. That, however, is making it harder for buyers to find a home.

If you're looking to sell in the Milwaukee area, now is the right time. Buyers say they're finding that they have to act fast and have some patience as well.

Michael and Kathy Sellenheim spend their days looking for their future home. "It's been a challenge. There's not a whole lot out there," Kathy said.

The Sellenheim's moved to the Milwaukee area for work and are renting for now. The couple says that they've put a few offers down but they're gone within days.

"We've been trying to keep our schedule flexible so that okay we can leave work at this moment," said Michael.

President of the Greater Milwaukee Association of Realtors Mike Ruzicka says houses and condos are selling right after they're put on the market.

"We always say it's a good time to buy but it's an even better time to sell," Ruzicka said.

He says this past month was the strongest February home sales in the greater Milwaukee area since 2006 but it's limiting the options to choose from.

"Unfortunately because the inventory is so tight, there aren't a lot of homes to choose from," Ruzicka said.

Ruzicka says he doesn't think they have enough houses for the number of people trying to come in.

"Hopefully in the next 12-18 months, we'll see more subdivisions come in, more condos being built, especially downtown, to satisfy demand," Ruzicka said.

As for the Sellenheim's, they're planning to continue to rent until they find the right home or until the market changes.

"There's a house for us, it just hasn't appeared yet," Michael said.

Ruzicka says there are no signs of the market slowing down. He advises buyers to get all their finances in places before looking so that they can make an offer right away. 

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