Realtor: Home sales not down in Milwaukee area despite pandemic
MILWAUKEE (CBS 58) -- The pandemic is impacting virtually every aspect o the U.S. economy, including the housing market.
The U.S. Commerce Department said Thursday that new home sales across the country dropped 15% last month, according to The Associated Press.
There have certainly been changes in how people are looking at homes, there have been many more virtual tours and other safety measures, but people are still buying in the Milwaukee area.
"It's actually pretty strong still, said Annie Staebler, a realtor with Keller-Williams.
She says showings have been down.
"Last week, when they look at activity state-wide was down about 45%," Staebler said.
Homes are still selling, though.
"Home sales definitely across the five county Milwaukee metro area are not down," she said.
Staebler says the number of homes coming onto the market, though, has decreased.
"So our inventory is even getting tighter than it was before, yet demand, still high, there we have our strong market," she said.
"There's a lot fewer people putting their home up for sale which has helped keep prices stable for sellers," said Sarah Walters, realtor with RE/MAX Realty 100.
That low inventory has made it competitive for buyers.
"Most homes are going in a day or two," said Walters.
Their advice to buyers is to be ready.
"You want to be preapproved," said Walters.
Stay in touch with your lender.
"Lending requirements are getting a bit tighter, the type of loan you qualified for pre-COVID might not even be available," said Staebler.
She says buyers should also not expect to see a big drop in prices.
"Don't expect that you're going to see a crash where values are going to take a big dive and you're going to get like a banging deal on something," she said, "It's not likely to happen based on what we're seeing so far."