Maybe now is the time to think about lowering your price, making those improvements you've been putting off or maybe taking your home off the market and trying again in the spring?
Be sure to communicate your concerns and thoughts to your real estate agent! It's a tough market for everyone and communication is KEY!
Selling Homes and Losing Money
Charles Benson
MILWAUKEE - Important news for anyone who owns a home or is thinking about buying one. A change in the market could change your bottom line.
"For sale" signs are everywhere.
Jenny and Paul Maciejewksi have been trying to sell their South Milwaukee home since April.
"I have confidence we'll sell," Jenny Maciejewski said.
They bought the house three years ago for $169,000. Now, they're trying to sell it for $15,000 more. But they've put in $30,000 in improvements, so they're going to lose money.
TODAY'S TMJ4's Charles Benson: "Does it seem impossible to believe that you can actually sell a house today and lose money?"
"You wouldn't think so," Paul Maciejewski explained. "But the reality is 'yes' because it's going to happen to me."
They're not alone. Home sales in Milwaukee County are down almost 15 percent compared to last year. Even though the average home price is now $192,000. That's up $13,000 from last year.
In Waukesha County, home sales dropped seven percent and the average home price is now under $300,000. That's a drop of more than $11,000.
“The dilemma that we are seeing for the first time ever is that there is so much inventory that sellers have to be thinking about their competition,” Robin Fazio with Buyers Vantage said.
That competition is forcing sellers not only to be creative, but to lower expectations.
Jenny and Paul Maciejewski aren't giving up.
Charles Benson: “What do you think it's going to take to sell you house?”
“The right person and a little bit of luck,” Paul Maciejewski said.
