Why Is It Challenging For First Time Buyers In This Market

As the real estate market continues to heat up, more and more buyers are finding it difficult to find available homes. In an interview with Jennifer Zoeller, Realty Executives Integrity and local lender TJ Ebert from Guidance Mortgage, they discuss the reasons why this is happening and offer some tips and insights for those considering whether to rent or buy in the Milwaukee area.

According to Ebert, low-interest rates are a significant factor contributing to the lack of available homes on the market. He cites an astonishing statistic that 71% of homeowners in the greater Milwaukee area have a mortgage rate below 4%. This low rate makes it less appealing for homeowners to list their homes for sale, as they may not be able to find a better deal.

Despite these challenges, both Zoeller and Ebert believe that there are still advantages to both renting and buying in southeastern Wisconsin. Zoeller emphasizes that buying a home allows you to build equity and invest in a property that's yours, while Ebert notes that renting may be a better option for those who need more flexibility and are not ready to commit to a mortgage.

For those who decide to rent, Zoeller recommends understanding the terms of your lease agreement and budgeting accordingly. On the other hand, for those who decide to buy, Ebert advises being patient and starting your search early.

In conclusion, while the real estate market may be challenging for buyers right now, it's important to weigh the pros and cons of renting versus buying and make a decision based on your individual needs and circumstances.