Anyone who has spent a summer in Wisconsin knows the power that our summertime storms can bring. The lightning and thunder inspire awe and fear but the rain brings much needed relief to the fields and the landscape. There has been a storm of sorts brewing in the housing industry lately. The lightning comes in the form of headlines that proclaim the housing industry is in trouble. The thunder comes in the form of stories from the East and West coast that are somehow translated into predictions of doom and gloom for our own area. But then there is the rain. It is the much needed base in reality that washes the slate clean and allows those associated with the building industry to focus on the growth that is associated with our area – the growth that will continue to strengthen housing for years to come.    

It is true that the Milwaukee market is experiencing a correction within the housing market. It is also true that this correction was completely unanticipated locally and nationally. Similarly, no one can predict when the market will again return to a seller’s market. Simply put, there are ups and down in any industry and you can’t expect to experience record setting years every year.

For consumers who are confused about whether or not this is a good time to buy, the best way to answer this is to take a look back to what the recent seller’s market brought to the home building experience. When the seller is in control, there is a sense of urgency to buying. Consumers have to act fast to get the perfect lot or the home of their dreams. Often, consumers found themselves rushing into one of the biggest investments of their lives with only minutes to think about the decision. The advantage of the seller’s market seemed to be that consumers who had homes to sell were also able to sell their homes at an attractive price. While homeowners were able to get a higher price for the home, they were also dealing with a seller who was doing exactly the same thing.

In today’s buyer’s market, the sense of urgency has disappeared. Homebuyers have far more selection. Homebuyers also get a break from rising prices as they have leveled off to coincide with the lower material costs of many construction materials. While homeowners may not be able to set significantly higher prices for their existing homes, they are also not buying in an inflated market, so they are able to buy more of a home for less.

Today’s market presents a great opportunity for buyers. Interest rates remain near record lows, and the Milwaukee area is projected to experience steady growth, which translates to a safe investment. Buyers in today’s market may be better situated to come out ahead. Home values in the United States have proven to be a sound investment and have risen 88% on a national average over the past decade.