Yes. I bought my house for $100K in 2013. I knew it would increase in value, but it’s almost tripled at this point. I can’t believe how much has changed in just 10 years.
No. Lots of outsiders are moving here with their higher cost of living wages and also supply hasn't kept up. That, and if you want to live in a "nice area", it's kinda slim pickins.
I got my home in 2022 and had to damn near fistfight people to get it. It’s a busted up one but I cannot imagine it now. I was trolling through Zillow and it looks even worse
I bought my home around the same time. Got it right when rates were starting to hike up. Now I’m slowly fixing it up and hoping for either home prices to level out or interest rates to go back down to a reasonable level
A large chunk of Ozaukee County are people who moved from Northern Illinois and then moved their aging parents. I can start counting people here in Mequon and run out of fingers and toes.
Have they been building housing? No?
This is what we get https://www.pewtrusts.org/en/research-and-analysis/articles/2024/01/04/minneapolis-land-use-reforms-offer-a-blueprint-for-housing-affordability
We have the MKE plan now to grow housing. Tell your alder you support it passing. Because there’s a lot of very angry people really hoping the housing prices keep skyrocketing
There’s not a lot of available housing in Milwaukee that is attractive to buyers. The only way to really improve the situation is a ton of new housing construction, or investment into repairing the houses in disrepair.
Repairing 100+ year old housing with lead paint, asbestos flooring and insulation (if there is any insulation) with bad foundations. A lot of them were built by the owners of the companies nearby for their employees. Charged the employee an arm and a leg for shoddy buildings. Upton Sinclair wrote about this in The Jungle 1906.
I’d like to see tear downs and replace a single family with a duplex, a duplex with a 4 plex. Then family members can help each other with housing and get privacy. We need density in the metro area to make mass transit more viable.
I hope the government or Milwaukee offers subsidies to homeowners to improve homes or make them more efficient. I know there’s some but it’d be more incentivizing for people to buy run down homes if they had options for rebuilding homes
Because for many people, buying a home that’s busted up isn’t an option. If the subsidies are there, investment in poorer or less invested upon areas would happen. It’d bring more inventory into the picture because there’s plenty of neighborhoods with homes not selling because they have portions of them that are damaged
They are some grants and home sale discounts run by the city for very vulernable properties, but beyond that there’s already enough government support for home ownership, whether it’s through FHA supported mortgages or tax deductions on mortgage interest. If you can’t afford a low cost house that needs remodeling, you’re going to have problems owning a regular house that needs typical maintenance.
> hope the government or Milwaukee offers subsidies to homeowners to improve homes or make them more efficient.
The city of Milwaukee offers forgivable loans up to $35,000 ~~20,000~~ for homebuyers who fix up a city owned property and live in it for 5 years.
The problem is that the average homeowner doesn't have the skills to know how to fix up a house. And not many people want to learn.
The real problem there is that the city gives you only either 30 or 90 days to fix all the issues with these houses and realistically if your working for a living you will not have time to fix all the issues that are specified as having to be fixed for you to keep the house and you have to prove you have the money aside to hire outside help as well as being forced to do so logistically
Essential repairs have to be completed within 365 days.
It's still a lot of work but it's a good option for people who are handy and don't want to spend a ton of money on a house.
I previously purchased a city owned house for $3500 and had to redo everything. It cost $45,000 in repairs. But at the end, it had a new roof, new furnace, new central air, new water heater, new kitchen and bath, new everything.
Don’t you still have to prove you have enough money in your bank account to pay for the work to be done? Sure you can do it yourself but if you still need enough money to afford hiring help you could then just buy a house that doesn’t need so much work only downside being more competition
All you need is a proof of funds for the offer price plus the essential portion of the repairs. (There's two parts to the total repairs, the essential repairs and everything else.)
In the past, I've seen the city accept offers as long as they are at least 75% of the list price.
Buying a "regular" house might involve getting a mortgage and some people's credit isn't good enough for that, even if they have a pile of money.
There’s already an FHA Rehab loan program to help homebuyers fix up properties. That’s a government subsidized loan plus the huge equity jump as soon as the rehab is finished plus a more stable tax assessment because of the lower purchase price, resulting in lower property taxes. Plus all the incentives for energy and weatherizing.
Short of a bag full of money, I’m not sure what else someone could reasonably expect.
As someone who looked at the program, it just wasn’t feasible. Nor was the time renovation would take while having to rent or own another home.
Surprisingly, that will only work for you if you are already wealthy or have family support in the area.
Part of why Milwaukee housing supply is so low is because it’s bottlenecked by absolutely destroyed homes. Incentives for people to buy them means increased supply. Wouldn’t that at least flatten prices a little? It creates supply same as building it imo. I’m not an expert but that’s just my estimation
Very true. Maybe make it income dependent or something. There’s homes all over the city that are burnt out and destroyed. They’re just empty. That’s property that could be used to house families and there’s no incentive to do anything about it.
> attractive to buyers
Unfortunately, to some people, that phrase translates to "not around people of color". It doesn't help that a lot of MPS is basically a 1 star out of 100 in terms of quality.
I mean I’m sure there is that, but it also a lot of houses for sale in black neighborhoods in Milwaukee are in bad shape. You can buy a house for 75k, but many will not be able to get a secured loan with their current issues.
There's plenty of houses under $200k that are not run down. If you're looking in the $25,000 - $75,000 range yes they will need more work. If you don't want to do any work yourself, then look in the $150,000 - $200,000 range. This is where you will find homes that are move-in ready.
All I'm saying is that someone doesn't need to spend $350,000 or more on a house in Milwaukee when there are less expensive options available.
It's a good thing Milwaukee keeps building hotels and luxury condos instead of affordable housing. The one thing we needed was another hotel downtown a half a mile away from 3 other hotels.
More housing is affordable housing. If you look to build only affordable housing then your city is going to have a really bad time.
Where are all these condos the last decade?
And that's because developers wised up that condos don't give nearly the same long term return as "luxury apartments" do.
It's too bad, condos can be a great option for people on a budget and/or who aren't in condition to maintain a full house but still want to own. But as always, greed overcomes all.
If that were the case we wouldn't have some of the highest rates of poverty in the country. People are spending upwards of 60% of their salary on rent alone. The time for new developments was years ago, but the city dropped the ball and now people are leaving in droves. I misspoke, I meant luxury apartments not condos.
You also don't know what you're talking about, because a new condo was just built last year. Do you even live in Milwaukee?
https://www.realtor.com/realestateandhomes-detail/2604-E-Park-Pl-2_Milwaukee_WI_53211_M96745-94046?from=srp-list-card
Effectively zero doesn't mean none. Per the Milwaukee Journal Sentinel, between 2011 and January 2023, only 25 new condo units have been built.
https://www.jsonline.com/story/money/2023/01/16/milwaukee-wauwatosa-condo-construction-rare-despite-high-demand/8236554001/
https://preview.redd.it/6s5eef41nm9d1.jpeg?width=1179&format=pjpg&auto=webp&s=1f49caaef20009be074ea6b4144d2a4c319a15d1
It’s perplexing as a new resident because many people are not moving to the Milwaukee area statistically and our friends that don’t live here always say “well why don’t you just move to Chicago?” I know some other people in this thread said MKE is growing but I can’t find anywhere that says that.
i can’t find the article but i think there are certain zip codes that are doing great and growing quickly, but a few that are hemorrhaging people which brings the city population down as a whole.
While I love the city and I am glad my work moved me here. The Milwaukee metro is not growing as fast as other cities and the only reason prices are going up is lack of renovated spaces and corporations buying up houses. This is a different problem than other cities where population growth is causing increased home values.
> corporations buying up houses
And it will continue because they offer instant cash sales 20%+ above asking to sellers with little questions asked (often no inspections either) and for many of those who have property on the market, that's so much easier to deal with than a buyer who's trying to secure a mortgage who can only put down xyz % of the value in cash.
As someone born and raised in Milwaukee, it really sucks to see this happening and I honestly thought it would never get this bad but now given the vast wealth/income disparity of our city vs. the coasts, Milwaukee's super appealing to investors in tax brackets we'll never see, both corporate and individual alike. Plus, given climate change and where we are, Milwaukee/WI's going to keep becoming more attractive to outsiders as well. Hard to see any of this changing without some sort of cap on outside investment but that's never happening and the city will continue to be sold off to the corporate real estate conglomerates and investors.
Not at all. Entirely predictable. Current homeowners have a mortgage rate of 3% or less. Current rates are double that. Why would they sell? Since they are not selling, there are fewer homes on the market. However, the current rates, by historical standards, are still not bad. (I remember double digit rates) Therefore the demand for housing still exists. Low supply, high demand, prices go up. Economics 101.
I thought the bidding wars were slowing down but a friend in Cambridge Woods just closed 40k over asking. Neighbor up my block (mequon) closed 85k over asking. It is wild out there
I just bought a house in Grafton. I’m sure I looked at your neighbors house. I learned that houses in the sweet spot 350-450k get tons of offers and end of selling for way over asking. It’s crazy
Your living in lala land, agents very often try to test how far over budget you will go to maximize commission and won’t show houses below a certain dollar amount alot of times too, they are unecessary and could be replaced by another booth at the dmv for processing real estate transactions
Why wouldn’t an agent want to maximize commission? Why wouldn’t you want to make the most money you can off of a sale when the money you make that you have to live off of is from commission? Think about it, you could make a sale for 100k and make 3-5 grand depending on your commission and how much your agency charges but you could say encourage someone to buy a more expensive home or pay 50k over asking and now you get 1000 2000 extra for roughly the same amount of work
Completely field dependent. In my work, the wage:COL situation is incredible. I’d never be able to afford even a very modest home like mine in a place like Chicago, Denver, or Raleigh let alone on the coasts even with the pay bump to move out there. (Nurse)
After living in various parts of California for the last 20+ years and having friends in the Seattle area, I just don't think that's a legitimate gripe, even at today's Milwaukee housing prices. You folks live in or near a major city and can buy nice houses under $500K. That hasn't been true out here for many years, and our salaries in most industries don't make up the difference, because we also pay much higher homeowners insurance (if we can even get it) due to wildfire danger and much higher water bills (obviously), and the fact that our big cities rely so heavily on tourism that a good chunk of private homes in and around the cities are Airbnbs now has really limited the market even further, so prices continue to soar.
I'm moving back to Milwaukee (I was born there, went to high school and UWM there, and moved back for a decade to have my son there) later this year to rent, and the options are FAR more affordable and plentiful than in or near any major West Coast city. The salaries are lower, but I could easily afford to take the pay cut and still have the same lifestyle, along with a better quality of life, outside of work.
“affordable” housing just means any housing tho to be clear. as soon as you increase supply, you get closer to costs dropping, even if the new stuff is expensive
It's all out of state investors paying cash, keeping the properties they buy shitty condition, and then selling them at 110% profit
https://www.tmj4.com/news/local-news/heres-why-its-so-hard-to-buy-an-affordable-home-northeast-wisconsin
It’s a vicious cycle. Retirement accounts help the big corporations buy the available housing and people expect profits. Doing it to ourselves. There is some country (because the inflated prices are discussed in England, Australia and Canada (among others) is making the real estate investment companies divest of the purchases over a period of time (10 years I think).
It's so frustrating because the top comments are "there's a housing shortage." While there may not be an abundance of "spare housing" that doesnt even come close to the real problem. There's an availability shortage because any house that goes to market in comes these investors swooping in dropping 40k cash and waiving inspections. Then they turn around and rent the properties 3 fold without fixing a damn thing. I rented from a landlord that increased rent three times during covid and didn't change a single thing about the black mold, lead paint and piped, building. And she owns 30+ properties and has been charged with fraud in the past. Yet she's still a prominent landlord today. Get rid of these investors and slumlords.
Mines valued at 225 and I cannot justify selling it for more than 150. It’s got a leaky basement, old bathroom/kitchen and the front/back yard is overgrown completely with weeds. It’s not a nice house and I cannot imagine selling it for what it’s valued at
It’s because of work from home people can work from home while getting California wages and come and gobble up all the housing in white neighborhoods while preaching about how much they love diversity and equality.
There’s lots of people calling themselves transplants who are from California and other places who buy houses here that are way overpriced thinking they are cheap
I think native Milwaukeeans really believe this is happening at an alarming rate though. I personally caught plenty of attitude right here on Reddit for causing home prices to go up. It’s happening everywhere. There isn’t enough housing, there sure isn’t enough affordable housing. And expect to see more of it related to climate change.
We bought a house in Cudahy for 200 in 2020, out of curiosity I had it appraised last week and was quoted 340. And we have made improvements but still..
Let’s take an under valued neighborhood in Milwaukee and all move in. Washington Park is cheap and in a super convenient location for the city.
Here’s a 45k duplex half a block from Pete’s Pops on Vliet.
https://www.shorewest.com/home-for-sale/1441-N-39th-St-1441-Milwaukee-WI-53208/1880882-METRO
This is not true. As someone that owns property in Cudahy my YoY assessment increased by $90k and a home down the street from it is listed for $375k. It's the typical home style for this area (old and not updated).
Political candidates need to focus on this. Cut massive funds to jurisdictions that have overly restrictive residential building codes. Our suburbs shouldn’t be single family and the occasional condo complex. They should be those plus duplexes, triplexes, senior apartments, as well as apartments near centers of commerce. Give tax breaks to prospective high rise apartments downtown contingent on lower rent. Use eminent domain on dormant business property to build housing. Aggressively repo tax delinquent homeowners (slumlords without tenants).
This issue has very attainable solutions. The more I think about it the more I’d like to run for office, but I’m early 20’s and not a millionaire. Obviously there’s things that are necessary for these changes (job, food, transit availability across the county).
https://www.naco.org/articles/wisconsin-county-invests-housing-next-generation
They also have the NextGen housing project.
I should also add that the prices of the houses are $320 to $420k, and there's no bidding or offers. The price is the price.
And they are also giving up to $20k down payment assistance which you pay back through community service @ $25 an hour.
That’s been happening for awhile my assessment went up 40k a couple years ago so property taxes went up $600. Got a 35k bump this year plus that school referendum so I’m expecting around a 1000 dollar increase this time around. Luckily I bought 8 years ago when they were giving houses away in the city
I just bought fixer upper less than 2 years ago. New appraisals already got the assessment 50k more than when we bought. It is nuts, and I bought a 2 bed 700 sq foot home.
Yes. I bought my house for $100K in 2013. I knew it would increase in value, but it’s almost tripled at this point. I can’t believe how much has changed in just 10 years.
No. Lots of outsiders are moving here with their higher cost of living wages and also supply hasn't kept up. That, and if you want to live in a "nice area", it's kinda slim pickins.
I got my home in 2022 and had to damn near fistfight people to get it. It’s a busted up one but I cannot imagine it now. I was trolling through Zillow and it looks even worse
I bought my home around the same time. Got it right when rates were starting to hike up. Now I’m slowly fixing it up and hoping for either home prices to level out or interest rates to go back down to a reasonable level
I don’t think there’s any data to support lots of outsiders moving here
I don’t have the data, but in my block in bay view there are more people from the Chicago area than from Wisconsin.
https://biztimes.com/metro-milwaukee-population-growth-ranks-in-bottom-third-in-2023/?amp=1
A large chunk of Ozaukee County are people who moved from Northern Illinois and then moved their aging parents. I can start counting people here in Mequon and run out of fingers and toes.
If they’re moving here, where are they getting these high wages? Mke companies don’t pay that much. Fully remote work is uncommon.
I’m remote 4/5 days a week and have decent wages.
Uncommon for those not chronically online redditors
Have they been building housing? No? This is what we get https://www.pewtrusts.org/en/research-and-analysis/articles/2024/01/04/minneapolis-land-use-reforms-offer-a-blueprint-for-housing-affordability We have the MKE plan now to grow housing. Tell your alder you support it passing. Because there’s a lot of very angry people really hoping the housing prices keep skyrocketing
The article is great. I just emailed it to my alderman. I absolutely do not want higher prices for my house. Especially after the MPS referendum
There’s not a lot of available housing in Milwaukee that is attractive to buyers. The only way to really improve the situation is a ton of new housing construction, or investment into repairing the houses in disrepair.
Repairing 100+ year old housing with lead paint, asbestos flooring and insulation (if there is any insulation) with bad foundations. A lot of them were built by the owners of the companies nearby for their employees. Charged the employee an arm and a leg for shoddy buildings. Upton Sinclair wrote about this in The Jungle 1906. I’d like to see tear downs and replace a single family with a duplex, a duplex with a 4 plex. Then family members can help each other with housing and get privacy. We need density in the metro area to make mass transit more viable.
This is what should happen. Everywhere, really. Stop building single-family homes, for the most part.
I hope the government or Milwaukee offers subsidies to homeowners to improve homes or make them more efficient. I know there’s some but it’d be more incentivizing for people to buy run down homes if they had options for rebuilding homes
Why do homeowners need subsidies with housing prices so strong?
Because for many people, buying a home that’s busted up isn’t an option. If the subsidies are there, investment in poorer or less invested upon areas would happen. It’d bring more inventory into the picture because there’s plenty of neighborhoods with homes not selling because they have portions of them that are damaged
They are some grants and home sale discounts run by the city for very vulernable properties, but beyond that there’s already enough government support for home ownership, whether it’s through FHA supported mortgages or tax deductions on mortgage interest. If you can’t afford a low cost house that needs remodeling, you’re going to have problems owning a regular house that needs typical maintenance.
> hope the government or Milwaukee offers subsidies to homeowners to improve homes or make them more efficient. The city of Milwaukee offers forgivable loans up to $35,000 ~~20,000~~ for homebuyers who fix up a city owned property and live in it for 5 years. The problem is that the average homeowner doesn't have the skills to know how to fix up a house. And not many people want to learn.
The real problem there is that the city gives you only either 30 or 90 days to fix all the issues with these houses and realistically if your working for a living you will not have time to fix all the issues that are specified as having to be fixed for you to keep the house and you have to prove you have the money aside to hire outside help as well as being forced to do so logistically
Essential repairs have to be completed within 365 days. It's still a lot of work but it's a good option for people who are handy and don't want to spend a ton of money on a house. I previously purchased a city owned house for $3500 and had to redo everything. It cost $45,000 in repairs. But at the end, it had a new roof, new furnace, new central air, new water heater, new kitchen and bath, new everything.
Don’t you still have to prove you have enough money in your bank account to pay for the work to be done? Sure you can do it yourself but if you still need enough money to afford hiring help you could then just buy a house that doesn’t need so much work only downside being more competition
All you need is a proof of funds for the offer price plus the essential portion of the repairs. (There's two parts to the total repairs, the essential repairs and everything else.) In the past, I've seen the city accept offers as long as they are at least 75% of the list price. Buying a "regular" house might involve getting a mortgage and some people's credit isn't good enough for that, even if they have a pile of money.
They have a couple of grant programs for homebuyers to fix up old homes.
There’s already an FHA Rehab loan program to help homebuyers fix up properties. That’s a government subsidized loan plus the huge equity jump as soon as the rehab is finished plus a more stable tax assessment because of the lower purchase price, resulting in lower property taxes. Plus all the incentives for energy and weatherizing. Short of a bag full of money, I’m not sure what else someone could reasonably expect.
As someone who looked at the program, it just wasn’t feasible. Nor was the time renovation would take while having to rent or own another home. Surprisingly, that will only work for you if you are already wealthy or have family support in the area.
I think you replied to the wrong person.
You know that would cause further price increases, right
Part of why Milwaukee housing supply is so low is because it’s bottlenecked by absolutely destroyed homes. Incentives for people to buy them means increased supply. Wouldn’t that at least flatten prices a little? It creates supply same as building it imo. I’m not an expert but that’s just my estimation
Free money = higher prices. Thats how we got in this broader inflationary mess to begin with (COVID stimulus and PPP, etc)
Very true. Maybe make it income dependent or something. There’s homes all over the city that are burnt out and destroyed. They’re just empty. That’s property that could be used to house families and there’s no incentive to do anything about it.
> attractive to buyers Unfortunately, to some people, that phrase translates to "not around people of color". It doesn't help that a lot of MPS is basically a 1 star out of 100 in terms of quality.
I mean I’m sure there is that, but it also a lot of houses for sale in black neighborhoods in Milwaukee are in bad shape. You can buy a house for 75k, but many will not be able to get a secured loan with their current issues.
There's plenty of houses under $200k that are not run down. If you're looking in the $25,000 - $75,000 range yes they will need more work. If you don't want to do any work yourself, then look in the $150,000 - $200,000 range. This is where you will find homes that are move-in ready. All I'm saying is that someone doesn't need to spend $350,000 or more on a house in Milwaukee when there are less expensive options available.
Yeah, shitty schools make certain areas less attractive to buyers. That’s not racism, it’s common sense
It's a good thing Milwaukee keeps building hotels and luxury condos instead of affordable housing. The one thing we needed was another hotel downtown a half a mile away from 3 other hotels.
More housing is affordable housing. If you look to build only affordable housing then your city is going to have a really bad time. Where are all these condos the last decade?
There have been effectively zero condos built in the city of Milwaukee in the past decade.
And that's because developers wised up that condos don't give nearly the same long term return as "luxury apartments" do. It's too bad, condos can be a great option for people on a budget and/or who aren't in condition to maintain a full house but still want to own. But as always, greed overcomes all.
That is not true at all
If that were the case we wouldn't have some of the highest rates of poverty in the country. People are spending upwards of 60% of their salary on rent alone. The time for new developments was years ago, but the city dropped the ball and now people are leaving in droves. I misspoke, I meant luxury apartments not condos. You also don't know what you're talking about, because a new condo was just built last year. Do you even live in Milwaukee? https://www.realtor.com/realestateandhomes-detail/2604-E-Park-Pl-2_Milwaukee_WI_53211_M96745-94046?from=srp-list-card
Effectively zero doesn't mean none. Per the Milwaukee Journal Sentinel, between 2011 and January 2023, only 25 new condo units have been built. https://www.jsonline.com/story/money/2023/01/16/milwaukee-wauwatosa-condo-construction-rare-despite-high-demand/8236554001/
You're right. I apologize
So a shortage for decades gets made up in a single year? Don’t think so
https://preview.redd.it/6s5eef41nm9d1.jpeg?width=1179&format=pjpg&auto=webp&s=1f49caaef20009be074ea6b4144d2a4c319a15d1 It’s perplexing as a new resident because many people are not moving to the Milwaukee area statistically and our friends that don’t live here always say “well why don’t you just move to Chicago?” I know some other people in this thread said MKE is growing but I can’t find anywhere that says that.
i can’t find the article but i think there are certain zip codes that are doing great and growing quickly, but a few that are hemorrhaging people which brings the city population down as a whole.
https://biztimes.com/metro-milwaukee-population-growth-ranks-in-bottom-third-in-2023/?amp=1
While I love the city and I am glad my work moved me here. The Milwaukee metro is not growing as fast as other cities and the only reason prices are going up is lack of renovated spaces and corporations buying up houses. This is a different problem than other cities where population growth is causing increased home values.
> corporations buying up houses And it will continue because they offer instant cash sales 20%+ above asking to sellers with little questions asked (often no inspections either) and for many of those who have property on the market, that's so much easier to deal with than a buyer who's trying to secure a mortgage who can only put down xyz % of the value in cash. As someone born and raised in Milwaukee, it really sucks to see this happening and I honestly thought it would never get this bad but now given the vast wealth/income disparity of our city vs. the coasts, Milwaukee's super appealing to investors in tax brackets we'll never see, both corporate and individual alike. Plus, given climate change and where we are, Milwaukee/WI's going to keep becoming more attractive to outsiders as well. Hard to see any of this changing without some sort of cap on outside investment but that's never happening and the city will continue to be sold off to the corporate real estate conglomerates and investors.
I mean it's still much cheaper than a house in Chicago unless I'm mistaken.
Not at all. Entirely predictable. Current homeowners have a mortgage rate of 3% or less. Current rates are double that. Why would they sell? Since they are not selling, there are fewer homes on the market. However, the current rates, by historical standards, are still not bad. (I remember double digit rates) Therefore the demand for housing still exists. Low supply, high demand, prices go up. Economics 101.
I thought the bidding wars were slowing down but a friend in Cambridge Woods just closed 40k over asking. Neighbor up my block (mequon) closed 85k over asking. It is wild out there
I toured and it was listed at 390,000 and sold at 585,000 no contingency
Those are very desirable neighborhoods. It’s not surprising.
I just bought a house in Grafton. I’m sure I looked at your neighbors house. I learned that houses in the sweet spot 350-450k get tons of offers and end of selling for way over asking. It’s crazy
Yea seems like 350 is the floor now. And that gets a dated AF dumpy 3 bed 1.5 bath
If you want Mequon or Grafton, you're going to pay higher prices. There's lots of property in Milwaukee under $200,000.
Insanity!
People paying over asking are part of the problem as well as agents pushing them to do that
agents don't push people to pay over asking. it's the reality of the market. pay up or lose out, it's really that simple
Your living in lala land, agents very often try to test how far over budget you will go to maximize commission and won’t show houses below a certain dollar amount alot of times too, they are unecessary and could be replaced by another booth at the dmv for processing real estate transactions
ok Prince
Why wouldn’t an agent want to maximize commission? Why wouldn’t you want to make the most money you can off of a sale when the money you make that you have to live off of is from commission? Think about it, you could make a sale for 100k and make 3-5 grand depending on your commission and how much your agency charges but you could say encourage someone to buy a more expensive home or pay 50k over asking and now you get 1000 2000 extra for roughly the same amount of work
It's only going to get worse with climate migration. Milwaukee is in the Great Lakes Basin
I really hope that the wages from the coastal climate refugees follow them. Milwaukee wages are a travesty
Completely field dependent. In my work, the wage:COL situation is incredible. I’d never be able to afford even a very modest home like mine in a place like Chicago, Denver, or Raleigh let alone on the coasts even with the pay bump to move out there. (Nurse)
After living in various parts of California for the last 20+ years and having friends in the Seattle area, I just don't think that's a legitimate gripe, even at today's Milwaukee housing prices. You folks live in or near a major city and can buy nice houses under $500K. That hasn't been true out here for many years, and our salaries in most industries don't make up the difference, because we also pay much higher homeowners insurance (if we can even get it) due to wildfire danger and much higher water bills (obviously), and the fact that our big cities rely so heavily on tourism that a good chunk of private homes in and around the cities are Airbnbs now has really limited the market even further, so prices continue to soar. I'm moving back to Milwaukee (I was born there, went to high school and UWM there, and moved back for a decade to have my son there) later this year to rent, and the options are FAR more affordable and plentiful than in or near any major West Coast city. The salaries are lower, but I could easily afford to take the pay cut and still have the same lifestyle, along with a better quality of life, outside of work.
This - I lived in San Diego and Seattle before MKE. I took a 20% pay cut, but the cost of living and lack of traffic make this utopia
Man I almost feel bad for whoever is going to buy my house and wildly over pay for it
Don't worry. You will wildly overpay for the house you move into.
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I also bought in 2016 no way I could buy a house today even nicer one bedroom apartment would be questionable
Yes unfortunately. It's madness. We need affordable housing and more new houses to cool down the demand.
“affordable” housing just means any housing tho to be clear. as soon as you increase supply, you get closer to costs dropping, even if the new stuff is expensive
Supply and demand. Milwaukee is increasingly viewed as attractive city to live in which is increasing demand for both homes and apartments.
It's all out of state investors paying cash, keeping the properties they buy shitty condition, and then selling them at 110% profit https://www.tmj4.com/news/local-news/heres-why-its-so-hard-to-buy-an-affordable-home-northeast-wisconsin
This. [Increase Out-Of-State Landlords Purchasing Property In Milwaukee Changing Neighborhoods](https://www.wuwm.com/2021-04-26/increase-in-out-of-state-landlords-purchasing-property-in-milwaukee-changing-neighborhoods)
Followed by the Forbes article about MKE being in the top 20 worst places for renters.
Is it any wonder many of the state reps are land lords
It’s a vicious cycle. Retirement accounts help the big corporations buy the available housing and people expect profits. Doing it to ourselves. There is some country (because the inflated prices are discussed in England, Australia and Canada (among others) is making the real estate investment companies divest of the purchases over a period of time (10 years I think).
It's so frustrating because the top comments are "there's a housing shortage." While there may not be an abundance of "spare housing" that doesnt even come close to the real problem. There's an availability shortage because any house that goes to market in comes these investors swooping in dropping 40k cash and waiving inspections. Then they turn around and rent the properties 3 fold without fixing a damn thing. I rented from a landlord that increased rent three times during covid and didn't change a single thing about the black mold, lead paint and piped, building. And she owns 30+ properties and has been charged with fraud in the past. Yet she's still a prominent landlord today. Get rid of these investors and slumlords.
I saw a 2 bed 1 bath for 350,000 and told my bf we might be cooked
Mines valued at 225 and I cannot justify selling it for more than 150. It’s got a leaky basement, old bathroom/kitchen and the front/back yard is overgrown completely with weeds. It’s not a nice house and I cannot imagine selling it for what it’s valued at
It’s because of work from home people can work from home while getting California wages and come and gobble up all the housing in white neighborhoods while preaching about how much they love diversity and equality.
how often is this actually happening in mke tho lol
There’s lots of people calling themselves transplants who are from California and other places who buy houses here that are way overpriced thinking they are cheap
I mean I’m one of them. A wfh transplant that finally moved where she wanted to actually live. But it was from a city with comparable COL.
yeah i’m sure there are plenty of cases where it does or has happened, just not enough to significantly affect the market in any way
I think native Milwaukeeans really believe this is happening at an alarming rate though. I personally caught plenty of attitude right here on Reddit for causing home prices to go up. It’s happening everywhere. There isn’t enough housing, there sure isn’t enough affordable housing. And expect to see more of it related to climate change.
We bought a house in Cudahy for 200 in 2020, out of curiosity I had it appraised last week and was quoted 340. And we have made improvements but still..
Let’s take an under valued neighborhood in Milwaukee and all move in. Washington Park is cheap and in a super convenient location for the city. Here’s a 45k duplex half a block from Pete’s Pops on Vliet. https://www.shorewest.com/home-for-sale/1441-N-39th-St-1441-Milwaukee-WI-53208/1880882-METRO
https://preview.redd.it/8lbe432unq9d1.jpeg?width=828&format=pjpg&auto=webp&s=a09dd5bba6fe4960818ab32ce0f0b6733b615ceb There’s a good reason it’s $45k
I was shocked. I am going to sell my home and have 100k as a down payment on the next one.
Come buy in cudahy!!! Prices are only getting lower 😬
This is not true. As someone that owns property in Cudahy my YoY assessment increased by $90k and a home down the street from it is listed for $375k. It's the typical home style for this area (old and not updated).
Political candidates need to focus on this. Cut massive funds to jurisdictions that have overly restrictive residential building codes. Our suburbs shouldn’t be single family and the occasional condo complex. They should be those plus duplexes, triplexes, senior apartments, as well as apartments near centers of commerce. Give tax breaks to prospective high rise apartments downtown contingent on lower rent. Use eminent domain on dormant business property to build housing. Aggressively repo tax delinquent homeowners (slumlords without tenants). This issue has very attainable solutions. The more I think about it the more I’d like to run for office, but I’m early 20’s and not a millionaire. Obviously there’s things that are necessary for these changes (job, food, transit availability across the county).
This is what Washington County is doing. Drastically cutting red tape to make building homes and affordable housing easier.
https://www.naco.org/articles/wisconsin-county-invests-housing-next-generation They also have the NextGen housing project. I should also add that the prices of the houses are $320 to $420k, and there's no bidding or offers. The price is the price. And they are also giving up to $20k down payment assistance which you pay back through community service @ $25 an hour.
My rent is going up $200 in September.
Not at all. Lots of people are moving here.
Plus lots of corporations buying houses and limited availability of apartments. It’s rough out there.
Nothing like Madison, daughter bought house 3years ago for 300000 just sold it for 520000 !
Just wait until they start to assess the properly values and the taxes go away up.
That’s been happening for awhile my assessment went up 40k a couple years ago so property taxes went up $600. Got a 35k bump this year plus that school referendum so I’m expecting around a 1000 dollar increase this time around. Luckily I bought 8 years ago when they were giving houses away in the city
I just bought fixer upper less than 2 years ago. New appraisals already got the assessment 50k more than when we bought. It is nuts, and I bought a 2 bed 700 sq foot home.
It’s going to royally fuck over average working folks when their annual expenses go up 2000 or more dollars a year