After getting off to a slow start in the beginning of 2006, the housing industry finally picked up in Milwaukee. Everything in the housing industry went up: sales volume, prices, and the time it takes to complete the transaction. Luckily for buyers, the inventory volume is up as well. There are more houses on the market to choose from, making 2006 is a great time to buy in Wisconsin.
Quick Milwaukee Housing Facts
Percent of Homeowners in Milwaukee: 68.4%
Percent of Renters in Milwaukee: 31.6%
Median Milwaukee Household Income: $43,791
Average Milwaukee Credit Score: 697
Best Cities to Live in Wisconsin: Middleton, Mequon-Thiensville
Median Milwaukee Home Value: $112,200
How Much Real Estate Can I Afford in Milwaukee?
Entering the housing market can be scary, especially if it is your first time doing so. Luckily, we can offer you some help. Determining your position in the housing market is one of the best ways to get started and eliminate any stress you may have about entering the housing market. We recommend you start by answering these questions:
- How much am I willing to spend on my monthly mortgage payments?
- What kind of payment plan am I interested in?
- What are property taxes like in Milwaukee?
- What are current interest rates in Milwaukee?
Once you have answers to these questions, its time to number crunch. Check out our mortgage calculators and find out what kind of mortgages you will likely be offered. After you have completed these two steps, you should have a good idea of where you stand in the housing market. Do you need to wait until your credit scores rises before you purchase? Are you ready to contact a realtor? Are you ready to make a bid on a house? Whatever your next step will be, you will know that you have made a sound and educated decision.
Refinancing in Milwaukee
Refinancing can be a helpful economic tool. When people refinance, it usually has to do with one of the following two complaints:
- I want a lower interest rate. If the market interest rate has dropped 2% below what you pay, it is time to refinance. If you credit score has improved so much that you qualify for a lower interest rate, it is time to refinance.
- I want a different payment plan. Want more stability? No problem. Refinance from a Adjustable Rate Mortgage to a Fixed Rate Mortgage.
This site is not a broker and does not collect or solicit mortgage applications. Content is for informational or comparison purposes only. Services are not available in New York. Products and services may not be available in all other states.