Milwaukee-area real estate market hot during pandemic

MILWAUKEE - The start of the new year is also the beginning of the spring home sales market.

With low inventory in Milwaukee County, local realtors are saying now is the time to buy or sell. 

"We do expect rates to stay below 3%, it looks like they’re going to be doing that into '21," said Kel Svoboda with the Greater Milwaukee Association of Realtors. "I think for now we’re going to have an exciting '21 when it comes to the real estate market around this area."

Svoboda, who is also vice president of First Weber Realtors, said home prices continue to rise despite the pandemic -- and people are buying.  

COVID-19 is a big reason why buyers in the Milwaukee metropolitan area look for bigger homes in the suburbs. 

"People are looking for that extra office, or maybe that pool now because they can’t just go to a water park like they used to," Svoboda said.

Svoboda anticipates a 2% increase in sales from 2020, with high demand and very low inventory. Because of that, he said January is a great time to start looking.

"Anybody purchasing properties in 2021, they can probably expect a significant increase in appreciation on their property over the next couple years," Svoboda said.

The final sales numbers for 2020 are not yet out, but local realtors expect 2021 to go back to a normal buying-selling year.

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Local experts advise prospective buyers or sellers to contact a realtor to ensure safety protocols are followed during the pandemic.

County officials also tell FOX6 News that demand for housing is a major reason for skyrocketing property tax assessments.