WAUKESHA - When the Greater
Milwaukee Association of Realtors recently surveyed homeowners in
the greater Milwaukee area, they learned that the overall perception
of the regional economy is strong, but that they are concerned about
national politics and policies.
The GMAR survey showed that
77 percent of homeowners believe that now is a good time to buy a
home, and 58 percent feel homes are selling fast. That belief has
been backed by GMAR data, which has illustrated that buyers having
been quickly putting in offers on homes in good condition and priced
under $350,000 once they are listed.
More than 75 percent of
homeowners believe the regional economy is getting better or staying
the same, according to the GMAR survey.
Of the four metro Milwaukee
counties survey, Washington and Ozaukee county residents were the
most upbeat about the economy doing better with 54 percent
responding positively. Waukesha County came in at 46 percent and
Milwaukee County was at 22 percent.
Of those surveyed, 17 percent
of homeowners, or about one in five, are interested in selling their
home in the next 12 months (6 percent are 'very likely' to sell, and
another 11 percent are 'somewhat likely' to sell).Ê
When it comes to purchasing a
home, according to the GMAR, there are numerous quality of life
issues that effect an individual's or family's decision to purchase
a home, such as finding the right house in a good neighborhood,
looking for a good school district, how far a neighborhood is from
work, the cost, etc. Ê
According to the recent
survey, some of these typical life decisions have taken a back seat
to happenings in Washington, D.C.
When asked, 'What would worry
you most when it comes to buying a home in the next 12 months?,' 50
percent of respondents ranked, 'I'm afraid of what is going on in
Washington, D.C. right now,' with a 4 (14 percent) or 5 (36 percent)
out of 5. Some of the homeowner-related issues being discussed in
Washington that might impact them include: tax policy, deductibility
of mortgage interest, and health care, according to the GMAR.
Another important issue for
would-be homesellers is concern that they couldn't sell their home
On the other end of the
spectrum, 62 percent gave a 1 (the lowest ranking, noting very
little worry) for concern about their job situation, 74 percent gave
a 1 for getting a loan, 73 percent gave a 1 for having to move to
keep a job, and 61 percent gave a 1 or a 2 to not being able to
afford a new home.Ê
When looking for a new home,
60 percent of respondents said they wanted a condo or smaller home,
but the GMAR says that's problematic because new home construction
is still catching up to its pre-recession production in the
Milwaukee metro region.
In addition, 58 percent of
homeowners would look for a new home in suburban communities, 23
percent in rural areas and 18 percent in an urban environment.