A multi-property auction in Milwaukee is being set up to offer homeowners close to 40 single and multi-family properties, including homes and duplexes.
The opening bid of several properties will be as low as $6,700, the organizers, United Country - Hamele Auction and Realty and United Country - Badgerland Auction and Realty, said in a press statement.
“Our seller recognizes the value of using an accelerated method of marketing – in other words, an auction – to sell their property,” said Travis Hamele, broker, owner and auctioneer with United Country – Badgerland Auction & Realty. “What does this mean for buyers? It means they have the opportunity to purchase a selection of Milwaukee properties at the price of their choosing. Today’s market conditions and the auction format allow sellers and buyers to come to a meeting of the minds quickly with a competitively achieved fair market value. In times like these, an auction is the best way to establish what real market value is.”
The auction is set for Oct. 6 and will be held at 10 a.m. in the Clarion Airport Hotel at 5311 S. Howell Avenue in Milwaukee.
Market Upbeat
Meanwhile, Milwaukee home sale activity was up in August by 21 percent. Interestingly, the shrinking inventory hasn't shot up property prices, with “properties that need no repairs or updating and are appropriately priced are at least getting what the sellers want for them,” real estate professionals told the Journal Sentinel Online.
"If a home is in move-in condition and it's priced well, they are flying off the shelf," Tina Balaka, of Shorewest Realtors told the website.
Mike Ruzicka, president of the Greater Milwaukee Association of Realtors told the website that buyers are capitalizing on low prices and low interest rates, thereby giving a boost to the housing market in Milwaukee.
"Despite oscillations in consumer confidence, uncertainty in the presidential election and no plan to avoid a federal 'fiscal cliff' later this year, the housing market continues to chug along as buyers capitalize on low prices and historically low interest rates," he said.
