By Richie Burke Contributor Published Mar 08, 2021 at 4:01 PM

What’s going on in the housing market? If you’ve been looking at real estate, or if you’ve put your house on the market lately, you’ve probably noticed that things are moving much quicker than they usually do. There have been stories of homes that go up at 8 a.m. and are already contingent on an offer by noon. 

With the housing market fluctuating and mortgage rates being so low, it may be the best time to find that new home – if you’re up to the challenge of battling other interested buyers in this competitive market.

On our latest episode of The GoGedders Podcast, we talk about the crazy Milwaukee housing market with some local experts: Jonathan Newby, Tony Petrie and Cameron Whyte. Jonathan is a real estate agent at Houseworks Collective of Keller Williams who serves the Milwaukee area, Tony is the VP Mortgage Field Manager at Johnson Financial Group, and Cameron is a partner at Third Coast Provisions, Merriment Social and Flour Child as well as a recent buyer/seller.

Together, they break down the chaos in a way to help you navigate the market and decide if it's a good time to start looking for a new home.


“It is a good time to buy," according to Tony, on the podcast. "You may pay $20-25,000 more than you may have two years ago, but you’re going to save tens of thousands of dollars on interest based on what the mortgage rates are versus two years ago."

The craziness in the housing market comes with the dip in interest rates on mortgage loans. Rates that were as high as five or six percent two years ago are now hovering around three percent or lower! Although a few percentiles might not seem like a lot, when you are making a large purchase, like a house, one or two percent can save you tons of money in the long run on a 30-year fixed mortgage. The historic low rates make it an excellent time for homeowners to refinance.

“We essentially had a refinance boom in 2020, where people were refinancing their homes, saving hundreds of dollars a month from their mortgage payment, which they can invest in other avenues,” Tony added. 

The high demand for real estate has driven the values of many homes up. Cameron bought his condo in December of 2017. Since purchasing it, he saw a 40 percent appreciation in its value – so he knew it was a good time to sell. 

“If it is a house you can envision yourself in or grow in, it’s still a no-brainer because there is volatility in the market; over ten years, who knows what’s going to happen," Cameron said. "But at the end of the day, you still know that you’re putting cash away towards equity, and a bigger chunk than you would’ve probably at any other time in history."

With the housing market being so hot, it can be extremely difficult for some to buy right now. Houses are flying off the market soon after being listed, and with the high demand for real estate, it is more important than ever that home buyers know what they can afford.

“I’ve never seen lenders be so intentional about verifying employment, verifying income, looking into debt … they are literally doing everything they can to make sure these buyers are qualified," Jonathan said. "Couple that with a shortage of inventory overall, the lowest shortage we have ever seen, and that basically just gives you healthy supply and demand."

If you want to hear more about the current state of the housing market in Milwaukee and get tips on how to navigate it, check out the podcast on our website at You can also listen to the podcast on Spotify, Apple Podcasts and Google Podcasts.