>> THE COMMITTEE HEARD FROM
EXPERTS AND CITIZENS ABOUT
PROGRAMS THAT HELP BREATHE NEW
LIFE INTO MILWAUKEE'S HOUSING
STOCK AND HELP WOULD-BE BUYERS.
FOR MANY PEOPLE WANTING TO
PURCHASE, LOW INTEREST RATES SET
OFF A HOME-BUYING CRAZE, AND LOW
SUPPLY SENT HOUSE PRICES
SOARING.
THIS HITS HARD FOR MILLENNIALS
IN THE PEAK HOME BUYING AGE WHO
HAVE TO MAKE TOUGH CHOICES THEIR
PARENTS NEVER DID.
MARISA WOJCIK MET WITH A COUPLE
OF THEM.
>> EACH WEEK WE PUT AN OFFER ON
A HOUSE.
WITH THE MARKET THE WAY IT IS,
ALL THOSE OFFERS WERE BETWEEN
LIKE 15 AND 50,000 OVER THE LIST
PRICE, AND JUST LIKE SAYING THAT
OUT LOUD IS SCARY.
>> IT'S REALLY HARD TO KEEP YOUR
SPIRITS UP, DOING THAT EVERY
WEEK.
>> REBECCA LEBEAU AND AMY
SAMPSON DESCRIBE THE REALTY
REALITY THAT MANY FIRST TIME
HOME BUYERS ARE GOING THROUGH
RIGHT NOW, PARTICULARLY
MILLENNIALS.
>> WE WERE JUST READY TO PUT OUR
ROOTS DOWN HERE.
WE FIGURED WE WOULD STRUGGLE.
I DON'T THINK WE WERE EXPECTING
QUITE THE STRUGGLE THAT IT HAS
BEEN.
>> FOR SIX STRAIGHT WEEKS, THE
COUPLE MADE OFFER AFTER OFFER.
>> WE BID 40 OVER ON ONE HOUSE
AND IT ENDED UP GOING FOR 75
OVER.
AND THAT WAS, I THINK, ONE OF
THE LOWER POINTS SO FAR.
>> IT'S HARD WHEN THERE'S NOT A
HARD LOGIC TO DO IT THE WAY
WE'RE DOING IT.
IT'S JUST THIS IS THE GAME YOU
HAVE TO PLAY TO GET IN THE
HOUSE.
>> AS THEIR REALTOR, LINDSEY
COOPER GUIDED THEM THROUGH THE
DIFFICULT PROCESS OF FINDING
THEIR HOME.
>> THERE'S A LOT OF CASES WHERE
PEOPLE CAN'T AFFORD TO BE THEIR
OWN NEIGHBOR.
IT'S JUST GETTING TIGHTER AND
TIGHTER.
>> DISORIENTING, AN EMOTIONAL
ROLLER COASTER AND IN THE
CURRENT HOUSING MARKET,
UNAVOIDABLE.
>> I WAS ALREADY IN JANUARY
WRITING OFFERS THAT WERE 10 TO
20% ABOVE ASKING.
WITH LIMITED CONTINGENCIES AND
LOTS OF FORGIVENESS.
IT WAS -- IT WAS JUST WHAT
NEEDED TO BE DONE.
IF YOU TALK TO THE LIST AGENT
AND YOU KNOW THEY HAVE 15 OTHER
OFFERS AND YOU KNOW THEY'RE
STRONG, YOU JUST DON'T HAVE ANY
OTHER OPTION BUT TO BE AS
COMPETITIVE AS YOU CAN BE.
>> A PERFECT STORM OF FACTORS
LED TO THIS POINT OF HIGH DEMAND
AND LOW SUPPLY.
>> WHEN THE PANDEMIC STARTED
HEATING UP, THE MARKET
ESSENTIALLY JUST GOT TIGHT.
YOU KNOW, PEOPLE DIDN'T WANT TO
LEAVE THEIR HOME, THEY WERE
SCARED ABOUT THEIR HEALTH AND
SAFETY.
CONSTRUCTION KIND OF CAME APART
AT THE SEAMS BECAUSE SUPPLY WAS
REALLY TRICKY, PRICES WERE
SKYROCKETING.
IT'S GUT-WRENCHING TO KNOW THAT
IT'S ALL ABOUT HOW MUCH CASH YOU
HAVE ON HAND.
>> HER CLIENTS WERE DETERMINED
AND PERHAPS MORE IMPORTANTLY,
PATIENT.
FINALLY, THEY GOT AN ACCEPTED
OFFER.
>> THAT WEEK WAS SPRING BREAK,
AND IT SEEMED LIKE EVERYBODY WAS
WAITING TO POST THEIR HOUSES ON
SPRING BREAK WEEK, SO THERE
ENDED UP BEING A LOT OF SUPPLY
THAT WEEK.
>> IT'S A TWO-BEDROOM HOUSE ON
THE EAST SIDE.
IT'S NOT THE BIGGEST HOUSE BUT
IT'S LIKE A GREAT STARTER HOUSE
FOR US TO GROW INTO.
>> BUT EVEN THEIR HAPPY ENDING
CAME WITH ITS OWN CONTINGENCIES.
>> WE'RE MAKING DECISIONS THAT
OUR PARENTS NEVER HAD TO MAKE
ABOUT, LIKE, OKAY, IF BUYING A
HOUSE IS IMPORTANT TO US, THEN
WE'RE MAYBE NOT GOING TO HAVE
KIDS OR WE'RE GOING TO HAVE ONE
KID INSTEAD OF TWO KIDS, AND I
SEE ARTICLES ABOUT, LIKE,
MILLENNIALS NOT HAVING KIDS AND
IT'S LIKE, YEAH, WE CAN'T -- WE
CAN'T AFFORD HOUSES, DAYCARE IS
THE SAME AS A MORTGAGE, LIKE,
HOW ARE WE GOING TO DO THAT?
THERE'S JUST NO WAY TO DO THAT.
AND SO WE'RE HAVING THOSE
CONVERSATIONS, LIKE, OKAY.
MAYBE KIDS AREN'T FOR US IF WE
CAN'T AFFORD THEM.
JUST BUILD OUR CATS A REALLY
NICE CATIO.
>> FOR "HERE AND NOW," I'M