PROS AND CONS

DAVID CLARK, an economics professor at Marquette University, says there are four reasons why now is a great time to build: low

housing inventory (finding an existing home fulfilling all items on your wish list will be a challenge), plenty of land in rural areas near Milwaukee and historically low mortgage rates (Last December's

3.9% for a 30-year fixed-rate mortgage was close to the record low of 3.35% in late 2012). The fourth reason is low inventory, again: Odds are, your current home

will sell fast in this market. “The best position someone could be in would be selling their home in an urban area and building a home in a rural area,” Clark says. “One county to really keep an eye on is Walworth.” It's bordered by Racine, Kenosha and Waukesha counties, all with employment growth and low unemployment rates, he says. In addition, “Menomonee Falls has a lot of inventory of new lots,” says David Belman, president of Belman

Homes. Elsewhere, “anything along that I-94 corridor is going to be strong.” He advises to keep an eye out for hidden costs such as finished driveways, window treatments, water softeners and landscaping. But newer homes require less maintenance, so it may all even out. According to ProMatcher cost data, the average cost of new-home construction in the Milwaukee area is $125.35 per

square foot.

Newbies often struggle to pronounce the names of Waukesha County communities that are derived from Potawatomi and other American Indian languages. In Potawatomi, Oconomowoc means “waterfall.”