38% drop in sales volume 2010 vs, 2007, sold price down 18%. 2008 decline in sales price is outside of standad deviation due to decreased sales and a $1.2m sale.

Statistical Market Analysis

Status# ListingsList VolumeSold Volume List PriceSold PriceSale/List PriceSq. Ft.List Price Per Sq. Ft.Sold Price Per Sq. Ft.Days On MarketCumulative Days On Market

Sold	110	16,223,103	15,154,079	Low Avg High	16,000 147,483 575,000	10,000 137,764 503,000	0.29 0.92 1.11	698 1,538 4,912	18.38 84.78 167.73	10.11 79.12 160.00	1 109 585	1 149 979
Overall	110	16,223,103	15,154,079	Low Avg High	16,000 147,483 575,000			698 1,538 4,912	18.38 84.78 167.73		1 109 585	1 149 979

Selection Criteria for Comparable Properties Specified listings from the following search: Property type Single-Family; Status of 'Sold'; County of 'Racine'; Municipality of 'Burlington', 'Caledonia', 'Dover', 'Elmwood Park', 'Mount Pleasant', 'North Bay', 'Norway', 'Racine', 'Raymond', 'Rochester', 'Sturtevant', 'Union Grove', 'Waterford', 'Wind Point', 'Yorkville'; Sold Date between '1/1/2010' and '2/21/2010'.

Information is supplied by seller and other third parties and has not been verified.
Copyright 2010 by Multiple Listing Service, Inc. See copyright notice.
Prepared by Dan Gobis 262-939-0949 See photos at www.dangobis.com on Sunday, February 21, 2010 7:34 PM

 

Statistical Market Analysis

Status# ListingsList VolumeSold Volume List PriceSold PriceSale/List PriceSq. Ft.List Price Per Sq. Ft.Sold Price Per Sq. Ft.Days On MarketCumulative Days On Market

Sold	166	28,882,326	27,858,125	Low Avg High	19,900 173,990 469,900	20,003 167,820 465,500	0.50 0.96 1.06	400 1,505 3,188	13.52 112.62 221.03	13.59 108.60 215.36	1 94 386	1 94 386
Overall	166	28,882,326	27,858,125	Low Avg High	19,900 173,990 469,900			400 1,505 3,188	13.52 112.62 221.03		1 94 386	1 94 386

Selection Criteria for Comparable Properties Specified listings from the following search: Property type Single-Family; Status of 'Sold'; County of 'Racine'; Municipality of 'Burlington', 'Caledonia', 'Dover', 'Elmwood Park', 'Mount Pleasant', 'North Bay', 'Norway', 'Racine', 'Raymond', 'Rochester', 'Sturtevant', 'Union Grove', 'Waterford', 'Wind Point', 'Yorkville'; Sold Date between '1/1/2007' and '2/21/2007'.

Information is supplied by seller and other third parties and has not been verified.
Copyright 2010 by Multiple Listing Service, Inc. See copyright notice.
Prepared by Dan Gobis 262-939-0949 See photos at www.dangobis.com on Sunday, February 21, 2010 7:37 PM

# of sales dropped 18.5%, sale price dropped 25%! "the times they are achangin"!

Statistical Market Analysis

Status# ListingsList VolumeSold Volume List PriceSold PriceSale/List PriceSq. Ft.List Price Per Sq. Ft.Sold Price Per Sq. Ft.Days On MarketCumulative Days On Market

Sold	135	26,179,345	24,908,572	Low  Avg High	24,900 193,921 1,200,000	25,000 184,508 1,075,000	0.75 0.95 1.15	690 1,642 5,300	21.07 109.33 296.30	22.08 104.53 265.43	1 106 562	1 132 598
Overall	135	26,179,345	24,908,572	Low Avg High	24,900 193,921 1,200,000			690 1,642 5,300	21.07 109.33 296.30		1 106 562	1 132 598

 

 

 

Selection Criteria for Comparable Properties Specified listings from the following search: Property type Single-Family; Status of 'Sold'; County of 'Racine'; Municipality of 'Burlington', 'Caledonia', 'Dover', 'Elmwood Park', 'Mount Pleasant', 'North Bay', 'Norway', 'Racine', 'Raymond', 'Rochester', 'Sturtevant', 'Union Grove', 'Waterford', 'Wind Point', 'Yorkville'; Sold Date between '1/1/2008' and '2/21/2008'.

Information is supplied by seller and other third parties and has not been verified.
Copyright 2010 by Multiple Listing Service, Inc. See copyright notice.

 

Statistical Market Analysis

Status# ListingsList VolumeSold Volume List PriceSold PriceSale/List PriceSq. Ft.List Price Per Sq. Ft.Sold Price Per Sq. Ft.Days On MarketCumulative Days On Market

Sold	110	16,223,103	15,154,079	Low Avg High	16,000 147,483 575,000	10,000 137,764 503,000	0.29 0.92 1.11	698 1,538 4,912	18.38 84.78 167.73	10.11 79.12 160.00	1 109 585	1 149 979
Overall	110	16,223,103	15,154,079	Low Avg High	16,000 147,483 575,000			698 1,538 4,912	18.38 84.78 167.73		1 109 585	1 149 979

Selection Criteria for Comparable Properties Specified listings from the following search: Property type Single-Family; Status of 'Sold'; County of 'Racine'; Municipality of 'Burlington', 'Caledonia', 'Dover', 'Elmwood Park', 'Mount Pleasant', 'North Bay', 'Norway', 'Racine', 'Raymond', 'Rochester', 'Sturtevant', 'Union Grove', 'Waterford', 'Wind Point', 'Yorkville'; Sold Date between '1/1/2010' and '2/21/2010'.

Information is supplied by seller and other third parties and has not been verified.
Copyright 2010 by Multiple Listing Service, Inc. See copyright notice.
Prepared by Dan Gobis 262-939-0949 See photos at www.dangobis.com on Sunday, February 21, 2010 6:46 PM

Happy to see sales have increased so far in 2010 as compared to the same period in 2009. I feel we will have a major increase in sales 1st quarter 2010 vs. 1st quarter 2009. Interesting the increased in sales year over year is 8.2%, decrease in sold price is 6.7%. Is this an indication the real estate market has settled?

Statistical Market Analysis

Status# ListingsList VolumeSold Volume List PriceSold PriceSale/List PriceSq. Ft.List Price Per Sq. Ft.Sold Price Per Sq. Ft.Days On MarketCumulative Days On Market

Sold	101	16,145,976	14,913,375	Low Avg High	14,900 159,861 499,900	5,300 147,657 441,500	0.18 0.92 1.17	748 1,592 3,200	8.22 90.18 182.89	3.82 83.60 171.05	1 110 433	1 164 870
Overall	101	16,145,976	14,913,375	Low Avg High	14,900 159,861 499,900			748 1,592 3,200	8.22 90.18 182.89		1 110 433	1 164 870

Selection Criteria for Comparable Properties Specified listings from the following search: Property type Single-Family; Status of 'Sold'; County of 'Racine'; Municipality of 'Burlington', 'Caledonia', 'Dover', 'Elmwood Park', 'Mount Pleasant', 'North Bay', 'Norway', 'Racine', 'Raymond', 'Rochester', 'Sturtevant', 'Union Grove', 'Waterford', 'Wind Point', 'Yorkville'; Sold Date between '1/1/2009' and '2/21/2009'.

Information is supplied by seller and other third parties and has not been verified.
Copyright 2010 by Multiple Listing Service, Inc. See copyright notice.
Prepared by Dan Gobis 262-939-0949 See photos at www.dangobis.com on Sunday, February 21, 2010 6:43 PM

2010 Racine C

ounty Sales

Statistical Market Analysis

Status# ListingsList VolumeSold Volume List PriceSold PriceSale/List PriceSq. Ft.List Price Per Sq. Ft.Sold Price Per Sq. Ft.Days On MarketCumulative Days On Market

Sold	110	16,223,103	15,154,079	Low Avg High	16,000 147,483 575,000	10,000 137,764 503,000	0.29 0.92 1.11	698 1,538 4,912	18.38 84.78 167.73	10.11 79.12 160.00	1 109 585	1 149 979
Overall	110	16,223,103	15,154,079	Low Avg High	16,000 147,483 575,000			698 1,538 4,912	18.38 84.78 167.73		1 109 585	1 149 979

Selection Criteria for Comparable Properties Specified listings from the following search: Property type Single-Family; Status of 'Sold'; County of 'Racine'; Municipality of 'Burlington', 'Caledonia', 'Dover', 'Elmwood Park', 'Mount Pleasant', 'North Bay', 'Norway', 'Racine', 'Raymond', 'Rochester', 'Sturtevant', 'Union Grove', 'Waterford', 'Wind Point', 'Yorkville'; Sold Date between '1/1/2010' and '2/21/2010'.

Information is supplied by seller and other third parties and has not been verified.
Copyright 2010 by Multiple Listing Service, Inc. See copyright notice.
Prepared by Dan Gobis 262-939-0949 See photos at www.dangobis.com on Sunday, February 21, 2010 6:46 PM

The Downtown Racine Lakefront wakes up for Summer 2009 this weekend with the 55th Annual Kiwanis Pancake Day at Festival Hall in Racine's Harbor, and an Art Fair. The 28th annual Lakefront Artist Fair, sponsored by Racine Montessori School, will be held from 8 a.m. to 4 p.m. Saturday, May 2, at Racine on the Lake Festival Park, 5 Fifth St.

More than 100 artists from throughout the Midwest will display and sell fine art and upscale crafts. Items for sale include watercolors, pastels, photography, pen and ink artistry, pottery, jewelry, glass, wood, and metal arts and more. Food for sale includes hot dogs, brats and a variety of other treats at a

The Kiwanis Club of Greater Racine will hold its 55th annual Pancake Day from 6 a.m. to 5 p.m. Saturday at Festival Hall, 5 Fifth St.

There will be entertainment throughout the day. The voices of Arne Arnold and Madeline Aiello-Kimberlain will open up the event with "God Bless America." The entertainment will continue as follows: Belle City Brassworks, Walden School Jazz Band, McKinley Red Jazz Band, Starbuck Jazz Ensemble Band, Gary Ricchio-GTR Entertainment, Alicia Villa, Academy of Dance, Penguin Players, Miss Racine 2009 Sha-Nita G. Rhea, Masters of Movement, and the Slovak Catholic Sokol.

Tickets cost $5 in advance and $6 at the door. There is no charge for children ages 5 and under.

The weather promises to cooperate. Stop on down.

Open House at 1408 College Ave. on the way to Festival Grounds from 10:30 a.m. to 12 p.m. hosted by me, Dan Gobis, RE/MAX Preferred. Charming 2-3 bedroom bungalow in Racine's southside Historic District just 2 blocks from Lake Michigan. Woodburning fireplace and beamed ceiling in living room. Updated Kitchen and bathroom. Newer gas furnace, 100 amp electrical. Recently designated a Century Home by Preservation Racine, on the brick paved College Ave. Third bedroom in lower level.

http://www.madisonpreferred.com/mls=1071072

Racine is a great place to live!

Hunkered Down Consumers (buyers included) are Beginning to Emerge after seeking shelter from the storm. Was it the 'perfect storm' as defined by Wikpedia... "the simultaneous occurrence of events which, taken individually, would be far less powerful than the storm resulting of their chance combination. Such occurrences are rare by their very nature, so that even a slight change in any one event contributing to the perfect storm would lessen its overall impact. Since the 2000 movie by the same name, the phrase has gained popularity and grown to mean any event where a combination of circumstances will aggravate a situation drastically."

It was the perfect storm. Many took shelter.  Many were lost in the storm. Many were injured. Many more have survived, and are stronger for weathering the storm. The strong need to share, with the injured, the lessons of the storm. Others that survived, by pure luck, need to take lessons from the experience and from the strong. We need to do all we can to hopefully avoid another 'perfect storm', or at least be better prepared for it.

Consumers are emerging from the shelters as they get positive signs of recovery from the storm. The sun is shining again. Yes, we will have cloudy days, but it is time to move forward with our lives. It is the American Way.

 

 

 

Real Estate is local. The overall Real Estate market in the United States affects all local markets. Local markets will reach the bottom of their specific market(s) at different times. Idaho, North Dakota, Wyoming, and a few other states that have not, generally speaking anyway, been victims of predatory lending to the degree other states, such as California, Arizona, Nevada, Florida, ..., have had predatory lending as the norm, rather than the exception, willrecover sooner than the states that were suseptible to predatory lending.

Real Estate is local. I am an expert in my market, Racine County, Wisconsin. We have experienced declines in property values, depending on municipality, ranging from 7% to 18%, annually since 2006.

The number of closed transaction in Racine County for 1st quarter 2009 vs. 1st quarter 2008 the decline  ranges from 28% to 48% depending on the municipality. Are we close to the 'bottom' of our market? Depending on what Washington does, how the automakers deal with their challenges, how consumer confidence does, how the credit markets recover, how the greedy lenders and Wall Street react by making good borrowers pay for the lenders, and risky borrowers, past indiscretions, and how unemployment is managed, ...

According to the most recent study done for the PMI industry, the Racine, Milwaukee Metropolitan Statistical Area, (MSA), is rated at minimal risk, less than a 5% of probable decline in property value over the next 12 months, as compared to other areas that may face declines of 20%-40% over the next 12 months.

Is the bottom near? I think so!

 

 

Listing properties nowadays brings a myriad of challenges. Proper pricing, convincing sellers of the actual value of their property, even with the most detailed market analysis, is the biggest challenge. I normally do a traditional market analysis, followed by another analysis of sold prices vs. assessed values in a narrow ($10k-$30k) sold price range, and a 3 month and 6 month analysis of current year solds, in the same narrow price ranges, as compared to the previous year time frames in the same 3 and 6 month periods. Sellers, almost always, are able to see, and usually agree, with my conclusion of value.

Seller motivation is always the most important variable I consider whether I will list a property, yet it never ceases to amaze me when the even the most motivated seller wants to list at a price considerably more than my recommended list price, even when they agree with my conclusion of value.

Some sellers look at the challenge, as having a negative attitude, rather than a realistic assessment of the market.

Maintaining a positive attitude in a rapidly declining real estate market brings many challenges to  all agents.  How an agent handles these challenges will determine their longevity in the real estate business, as well as how the agent adapts/embraces the changes taking place in our industry in technology and transparency.

The sooner agents properly advise their sellers as to market value and market conditions, rather than taking the listing for long time periods figuring they will eventually wear the seller down and get the price reduced to where it needs to be to sell, the sooner the market will recover.

To: Deutsche Bank, Countrywide Mortgage, Wells Fargo, Bank of America, Chase Bank Home Mortgage, US Bank, LaSalle Bank...

Please consider the following:

1) Use an Experienced Full-Time Real Estate Professional that actually knows where the property is located.

2) Prepare the property. Make sure it's cleaned out properly. If $1,000.00 will bring an additional $5k-$10k, spend it. Don't harm the market for your own convenience. Direct your Asset Management Co. to maximize sale price rather than liquidate just because TARP funds will help make up the difference.

3) Set Up portals that will allow offers to be submitted from Selling agents as well as Listing agents, it will save $$$Billions$$$ and eliminate huge losses due to FRAUD.

4) Work with local Title/Escrow Companies that are familiar will local munincipalties where the property is located.  I had a recent transaction where the property is in Racine, Wisconsin, REO lender is in New Jersey, Asset Mgmt. Co in California, caseworker for the Asset Mgmt. Co. in India,Title Company in Kentucky, and the 'courtesy closer' in Waukesha County in Wisconsin. A "simple" cash transaction took 3 months to close.

5) Stop requesting Free BPO's from agents that sell a property every other month, GET AN EXPERIENCED AGENT! (Or pay for an appraisal)

Did I mention HIRE AN EXPERIENCED PROFESSIONAL?

Fellow Rainers, add your suggestions, please. 

 

Good things are happening in Racine Wi. We have the challenges brought on by the national economy, but Racine is moving forward, in small steps, but forward.

Our Real Estate market did not experience the double digit appreciation that many other markets had, and because of this, our market adjustment is not as prolonged as the markets that had the big appreciation rates.

Investors are buying, multiple bids on foreclosures, that are properly priced, is the norm. The follow up to this activity should be the market returning to a "new normality" with owner occupants buying properties again.

Patience grasshopper.

 

 

I have a Seller that is considering a short sale, the lender has all but agreed to it. The difference is about $12,000.00, the lender said as long as the PMI company agrees to it, they expect it will be approved, the short sale will be approved.

The Seller asked the lender if they will file a judgement for the difference. The lender said no.

Does anyone have experience with the effect of a short sale on the Seller's credit score? The Seller has a 720 credit score and is current on payments. The concern is the long term effect on the Seller's overall financial picture.