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TEN FACTS YOU SHOULD KNOW ABOUT WISCONSIN REAL ESTATE MARKET, ACCORDING TO THE WRA.
THINK LOCALLY AND LONG TERM, AND DO YOUR HOMEWORK.
1.
There is no such think as a national real estate market. |
If you read the newspapers, you might get the idea that real estate markets are the same everywhere. If conditions are bad in San Diego or Detroit or Miami, they must be bad everywhere, right? WRONG! real estate markets are local; when you're looking to buy or sell, pay attention first to price trends, volume and inventory in your target market, rather than looking at your local market through the lens of National indicators. |
2.
Wisconsin home values are STABLE. |
From January 2007 to December 2007, the average price of Wisconsin homes remained stable, with a 0.2 % improvement. Yes, there are pockets in Wisconsin where home prices have declined, but even in those areas, generally speaking, homes are still worth more than they were 3 years ago. Compared to the rest of the nation, Wisconsin continues to outperform the Midwest and ranks 29th in foreclosures at less than half of one percent. Nationally, over the past 30 years, home values have risen more than 6% annually. On average, home values nearly double every 10 years. For more details visit www.wra.org/housingfacts
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3.
A house is a place to make a home, not just a buck. |
Most purchasers don't buy a house to flip it-they buy it to live in it. The value of strong communities, rooted families, civic pride, comfortable retirement, and a higher quality of life can't be expressed on a balance sheet. |
4.
Housing demand in Wisconsin is set to grow. |
Estimates show that Wisconsin's population will increase by almost 190,000 from 2005 to 2010. These new Wisconsonites will need a place to live. For further details visit: www.doa.state.wi.us
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5.
There are hundreds of reputable lenders ready to do business. |
Buyers with good credit and a realistic view of what they can afford should have an easier time obtaining mortgage approval. First-time home buyers can obtain a low cost loan and down payment assistants through the Wisconsin Housing and Economic Development Authority. For further details, visit: www.wheda.com
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6.
The future looks bright so talk to a Realtor. |
2007 was a rough year for sales compared to recent boom years, but Wisconsin's housing future looks bright. Wisconsin citizens are optomistic, ranking their quality of life, neighborhoods, and their homes as excellent or good. That's good for the housing market in 2008. Our market is special. If you're even mildly interested in buying or selling, talk to me today at (608) 469-5199. For further details visit: www.wra.org/housingfuture2008. |
7.
Owning a home builds wealth in a way that renting can't. |
According to the Federal Reserve Board, the average renters net worth is $4,800, while the average home owners net worth is $171,000. Clearly it pays to own a home. |
8.
It's prime time for second homes. |
60% of the average homeowners wealth comes from their home's equity. Savvy investors and prospective retirees know that real estate is important to their portfolios. About 1/3 of all Wisconsin home sales are second homes, or vacation properties and Wisconsin has plenty of inventory and desirable locations for those seeking them. |
9.
Using a Realtor is a smart financial decision. |
Realtors are the experts at bringing buyers and sellers together. Compared to For Sale By Owners (FSBOs), you're not alone. Realtors have contacts to help speed up the transaction. You'll also get the latest market data on pricing your home and an expert on real estate forms to ensure your transaction runs smoothly. The advantage of developing and ongoing relationship with a professional - a Realtor- speaks for itself. For further details visit: www.wra.org/housingfacts
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10.
Now is a good time to buy. |
The time is right to buy a home with low interest rates, good prices, and a wide selection. Don't judge the Wisconsin market through the lens of National indicators. Every market is different. |
Remember:
According to the WRA, it's a mistake to look at the Wisconsin market under a microscope with national indicators. Housing in Wisconsin continues to be favorable in 2008 with low interest rates, good selection and stable prices. The Federal Reserve has cut interest rates several times in recent months, making rates the lowest in years and Wisconsin homes are incredibly affordable for credit-worthy buyers. If you're a buyer, this market is for you. But ... If you need to sell first, be patient, and price your home correctly. Consult a REALTOR®. Competitive pricing is important. Experts agree, well-priced homes sell faster.
For more information on buying or selling real estate, visit my website at: www.buyorsellyourhometoday.com
Pamelyn Meller
608-469-5199
...Making Your Move Matter!
Broker Associate - Keller Williams
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Pamelyn Meller, CDPE (Certified Distressed Property Expert)
Sun Prairie,
WI
More about me…
The Property Shoppe Team - Keller Williams, Sun Prairie WI
Address: Dane, Dodge, Columbia & Rock County, Wiscosnin, Madison, Cottage Grove, Monona, McFarland, Marshall, Watertown, De Forest, Waunakee, Portage, Poynette, Deerfield, Cambridge, Sun Prairie, WI, 53590
Office Phone: (608) 333-0137
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Great compliation of info. Will link to it on blog.firstweber.com