It seems like the real estate market is in a pivotal state right now. In the Dells area we had a very active December, a slow January and we have seen some pick up in the market in February. Year to date 18 properties sold in this area compared to 14 sales last year. There are 14 accepted offers in process indicating that March sales should be above last year's number. These numbers show year to year growth, but at a snails pace.
What is most concerning are the 700 properties currently on the market for sale. At the current rate of sales it would take many years for all of these properties to sell, just too much inventory. The breakdown of the listed properties is 200 single family (many are mfg homes which are tough to sell) 150 condo's and 330 lots/acreage properties.
For buyers these are great numbers. Combine the high inventory with low mortgage interest rates and the income tax credits being offered, this is a great time to buy.
For existing home owners who plan to upgrade their primary residence, this is also a great time to buy. Expect to sell your existing home for less, but you will also be buying your larger home for less. The numbers work out in your favor and you may also be eligible for the $6,500 income tax credit if you have lived in your existing home 5 out of the past 8 years.
For sellers, it is time to be serious about selling. Don't put your property on the market unless you want to sell. Be prepared to sell for less than you think your property is worth. In this market, to list your property for sale over market value means it will just sit there and clog up the unsold inventory.