A Crystal Ball for Door County Real Estate Investing 2013

By
Real Estate Agent with The Kellstrom Ray Agency, Inc. (Est. 1948)
https://activerain.com/droplet/N5L

My crystal ball for Door County Real Estate 2013 is firmly in the closet right now.  Last night, I picked up a copy of People.  Flipping through it, I caught my breath.   Kate Hudson is pregnant again?  There's a great photo of Whitney Houston looking beautiful and well.  Tom Cruise and Katie Holmes?  It wasn't until I found a picture of Katy Perry with Russell Brand with Katy's 90 year old grandmother quoting "I can't wait for them to have babies!" that I said, "Wait a minute" and flipped to the front cover.  November, 2011.  Ooops.  The moral of reading an old People (and I bet if I went back two years it would be even more surreal) is times have changed for all of those people, and they're changing daily for us, too.

In 2004 or 2005, it was very easy to say, "Well, Mr. and Mrs. Buyer, you've identified a great home for $375,000.00 in a wonderful neighborhood.  Two homes of similar typle sold here last month for $425,000.00  As such, this may a wonderful opportunity for you to get some instant equity in your home, because I'm aware of three other contracts pending on higher priced listings in the immediate area.  You have a mortgage broker lined up?  Wonderful.  Let's plan on submitting an Offer right away.  According to other Realtors in the area, the appraisals here have even been coming up higher than the listing prices!  Notice the words "foreclosure" or "short sale" don't even enter the picture here, because in our market, they did not exist.

Fast forward to the end of 2012 and getting ready for 2013.  Our industry has changed in a manner that has become the new normal so quickly that the NEW NORMAL typical conversation would probably be something like "Well, Mr. and Mrs. Buyer, you've done tons of online research on my website, as well as Trulia and Zillow, and you've identified three distressed properties.  I don't know what the bank will ultimately accept for them; one has already been reduced 50% off the initial listing price.  Are you preapproved?  Just prequalified?  No, that's just the first step.  You really want to be preapproved to have leverage when making your offer, and I can give you a list of reputable local lenders that are familiar with sales in our market.  Appraisals have been an issue.  We have many homes not appraising out for the listing price because we have been a declining market.  Keep searching online, call some lenders tomorrow, and let's plan on looking at some homes in the next week.  While you are working with your lender, do not make any large purchases or change jobs.   I'll keep sending new listing; my colleague who does BPOs told me there will be four more bank releases in the next two weeks."

My chrystal ball for 2013 Door County Properties is firmly in the closet right now (hidden under a few boxes, and some old comforters, actually).  I can tell you current market conditions.  I can tell you my hopes for the market, and how 2012 was a stronger year than 2011 because of incredibly low interest rates.  I do not know if those rates will last.  I do not know if we will lose the mortgage interest deduction.  I don't know if your and my taxes will be unilaterally raised.  I just don't know.

What I DO know, and am willing to tell you, is if you need a new home, or have been dreaming of a second home, those low interest rates combining with stabilizing prices will mean that smart people with decent credit are still getting great homes at good prices.  Will you have instant equity and be able to sell at a profit in three years?  Probably not.  However, if you want to get your own roof over your head, or buy the waterfront condominium you have always dreamed of, there has never been a better time.

Door County Real Estate for 2013 promises to be interesting.  As always, I'll keep you abreast of the latest in market trends and all new listings and price reductions for Door County Properties.

http://www.door-county-properties.com

 

 

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All information is deemed reliable as of date of publication and is subject to change without notice.

 

 Thank you for reading!  MaryKay Shumway, ABR®, CRS®, Realtor® loves to laugh and enjoys working with people that love the Door Peninsula.  She is a full-time real estate Broker, mother of two and a senior Broker Associate at the Kellstrom-Ray Agency, Inc. in beautiful Sister Bay, Wisconsin.  She represents listings throughout the Door County Peninsula and also represents many Buyers that want to purchase the perfect property to make Door County a part of their lives.  CONTACT MARYKAY ABOUT YOUR DOOR COUNTY PROPERTY QUESTIONS TODAY.

MaryKay Shumway has a consistent multi-million dollar producer for over thirteen years.  Representing both listing clients and buyer clients full time, MaryKay is also a mother of two and active in the Door County community in the local school district, nonprofit groups and governmental affairs.  A member of the Door County Board of Realtors Honors Society from 2005-2016, the Door County Realtor of the Year 2008, a member of The Real Estate Group's Chairman's Circle in 2010-2015, and an member of the Coldwell Banker International Diamond Society for 2014 & 15.  She has served as President and Vice President of the Door County Board of Realtors  and as a member of its Advocacy Committee.  MaryKay is a top MLS producer and has held the position of top producer at The Kellstrom-Ray Agency, Inc. since 2016.

 

Contact MaryKay.  "As a multi-million dollar producer and senior associate at The Kellstrom-Ray Agency selling Door County real estate, I focus my balance on both  featured listings and representing Buyer Clients looking for the perfect Door County Property.  I turn Door County vacations into Door County traditions by helping you own your own Door County real estate, and I represent exceptional properties in all price points on the Bay of Green Bay, Lake Michigan, and all inland lakes and properties in between. Call, text or e-mail me today."

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Rainer
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Dan Hopper
Keller Williams Realty Downtown LLC - Denver, CO
Denver Realtor / Author / Advocate/Short Sale

MaryKay, you are right, we know the conditions of the market, TODAY!!  If we could see into the future, we ALL would be a lot better off!!  Go with your decisions based on what you know right in front of you!!

Dec 16, 2012 01:22 AM #1
Rainmaker
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MaryKay Shumway
The Kellstrom Ray Agency, Inc. (Est. 1948) - Sister Bay, WI
Door County Wisconsin's Real Estate Expert

Thanks, Dan...and even our rules change daily and weekly.  You have to love a rollercoaster!

Dec 16, 2012 01:27 AM #2
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Rainmaker
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MaryKay Shumway

Door County Wisconsin's Real Estate Expert
BUYING or SELLING a Door County Property? Call Me Today!
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