What's in Store for the Madeline Island Real Estate Market in 2013
Market predictions can be fun (and sometimes they even turn out to be accurate). I don't always put much stock in people's broad economic predictions, but real estate is, as we say, local. So this post is intended to be an educated guess about where our own local market is headed during the coming year.
We're noticing some sellers are bringing their homes to the market early this year. Expect to see more new listings, particularly in the upper brackets, as the improving economy and low interest rates encourage home sellers to test the market.
The market for vacant land will likely remain sluggish. The key to success with vacant land this year (and probably for the next few years) will be seller financing. There's no vacant land lending available at present and smart sellers (especially motivated ones) will consider offering land contract financing.
Homeowners who want to cash out will likely dominate the Madeline Island real estate market for the next several years. Age, owner (and tourist) demographics and property taxes will all play a role in the "changing of the guard" as longtime residents depart and new buyers emerge. It will be a continual challenge to identify and reach out to prospective buyers who are willing to pay the prices current owners hope to realize.