Market Predictions for 2013 in the Northern Wisconsin counties of Oneida and Vilas!

By
Real Estate Broker/Owner with Re/Max Property Pros LLC

First I believe that 2013 real estate market in the Norhtern WI counties of Vilas and Oneida and/or the surrounding Eagle River WI  area are going to be better than 2012; which ended up exceeding most people’s expectations, for the below reasons:

·        Interest Rates will remain lowJ

·        Inventory will remain low too on average local MLS ( multiple Listing Services ) are down about 22% and there is a 48 month supply of homes out there

·        Home prices may see some gains – minimal – but gains. Corporate is estimating 2-3%

·        Home Equity Lines of credit will be back

·        There will be LESS distressed home sales – which is great for Sellers!

·        The Ability to Pay Rule will take in effect in 2013: http://www.realestate.com/advice/feds-pass-ability-to-pay-mortgage-rule-62935/

·        Live In’s have been a big part of the market and since they have been inactive for the last 3 years there is a “pent up” amount of Buyers here that may want to finally move out on their own.  It is estimated approximately 26 million people have been waiting to purchase or saving.

·        New Household formations had decreased to about 500k last year and generally there are about 1.4 million/year so we are hoping to see an increase in this market segment as well.

·        New construction is coming back and new home sales were up 15% in 2012. Also, building permits are up!

·        The Mortgage Interest Deduction was not really affected by the “fiscal cliff”

·        Consumer confidence is rising

·        Finally, the one market the experts do see still suffering a bit will be the luxury market… so we need to treat every buyer in this segment like gold…

I hope this gives you some idea of what we see coming in the Northern Wi counties of Vilas and Oneida! As always call me with any questions and I look forward to helping you MOVE this year!

 

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Rainmaker
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Bill Reddington
Re/max Southern Realty - Destin, FL
Destin Florida Real Estate

Lots of great reason for a better year. Hope it turns out that way. The market seems to be better here also. Have a terrific 2013. 

Feb 06, 2013 11:29 AM #1
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Rainmaker
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Julie Winter-Paez

Broker/Owner
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