About Vilas County, WI

Sales statistics from the Greater Northwoods MLS through the month of June, 2009 showed 43 waterfront homes sold since the 1st of January of this year for Oneida County, and 44 for Vilas County. For the same period in 2005, (one of the peak years of real estate activity in the state), there were 119 sold in Oneida County, and 114 in Vilas. These are the two counties we serve, and we keep track of activity in the market here. We thought you’d like to know the latest statistics.

Average sale prices have dropped from the low 400ks to $328,738.00 in Oneida County, and $366,847.00 in Vilas.

While activity has been slowly improving over the last 10 weeks, there is still a large inventory of unsold property, which is causing extended marketing times, reduced supply-vs.-demand values in many sectors of the market, regular reductions of asking prices by sellers, and “low ball” offers from those buyers who have re-entered the market.

Still to be sold: 670 waterfront homes in Oneida County, and 716 in Vilas County.

We expect a continued slow and steady strengthening of sales, but also expect the market recovery—”rebound” in sold units, median sale price, and property values—to be one of a protracted time frame.

Enjoy the SUMMER! - Team Rondello

Selling real estate in our current Eagle River, Wisconsin market place is showing certain challenges in Northern Wisconsin. As we head into the second half of our year, normally known as our busy season, we are seeing several trends appear in our ever changing market. Doing business today is not only a challenge getting a prospective buyer to make an offer but then trying to hammer through all the details that follow. As always, working with a license REALTOR who is knowledgeable about changing banking and appraisal standards is always best.

• One of the first problems in the Eagle River, Wisconsin market place is actually getting a buyer to look at your home. While offers are down in number we are seeing that buyers know a value when they see it and if you want your home shown you must get it priced "ahead of the declining curve". Many agents like to appease their seller's with pricing and in some years that was okay because there were less homes on the market and prices were rising so you had more demand for everything. This market is different. We have loads of supply and a small number of buyers so if you want to sell you MUST be as attractive as ever. Unfortunately, that attraction comes from pricing. Price it ahead of the curve so it stands out against the competition.

• So, you get an offer and you already feel as if you have made concessions in pricing so what do you do when they don't come in as high as you would have liked? You have your REALTOR re-evaluate pricing and see if there are any new or recent comparable since listing your property, and then you decide truly where your bottom line is and how much you want to sell. This is very important b/c offers come far and few between and if this one does not work you have to be prepared to be on market for a lengthier amount of time and if the decline continues you may end up selling for less than what you are at now. You should also have your REALTOR discuss with the agent working with the buyer what their motivation is. This is key in this market because we are seeing more buyers walk after making one attempt at purchasing and if the Seller does not concede to a price they deem appropriate they simply walk away to another property.

• Buyer's are buying with their pocketbooks and NOT their heartstrings and this is making a huge difference in pricing and commitment to an offer to purchase. They are shopping amenities and looking at homes for features rather than charm and ambiance. Talk to your REALTOR about where you stack up against your competition in these categories and price appropriately so you are selling yourself and NOT your competition! Another way to think of this is to realize they are not buying the emotions you have wrapped up in the parcel. You must try and separate yourself from the transaction, this will help you to avoid having your personal pride and emotions afflicted by the entire negotiation process. Again, this is something your REALTOR should be able to coach you through.

• So, now you have an accepted offer and you must get through the grueling inspection, appraisal, and lending portions of the process to get to a closing. These issues can cause more stress to seller's than the actual negotiation process.... Be prepared for items to come up .. no home will go unscathed by a good home inspector, so be proactive and have your own done when you first list. This will help you to understand how it works, see what inspectors, look for, and give you a to do list so you have everything completed when an offer comes in. The appraisal and lending processes have also changes quite a bit recently. We are hearing that appraisals can take 4-6 weeks to be completed, and are being completed by out of town appraisers who are unfamiliar with our properties so this can take longer and be a source of aggravation for our seller's... Lastly, we have the lending process and we are beginning to hear stories about lender's only using 80% of appraised value. So, we are an ever changing market place...

So, when selling your home in beautiful Eagle River, Wisconsin start by working with a full time, professional agent that is trying to get you ahead of the market curve!. Northern Wisconsin real estate is experiencing a different market and you need to know what is happening in your neighborhood if you want to sell in 2009!

Copyright©by Julie Paez, All Rights Reserved, Selling your home in Eagle River Wisconsin's market place

Sales statistics for the Greater Northwoods MLS showed 40 waterfront homes sold in Oneida County in 2009, through June 15^th. For that same period in 2005, (one of the peak years of real estate activity in the state), there were 119 sold. The average sale price in 2009 is $328,738.00. There are 670 active waterfront residential listings on the market today in Oneida County.

Vilas County sales for the same period: 48 waterfront homes sold in 2009. (114 in 2005) The average sale price in 2009 is $366,847.00. There are 716 active waterfront residential listing on the market today in Vilas County.

While activity has been slowly getting stronger in the past two months, there is still a large inventory of unsold property, which is causing extended marketing times, reduced supply-vs-demand values in many sectors of the market, regular reduction of asking prices by sellers, and “low ball” offers from those buyers who have re-entered the market.

We expect a continued slow and steady strengthening of sales in the two counties we serve, but also expect the market recovery - “rebound” in sold units, median sale price, and property values - to be one of a protracted time frame.

Happy 4th of July!

Waterfront homes make up the bread-and-butter of our market here in the vacationland of Northern Wisconsin. To date, the sale of these homes has not warmed up; in fact, closed sales continue to slip from previous lows. We do have some indication of an increase in buyer traffic and new offers, but the statistics shown here represent the results of the past six months, a very slow time in this market.

Closed sales of residential waterfront homes for the past 6 months, being December 1st, 2008 through May 31st, 2009:

Vilas County: 31 units, with 27 of those under $500,000.00

Oneida County: 30 units, with 22 of those under $300,000.00

Average sale prices in Vilas county used to be in the low $400K's. This latest trending towards fewer and cheaper lake homes is indicative of the bargain hunting that is pervasive in the market.

There are 637 waterfront homes for sale as of this writing in Vilas County, and 605 in Oneida County. We need to see a much more aggressive position in the market to move this large inventory.

And, how was YOUR week?

In my last posts, I mentioned that I thought the bottom had just passed us by. At least here in Northern WI. The way things have been going the past 2 - 3 weeks, that seems to be reality. At least, I'm hoping this isn't a short ride with a NEW bottom.

The phone has been ringing pretty steadily; I have several nice new listings; several buyer appointments for the next few weeks, and this morning, two nice offers came in on my listed properties. Just like May used to be. Well, almost ... but better than 2008 for sure.

It does seem like a localized situation, however, as many of my comrades are still saying that they are getting NO new business.

That's OK. I will be moving forward with positive energy, as always, and focusing on red carpet service for my clients and customers, and looking forward to the continuing upward swing of the "property pendulum".