About Vilas County, WI

Real Estate in Northern Wisconsin is starting to pick up! More specifically my area of Vilas and Oneida counties as well as the surrounding Eagle River area!!! Blame it on the media, blame it on the stock market or blame it on the new commander in chief... I don't care who takes credit I am just glad to see offers getting put down in writing! Over the last 30 days we have seen approximately 45 offers get accepted in my area of Vilas and Oneida counties compared to 10 the month before. The better news is that our supply is coming down and buyers are starting to believe the bottom is NOW!!

I still, personally, have buyers unwilling to believe that this is true but as they continue to miss out on housing opportunities I know their ideas will change. Until these properties close we have no way of knowing what our average value is but from my personal experience, while the buyers are writing offers lower than normal they are not necessarily get accepted at discounted prices.. Northern Wisconsin is correcting their pricing.

As the snow melts we generally see a pick up of activity but seldom a buzz like this. We generally see our true summer kick off start in June, rather than in May, but as local experts educate sellers as to the market conditions and how to price their homes for sale we are seeing the results. Allot of the homes "popping" are in that 100k to 300k range but there were a couple of exceptions and those exceptions this early in the season are welcomed. This is especially true because the higher end market is what we completely lacked through the last selling season in Vilas counties real estate market.

Things to remember in this market for buyers:

• Ask for Buyers agency, no DEMAND it.. Now that the market is starting to move you want to be abreast of recent homes sold comparable to what you are looking at to help you determine value.
• Keep in contact with your REALTOR and when they say to come and look at a property before its gone.. simply listen...
• Remember, when you see a value out there the chances are that all the other buyers out there in cyber-space do as well so move on the property and don't hesitate.
• Pre-Approval.. Talk to your banker so when you are ready you have NOTHING holding you back and a letter from a bank can make your offer far stronger than your competitions!

For more information on buyers agency check out this recent blog by clicking here

So, it is with optimism that I write today because Real Estate in Northern Wisconsin is starting to pick up and I am willing to give credit to anyone wanting it! In my humble opinion it is the agents on the forefront continuing to educate sellers as to how to make their home stand out in this market price wise that are making the true difference and as we all know with a decrease in supply our demand should increase as well. So, buyers, jump off that fence and into the Northern Wisconsin real estate market before it is too late!

Copyright©by Julie Paez, All Rights Reserved, Real Estate in Northern Wisconsin is starting to pick up!!

Vilas County Register of Deeds office has just released April 2009 records for real estate sales in the county. For this past month, the number of transactions is down -21% from the same month in 2008. Transfer tax is down -32% for the same period. That reduced transfer tax means that the properties that are selling are lower-priced properties compared with 2008. No surprise there.

The decline in transaction numbers is not unexpected; these would be the closings from offers written in January - March, which was the slowest period that I can recall in the nearly 20 years I've enjoyed selling property in Northern Wisconsin.

Since early April, we have seen a noticeable increase in the buyer traffic to our firm, and especially our team. We have written 6 offers in as many weeks, and have gotten all but one accepted. These closing will occur in May, June, and beyond, and I expect to see that we have passed "THE BOTTOM" as the figures for the next months are released.

Mortgage amounts are UP +20% from last year; due entirely to refinancing by those who are keeping their properties, but taking advantage of some once-in-a-lifetime interest rates. As of this writing, these rates are beginning to "tick upward"; we did see a low of 4.5% offered on 15 year fixed rate mortgages last month in this market.

The re-fi boom is costing us appraiser time and lender focus. Our only quagmire at this time is getting purchase mortgages through the pipeline. In most cases, we are working on a 60 - day window; in extreme government-backed situations, it is taking several MONTHS to get to closing.

The “bottom” of the market seems like it just passed us by. The phones are busier; people are looking for property (and bargains), and the overall attitude of buyers has been getting somewhat positive. Team Rondello has four closings set for the month of May, with several new listings being added at competitive prices. Our outlook is positive, though we have a long way to go to catch up to the heydays of 2005 – 2006. Mortgage rates are very attractive, and selection remains strong. Business and commercial property remains the exception; buyers and mortgage money are both super-scarce. As of this writing, 2009 activity in the two counties we serve has started to improve over what we were seeing last year, and that’s the first time I’ve been able to report that in two years.

What determines real estate values in Eagle River Wisconsin???It is not the job of a REALTOR to tell you what your home is worth because, quite honestly, it is worth many different things to many different people. The appraiser will put their market value on it, the assessor will put a tax value on it, the insurance company will place a replacement value on it and the prospective buyer will put a purchase value or and you will place sentimental value on it.

The difficult job of the REALTOR is to determine what that value will be in the current market based on the current conditions, the competition, and the potential value to a prospective buyer. The best price obtainable in any market can only be determined by thoroughly watching the market and analyzing the competition. In the final analysis, the market dictates value, based on current conditions, the current supply of buyers and the current competition. In Eagle River Wisconsin this is most certainly true!

The key thing to remember, as a seller, is that buyer's are back to comparison shopping. We are no longer in a seller's market where buyers were scrambling to grab properties as they hit the market. We are in a buyer's market now and buyers are, again, looking at multiple homes at a time before making a decision. Many even writing offers on multiple homes because price is their biggest motivation to the purchase process and they are not committing them selves to one home because they want to be able to negotiate without having sentimental attachments.

All of this means that, basically, the best obtainable price for your home will be determined by the market, not the REALTOR, or the appraiser or the assessor. The buyer will shop based on amenities and features of the home and it is unlikely that your home will sell for more than could be paid for another home with similar features and amenities. You may, in fact, end up helping your competition sell if your agent does not properly position you against the competition.

So, pricing is the key in this market and what determines real estate values in Eagle River Wisconsinis not the agent, the appraiser, or the assessor ...it is the buyer and what they are willing to pay. So, you want to make certain that your home finds a niche where it sparks interest and showings so valuable time on the market is not lost with your home over priced.

For additional information on what can affect your market value in Eagle River Wisconsin just click here.

Copyright©by Julie Paez, All Rights Reserved, What determines real estate values in Eagle River, WI ???

WWW.VACATIONLANDPROPERTY.COM

Beautiful three bedroom, two-bath home on a small quiet private lake. Only a few homes on this small lake make this an ideal year round home or a summer home. New roof, siding and well! Located on a dead end road for more privacy and close to all the amenities. Home has hardwood floors, knotty pine tongue and groove ceilings, ceramic tile, whirlpool bath, walkout basement, deck overlooking lake, lake side four season room and an attached garage. Only $299,000.00 Broker Owned!

NEIL PLUISTER (715) 367-7270 NEIL@VACATIONLANDPROPERTY.COM