What's happening Now in the Northeast Wisconsin Housing Market - June 15 Update
It’s really hard to do a market update when the market seems to be so unpredictable. I (Valerie) was all set to sit down and provide a market update for the Oshkosh Wisconsin area and I started reading articles about the Federal Reserves hike in interest rates. Now this increase doesn’t automatically mean a rise in mortgage interest rates but it’s certainly a factor in the unpredictability we are seeing in the Northeast Wisconsin Housing market. What have we been seeing? Since mid April, agents across the country and within Wisconsin felt something change within the housing market. More homes went on the market (Spring Sellers) Buyers with interest rate sensitivity stepped back from their searches creating less buyer competition Homes that went on the market sat a little longer or those that were in desired price ranges saw less bidders in the multiple offer situations Homes sitting longer brought us seeing more price reductions/changes coming across our hot sheets on the MLS. May data for Oshkosh, Wisconsin: 70 residential homes closed in May 2022 51 still over asking (ranging from $2000 to $66,000) In June from June 1 to June 14: 25 residential homes have closed 18 of them have been over asking ($2000 to $30,000) How on earth does that signal a change you ask since such a high percentage of homes are still selling at over asking price? The information that we have access to for Sold properties is LAGGING information. Offer/bidding wars and the date that those homes listed on the market took place six (6) weeks ago. We can only get the information after it’s all taken place. It’s never really current. We can see trends and patterns in how many other offers are we competing with when we make offers for our buyers or we can see price changes on the daily hot sheet, we can dig deeper to see how long it takes a home to get to accepted offer. The next few days will be telling about the housing market’s reaction. As agents we have been told that interest rates have mostly flattened since April, that mortgage rates already accounted for the FED rate hike predictions (meaning we won’t see a drastic impact as it’s already “in there”), and that housing is generally recession proof, especially since the housing market we have right now is vastly different than any other recession period (the low inventory factor.) We are also being told that every housing specialist or economist is still predicting that homes will RISE in value --- they just don’t all agree on how much. Homes will not lose value in the scenarios. We’ll keep monitoring what we are seeing. Please reach out to our team if you are trying to figure out how to navigate this stuff. You can still reach your 2022 homebuyer or homeseller goals. We just need to be mindful every step of the way. Check out my video overview of this update also: Freedom Team Real Estate Agents serving Appleton, Neenah, Oshkosh, Fond du lac and surrounding areas in Wisconsin. Follow us on Facebook and Instagram: https://www.facebook.com/joinfreedomteam https://www.facebook.com/valeriecohn.gehrke/ https://www.facebook.com/kyle.meyer.965 https://www.facebook.com/lauren.nobbe.3 https://www.instagram.com/joinfreedom https://www.instagram.com/vcohngehrke/
Read MoreNortheast Wisconsin Housing Market Update (January 31 - February 6, 2022)
Here is this week's Northeast Wisconsin Housing Market Update (January 31 - February 6, 2022). Buyers and Sellers need to be aware that the 2022 Housing Market remains strong and active. We did see an increase in homes that entered the market in the week of Jan 31 and the 30 yr fixed rate remained stable after a crazy January. Potential buyers especially need to be aware right now that they should be doing all of the necessary things to prepare for buying vs waiting to start a search and then prepare. We often hear that buyers have concerns about credit or down payments. We have resources to assist with working through that, but waiting to act will hurt buyers in the long run. See our Lender Talk playlists for more info or better yet - contact us! 2022 Housing Market Playlist Lender Talk Freedom Team Real Estate Agents serving Appleton, Neenah, Oshkosh, Fond du lac and surrounding areas in Wisconsin. Check us out at www.joinfreedomteam.com or by calling us at 920-410-7230 today.
Read MoreHow to prepare your house for sale and our free Home Selling Tips Checklist
Are you thinking of selling your home? There are several simple things that you can do to maximize your home sale to prepare your home to sell quickly and for the most money. When we are walking through houses one of the most common things that we see is clutter. This is also one of the easiest fixes. If you're planning on selling, you're going to eventually be packing up your things to move, so why not pack them now and set your home up for a successful sale? This could be knick-knacks, framed photos, clothes that aren't being used---anything that you can pack away until the move is complete. You may want to rent a storage unit until you've moved in. When you have your realtor take photos for online pictures, clutter stands out and is a major deterrent to buyers that are seeing your home mostly online for the first impression. Another thing to do is determine if there are any fixtures or appliances that will not stay. This could be light fixtures, appliances, tv wall mounts, or anything else that is attached to the house that you plan on keeping. If so, remove or replace those items now and make sure that you disclose any that may not be in good working order. You could also make any minor home repairs that your home needs. This could be adding a fresh coat of paint (using a neutral color)or replacing broken faucets. Fix damaged flooring or patch up any holes in the wall. Look for electrical outlet and switch plate covers. Touch up with paint where necessary. Also remember that most buyers will come through your front entrance, so anything that you can do to spruce that up add curb appeal make your entrance look inviting is helpful. Lastly, CLEAN. Buyers notice when a seller chooses not to do a deep cleaning. If you don't enjoy cleaning, this may mean hiring that out just before you're ready to list your home, and then maintaining that through showings. And remember you're moving on so you will have to do some packing and cleaning anyway. If you take the time to do it right before you put your home on the market, your home will sell more quickly and for more money. Checkout Lauren’s VIDEO as she walks through these tips: How to prepare your house for sale & a Home Selling Tips Checklist Also feel free to print out our helpful HOME SELLING TIPS CHECKLIST. Freedom Team Real Estate Agents serving Appleton, Neenah, Oshkosh, Fond du lac and surrounding areas in Wisconsin. Check us out at www.joinfreedomteam.com or by calling us at 920-410-7230 today.
Read MoreWisconsin Housing Market 2022 Selling Predictions
It's time to plant a seed for Wisconsin homeowners. Is now the time for homeowners to consider putting their home on the market? The average homeowner in Wisconsin has recognized about $28,000 based on the 2021 housing market. While that number is not as high as what it is for the national average ($56,700), that is record-breaking equity growth for homeowners. That means that selling your home now means quite a bit of recognized appreciation in a hot sellers market. Realtor.com is also predicting that sellers that had originally said they were going to listing April, May and June of 2022 will now be doing that listing in January, February, or March. We are also seeing through the app that realtors use to schedule showings, ShowingTime, that showings are creeping up which means that buyers are out there and will continue to come in to the market earlier in the year. Buyers are also completely aware of rising interest rates which will drive them into the market. Current market rates (December 2021) are around 3.1% (30 year fixed per Freddie Mac). This rate is expected to go up to 3.5% or 4% (varies by prediction) by Q3 or Q4 of 2022. Buyers will want to buy earlier in 2022 as housing affordability is intricately effected by that rise in interest rates. Don’t wait if you are contemplating selling your home. Check out our video below and subscribe to our Youtube channel. We will be adding content several times in the next few weeks. Wisconsin Housing Market 2022 Selling Predictions
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