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/

HOUSING MARKET UPDATE - April 6, 2022 - THIS MARKET IS CRAZY! We get that comment a lot. We are hoping to answer some of those burning questions we get over and over again with a simple video update on what we are TRULY seeing in the market each week. Here is a quick update for March 29-April 5. Data for Oshkosh, Neenah, and Appleton - Number sold that were over list price and the median amount of the overages. Come back each week as we try to address the questions that we get from our clients and family and friends about this market. Our plan is to arm you with real time information as we gather it. WHAT'S YOUR QUESTION FOR NEXT WEEK?  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/

Should I buy a home in this crazy 2022 Housing Market? A lot of potential buyers are asking this question lately as they see the increase in interest rates and the craziness of the US housing market. It sometimes feels like Wisconsin is a little bit behind the rest of the country with lots of things (which can be a good thing), in this video (and some of our recent market update videos) Valerie Cohn-Gehrke shares what is really happening in the Oshkosh, Wisconsin market along with other parts of the Fox River Valley in our video:  Should I buy a home in 2022? I’m sure you’ve heard the terminology that “inventory is low” – what exactly does that mean? We are also hearing horror stories of the astronomical numbers related to offers that are made over list price. I did a video on those actual numbers for the Oshkosh, Appleton and Neenah areas also. We are definitely seeing the competitive bidding wars, but the data is showing that homes can still sell for under or at asking price and that the stories of overage may be a little exaggerated. (As of today that overage is $10 to $12K) The highest offer price does not always win and a home that involves financing has to appraise at the right price or the buyer won’t be given the financing or will have to make up the gap. We don’t always see these things and we can’t necessarily gather that data from the MLS. Should you buy in this market? The short answer is that even in the craziness, projections are that buyers and those looking to refinance their home yet, should do so in 2022. We’ve seen leaps in interest rates since January 2022. That steep jump is projected to level off--- it will continue to rise, but not at the incremental rate we’ve seen. There are projections that rates will still rise in to 2023. The cost of waiting for this to change will result in home affordability. Once the dust settles, market comparables on homes will have risen (just as they have for the last 50 years.) Higher interest rates mean less bang for your buck! We’ve spent the last few weeks sharing tips and tricks for how to compete in our buyers series. All those tips and tricks apply. The simplistic starting point is: Get with a lender and understand your affordability. Find a REALTOR that meshes with your beliefs and style Have that agent set you up with a search so you can start seeing what your affordability actually means home wise in this market Have that agent show the data on inventory and market comparables for your price range Develop multiple strategy positions and talk through what they mean--- before you start looking so you are ready to respond quickly when you are ready to make offers. People are being successful in this market and we do anticipate that more homes will come on the market, especially as Spring arrives (finally) here. Prepared buyers will have the highest success rate. As agents, we will continue to monitor what the market is actually doing and share that. Let us know how we can help you! 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/ 

NORTHEAST WISCONSIN MARKET UPDATE – ARE HOMES REALLY SELLING FOR THAT MUCH OVER ASKING PRICE IN NORTHEAST WISCONSIN? Video Here: Northeast Wisconsin Market Update - March 29 Yesterday, I shared about inventory and the real numbers for our market. I get asked questions about the craziness of the market and know that people are hearing all kinds of stories about how much over list price houses are selling for. I thought it would be interesting to run the actual data from our region – I did this not knowing what I would find. There are nuances to being successful in getting an offer as a home buyer in the 2022 housing market. It really helps to understand the data though before you make a buying decision based on rumors and news reports. For the homes sold between January 15, 2022 and today (March 29, 2022), here is what I found: Oshkosh, Wisconsin – 131 homes sold; 76 sold for under or at list price, of the 55 over list price – the median overage was $10,000 Appleton, Wisconsin – 147 homes sold; 57 sold for under or at list price, of the 90 over list price – the median overage was $11,600 Neenah, Wisconsin – 91 homes sold; 44 sold for under or at list price, of the 47 over list price – the median overage was $10,000 Additionally, if we just look at the median over/under price: 🏡Oshkosh – Median list prices- $165,000; 🏡actual median sold price $162,000 🏡Appleton – Median list price - $229,900; 🏡actual median sold price $235,000 🏡Neenah – Median list price - $280,000; 🏡actual median sold price $280,000 This market is tough. With so few homes, there truly are competitive offers being made. Price is NOT the only factor that is winning offers. Understanding what the seller needs is winning offers. That’s where your agent and the seller’s agent come in. We work together to find a win-win for both buyers and sellers. Get an agent that will share data with you AND is willing to work closely with other agents (ask them to give you an example of a time they did so.) Today, be empowered with the facts. Let the data help you decide your next steps. Let us know how we can help too!  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/ 

NORTHEAST WISCONSIN MARKET UPDATE –WHAT DOES ALL THIS CHATTER ABOUT LOW INVENTORY MEAN?   Video Here: Northeast Wisconsin Housing Market Update - March 28 I needed to simplify market updates and the first reality that everyone needs to understand is how big the housing crisis is right now for available homes. I ran data recently on our local MLS for 3 main areas that we serve. I pulled off any homes that were on the market for double the average “days on market.” (These are homes that have been sitting on the market without offers for some reason or another. That number is less than 10 per community, but there are some.) Available homes = homes with no active offer on the market for less than 70 days 🏡Oshkosh Wisconsin – 16 available homes, median list price $294,900 (prices range from $58K to $1.4 million) 🏡Neenah, Wisconsin – 18 available homes, median list price $372,400 (prices range from $80K to $2.3 million) 🏡Appleton, Wisconsin – 21 available homes, median list price $315,000 (prices range from $60K to $770K) We need listings to meet the demands of buyers. Interest rates went up again last week--- locally we are hovering near 4.5% for a 30-year fixed mortgage. That’s up from 3% at the end of December. That will push buyers to move now also. More buyers, less homes, means crazy market bidding and list price escalation. If you have been thinking about buying OR selling and need help sorting out if it makes sense, we do have options and suggestions. Don’t go it alone and sit and wonder. Talking to a real estate agent and then a lender, doesn’t cost anything and it could give you piece of mind! 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/