December 06, 2010

Homes Sales Fall, But Prices Stabilize in Wisconsin

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According to the December 2010 issue of “Wisconsin Real Estate” magazine, while homes sales fell by 6.9% (year to date) statewide in October, from the previous year, prices stabilized – a promising indication that the real estate market may be slowly turning the corner. The average price of a home October 2009/October 2010 remained stable at $140,000 and year to date there was a slight decline of .9%. What this means for sellers is this: it continues to be critically important to price properties aggressively and competitively in order to grab a corner of this market. For buyers, the news is an indication that buyer-wariness may be turning the corner. Once prices stabilize, I believe, we will see a period of latent pricing where the market maintains a pricing status quo. Following this period, we will once again see the kind of appreciation Wisconsin is known for: slow and steady.

For second home market buyers and sellers, in areas such as Lake Geneva, Delavan, Williams Bay, and other waterfront vacation areas, price stabilization will be critically important. Second home sellers generally “don’t have to sell,” and their counterparts, “don’t have to buy;” thus, watching real estate price indicators is paramount. No buyer wants to overpay for a product. When that product is a discretionary purchase such as a lakefront home, buyers cast a highly critical eye towards the bottom line. Looking for a primary or second home? Look for properties that are competitively priced and offer excellent value for your hard earned dollars. Once prices stabilize for the long term, the investment you made in this uncertain economy will begin the appreciate.

Posted by:  Janis Hartley

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