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| The information contained herein is provided for general information purposes only. If any of the above information is material or being utilized to determine whether to purchase the property, the buyer should personally verify same or have it confirmed by a qualified expert. The information to independently verify and confirm includes but is not limited to total square footage formula, total square footage / acreage figures, land, building or room dimensions and all other measurements of any sort or type. Equal housing opportunity listing. Copyright 2021 by Multiple Listing Service, Inc. See copyright notice. |
Author: Annie Z Realty
Southeastern Wisconsin has always been, and always will be, home. From the cornstalk-lined country roads to the sparkling shores of our local lakes & everything in between, there’s no better place to be. I look forward to working with all folks interested in real estate across Walworth, Kenosha and Racine Counties. Welcome to Annie Z Realty, here to serve your every real estate need.
June 2021 Housing Market Update
Our area has seen a steady increase in Closed Sales every month so far this year, according to the Local Market Reports by MetroMLS. Median Sales Price has mainly gone up, but New Listings have fluctuated in 2021. In the Greater Lake Geneva area, June is typically an active month in real estate. Despite low inventory, it was overall a positive month. Keep reading for the national, statewide and hyperlocal June 2021 market breakdown.
NATIONALLY
- Summary: Nationally, existing home sales went UP 1.4%, and regionally, the Midwest AGAIN outperforms the 3 other major regions of the U.S., in June 2021 compared to June 2020!
As a country, the National Association of REALTORS® most recent Existing Home Sales Report, for June 2021, shows some positive news on a national scale… finally. The following highlights are additional highlights from this release:
Existing-Home Sales (highlights)
-Existing-home sales rose 1.4% on a seasonally adjusted annual rate from May to June
-The inventory of unsold homes increased 3.3% to 1.25 million from May to June – equivalent to 2.6 months of the monthly sales pace
-The median existing-home sales price rose at a year-over-year pace of 23.4%, the second highest level recorded since January 1999.
-Homes on the market typically sold in 17 days
[…]
-Existing-home sales in the Midwest rose 3.1% to an annual rate of 1,330,000 in June, an 18.8% increase from a year ago.
-The median price in the Midwest was $278,700, an 18.5% increase from June 2020.
Simmons, Quintin. “ Existing-Home Sales Expand 1.4% in June.” NATIONAL ASSOCIATION OF REALTORS®
STATEWIDE
- Summary: In Wisconsin, the month of June 2021 brought: more existing home sales, higher median sales prices, more new listings and fewer days on market, compared to last June.
On the state level, the Wisconsin REALTORS® Association, released their monthly market report with the headline, “Wisconsin Housing Market Strong in First Half of 2021,” (Wisconsin Housing Statistics June 2021 Report). Here are some additional key takeaways:
June 2021 Home Sales Report (highlights)
-Through the first half of 2021, existing home sales rose 8.4% relative to that same period last year, and median prices were up 11.9% over that same period to $235,000 on continued tight inventory.
-Regionally, the strongest annual growth in sales over the first six months of the year was seen in the North region, up 13.5%; the Southeast region [of the state] up 12.5%; and the Central region, up 10.5%.
-While total listings in June were 19.3% below listings from a year earlier, the number of new listings were up 9.6% compared to June 2020
-June home sales kept pace with sales in June 2020, whereas median prices rose 15.2% to $257,000 over the 12-month period.
-There were just 3 months of available supply of housing in June, which indicates a strong seller’s advantage in the market.
-Average days on the market dropped to just 69 days in June, down from 96 days in June of last year. This is the lowest statewide figure on record since […] 2005.
-The strong price pressure caused housing affordability to slip 9.5% compared to June 2020.
Wisconsin Housing Statistics June 2021 Report by Wisconsin REALTORS® Association
LOCAL MARKET
- Summary: Walworth County, and the Lake Geneva-Geneva-Delavan-Williams Bay Area saw a decrease in new listings, but an increase in closed sales and median sales price, in June 2021 compared to June 2020.
Below you will see evidence of a sellers’ market – fewer homes available to pick from, listed at higher prices. Read the Local Market Reports by MetroMLS, and the Market Report: June 2021 by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee. Specifically, the images show the June 2021 housing statistics for Kenosha, Racine, and Walworth Counties as well as the Lake Geneva, Delavan, Williams Bay area:
Monthly Indicators: June2021 (highlights)
School’s out, and as vaccination rates rise and America enters a new normal, the U.S. housing market continues along at a frenzied pace, with low interest rates and limited inventory fueling record high sales prices. […] Eager buyers are making multiple offers, some for well over asking price, while others are making offers on homes sight unseen.
Some buyers [are forced] to simply wait it out in hopes of more inventory and less competition. Meanwhile, home builders are trying to meet the increased market demand.
As we ease into new routines and look forward to a post-pandemic future, one thing remains certain: America desperately needs more homes.
by Dan Zielinski of FlexMLS
Other Market Updates:
June 2021 Housing Market Trends Report – Realtor.com Research
Speianu, Sabrina. “June 2021 Monthly Housing Market Trends Report: New Listings Stage a Comeback in June as Home Prices Hit a New High.” Realtor.com®
Sellers: The market still heavily weighs in your favor. That being said, buyer demand will be curbed by upcoming interest rate increases. When that will be is unclear, but it is inevitable, and I’d wager to say by 2022. In my opinion, this is the year to sell. Contact me if you have questions or would like a custom, free home valuation.
Your free, instant Home Valuation here: HomeValuationzByAnnie.com
Buyers: Strategy and patience are key. Have your financing and your backup plan in order. Draw your lines and try not to jump too fast. Just because the sellers are in the driver’s seat does not mean you have to get the short end of the stick. You need an agent who will negotiate on your behalf, with integrity. I am here to help – please feel free to reach out!
All the best,
ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com
OFFICE 262.248.4492 | www.keeferealestate.com
My June 2021
Sources
“Local Market Reports.” MetroMLS®. July 22, 2021.
Zielinski, Dan. “Market Reports: June 2021.” FlexMLS® & Metro MLS ®. July 22, 2021.
“June 2021 Home Sales Report.” Wisconsin REALTORS® Association. July 22, 2021.
Speianu, Sabrina. “June 2021 Monthly Housing Market Trends Report: New Listings Stage a Comeback in June as Home Prices Hit a New High.” Realtor.com®. July 22, 2021.
“Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS®. July 22, 2021.
Simmons, Quintin. “Existing-Home Sales Expand 1.4% in June.” NATIONAL ASSOCIATION OF REALTORS® July 22, 2021.
May 2021 Housing Market Update
This past weekend marked the summer solstice, the official start of summer. Our farmers finally got some much needed precipitation, as well. Then, today, the National Association of REALTORS® posted their monthly Existing Home Sales Report, showing the Midwest outperforming the other major regions of the U.S., confirming our MetroMLS‘s Market Report report that came out last week.
LOCAL MARKET
- Summary: Lake Geneva-Delavan-Williams Bay Area up 49.1% in New Listings, 72.2% in Closed Sales & 8.1% in Median Sales Price, compared to this time last year!!
Below are the Local Market Reports by MetroMLS, and the Market Report: May 2021 by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of the Metro-Milwaukee area, published on June 14th, 2021. Specifically, the images show the May 2021 housing statistics for Kenosha, Racine, and Walworth Counties as well as the Lake Geneva, Delavan, Williams Bay area. You will see across-the-board increases in New Listings, Closed Sales AND Median Sales Price.No matter which way you dice it, we are outperforming last years’ market – regionally, statewide, countywide and hyperlocally, and on every measure!
MARKET REPORTS: MAY 2021 (highlights)
As the weather warms and the first day of summer rapidly approaches, the U.S. housing market shows little sign of cooling down. Robust buyer demand, fueled by low mortgage rates, continues to outpace supply, which remains near historic lows.
[…] With such a limited supply of existing homes to purchase, all eyes are on home builders to provide a much-needed boost of inventory to the market to help meet buyer demand. However, increasing material and labor costs, along with supply chain challenges, have contributed to significantly higher construction costs, with builders passing these costs on to homebuyers.
by Dan Zielinski of FlexMLS
STATEWIDE
- Summary: Sales are up DOUBLE DIGITS, yes, even STATEWIDE, compared to last May (when everything was shut down due to covid-19).
On the state level, the Wisconsin REALTORS® Association, released their monthly market report with the headline, “Wisconsin Housing Market Strong Even as Inventories Remain Tight,” (Wisconsin Housing Statistics May 2021 Report). Here are some additional key takeaways:
May 2021 Home Sales Report (highlights)
– Both existing home sales and median prices rose by double-digit margins in May compared to their levels 12 months earlier, when the economy was in lockdown.
-Demand conditions are very strong with the 30-year fixed-rate mortgage dipping to 2.96% in May.
-The latest statewide employment data from April indicates a robust rebound from the depressed levels of April 2020, with 261,200 private sector nonfarm jobs added over the last 12 months.
-Total statewide listings fell 26.2% to just 21,195 homes for sale in May.
-Housing supply remains very tight with just 2.8 months of available supply in the state. Inventory is tight in all regions, across all urban/rural classifications and across all price ranges.
-Average days on the market dropped 24% to just 73 days statewide in May as competition for the limited supply intensified.
-Housing affordability slipped 7.1% as median home prices surged 14.2% over the past 12 months to $245,500 in May 2021.
Wisconsin Housing Statistics May 2021 Report by Wisconsin REALTORS® Association
NATIONALLY
- Summary: Nationally, existing home sales went down -0.9%, but regionally, the midwest is outperforming the other major regions of the U.S., up +1.6% in May 2021 compared to May 2020!
As a country, the National Association of REALTORS® most recent Existing Home Sales Report, for May 2021, shows sales are down, but let’s be honest: a less than 1% dip should not scare buyers and/or sellers out of transacting. Additionally, please note sales are UP here in the midwest. The reason for this, to me, is obvious: nobody wants to move in 6 feet of snow! The following highlights are additional highlights from this release:
Existing-Home Sales (highlights)
-Existing-home sales are down for the fourth consecutive month.
-The median existing-home price for all housing types saw a record year-over-year increase of 23.6% in May 2021.
-Properties typically sold in 17 days
[…]
Existing-home sales in the Midwest rose 1.6% to an annual rate of 1,310,000 in May, a 27.2% increase from a year ago. The median price in the Midwest was $268,500, an 18.1% increase from May 2020..
Simmons, Quintin. “Existing-Home Sales Decline 2.7% in April.” NATIONAL ASSOCIATION OF REALTORS®
Other Market Updates:
May 2021 Housing Market Trends Report – Realtor.com Research
Speianu, Sabrina. “May 2021 Monthly Housing Market Trends Report.” Realtor.com®
Sellers: Stay up to date on the Federal Reserve. Once mortgage interest rates increase, the number of ready, willing and *ABLE* buyers will decrease, and consequentially so will your upper hand in today’s sellers’ market. This will happen before the end of 2021, therefore, this is the best year to sell. Reach out if you have questions or would like a custom, free home valuation.
Your free, instant Home Valuation here: HomeValuationzByAnnie.com
Buyers: If your patience is wearing thin, its time to strategize. Reach out to see how I help buyers find off-market property to get an accepted offer before homes go on the market. Interest rates will go up, so please don’t wait. I’d be happy to help.
All the best,
ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com
OFFICE 262.248.4492 | www.keeferealestate.com
Sources
“Local Market Reports.” MetroMLS®. June 22, 2021.
Zielinski, Dan. “Market Reports: May 2021.” FlexMLS® & Metro MLS ®. June 22, 2021.
“May 2021 Home Sales Report.” Wisconsin REALTORS® Association. June 22, 2021.
Speianu, Sabrina. ” May 2021 Monthly Housing Market Trends Report.” Realtor.com®. June 22, 2021.
“Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS®. June 22, 2021.
Simmons, Quintin. “Existing-Home Sales Experience Slight Skid of 0.9%.” NATIONAL ASSOCIATION OF REALTORS®June 22, 2021.
CONDO FOR SALE – 611 B Westbury Ln., Delavan
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| The information contained herein is provided for general information purposes only. If any of the above information is material or being utilized to determine whether to purchase the property, the buyer should personally verify same or have it confirmed by a qualified expert. The information to independently verify and confirm includes but is not limited to total square footage formula, total square footage / acreage figures, land, building or room dimensions and all other measurements of any sort or type. Equal housing opportunity listing. Copyright 2021 by Multiple Listing Service, Inc. See copyright notice. |
401 S Third St Delavan – For Sale!
401 S Third St, Delavan, WI
Just Listed
Presented By:
Annie Zambito
Licensed Real Estate Agent
Keefe Real Estate
262-215-1982
Licensed In: Wisconsin
License #: 89649-94
$ Click for current price
4 BEDROOMS | 1 full, 1 half baths BATHROOMS | 1604 SqFt
This spacious 4 BR, two story was built in 1910 and well maintained since. It has a spacious dining rm & large foyer used for extra dining, nicely finished attic w/blt ins for toys. 2 car detached garage w/dog kennel attached to the back. NO closing until July 30th. Co-listed with Annie Zambito..
The information contained herein is provided for general information purposes only. If any of the above information is material or being utilized to determine whether to purchase the property, the buyer should personally verify same or have it confirmed by a qualified expert. The information to independently verify and confirm includes but is not limited to total square footage formula, total square footage / acreage figures, land, building or room dimensions and all other measurements of any sort or type. Equal housing opportunity listing. Copyright 2021 by Multiple Listing Service, Inc. See copyright notice.
April 2021 Housing Market Update
- Lake Geneva Area Make BIG JUMPS Year Over Year According to MetroMLS
- +133% in New Listings
- +96.7% in Closed Sales
- +30% in Median Sales Price
Like clockwork, every spring, people across the central United States are reinvigorated by Spring in bloom. This year, with the mask order lifted, that breath of fresh air feels like life-saving medicine. Exactly what the doctor ordered. This time last year, April 2020 was the first full month of pandemic status under coronavirus. It was also the first month where the real estate market took a real hard hit. This is important, because the year-over-year numbers in this update seem…unreal. But the truth is, our farmers were able to sow their seeds early, and we’re bloomin’, baby.
Not just in comparison to last year, but even in relation to last month, we’re seeing an uptick on all major indicators: New Listings, Closed Sales AND Median Sales Price. The following images are side-by-side comparisons for Kenosha County, Racine County, Walworth County and the Lake Geneva, Delavan, Williams Bay area. On the left are March 2021 Local Market Reports (by MetroMLS® & ShowingTime®). On the right are April 2021 Local Market Reports . This is not a mirage. The tri-county area here in Southeastern Wisconsin is thriving. We’re better today than we were last month, and even more so than last year.
Metro-Milwaukee Highlights:
April was another strong month for home sales. The busy spring market continues to see many multiple offer situations driving sales prices above the asking price. By the time a property sale closes with such strong activity, the market may have already moved higher than that sold price suggests. Such markets can create stress and frustration for prospective homebuyers, who frequently have to submit offers on multiple properties before they can secure a purchase.
[…] Buyers, sellers, and agents are all trying their best to predict where the housing market is going. While housing affordability remains an area to watch as prices continue to rise, strong buyer demand and limited housing supply show no signs of easing soon, pointing to a continuation of this market trend through spring and into summer.
Zielinski, Dan “Monthly Indicators“
Nationally, things look a little different. Interestingly enough, the Midwest as a whole outperformed the other three major regions of the country last month, as well. The snippets below are from the latest press release, “Existing-Home Sales Decline 2.7% in April,” by NAR®, the National Association of Realtors.
National Highlights:
“Existing-Home Sales Decline 2.7% in April.”
April Existing Home Sales, National Association of REALTORS®
Existing-home sales waned in April, marking three straight months of declines, according to the National Association of Realtors®. All but one of the four major U.S. regions witnessed month-over-month drops in home sales, but each registered double-digit year-over-year gains for April.
[…]
Only the Midwest experienced higher sales from the prior month, but each of the four major U.S. regions recorded year-over-year increases.
Simmons, Quintin. “Existing-Home Sales Decline 2.7% in April.” NATIONAL ASSOCIATION OF REALTORS®
Notable Market Updates:
April 2021 Monthly Housing Market Trends Report: Homes Are Selling Lightning Fast Amid a Continuing Inventory Crunch
Speianu, Sabrina. “April 2021 Monthly Housing Market Trends Report.” Realtor.com®
Sellers: If you think buyer demand is going to stay as high as it is right now, do yourself a quick favor and search “news on interest rates.” The sheer volume of articles written on this should tell you: interest rates are bound to go up and curb buyer demand. The best time to sell is when you have the most competitive buyers in the market; right now is the strongest sellers’ market I have witnessed.
Your free, instant Home Valuation here: HomeValuationzByAnnie.com
Buyers: Interest rates may never be as low as they are currently again! It is competitive, but with the right buyers’ agent, and the right strategies, you still have a chance to get into the home of your dreams. Reach out, I’d be happy to help.
All the best,
ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com
OFFICE 262.248.4492 | www.keeferealestate.com
Sources
© 2021 “Local Market Reports.” MetroMLS® & ShowingTime®. All Rights Reserved. May 21, 2021.
Zielinski, Dan. “Monthly Indicators.” FlexMLS® & Metro MLS®. May 21, 2021.
“April 2021 Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS® . May 21, 2021.
Simmons, Quintin. “Existing-Home Sales Decline 2.7% in April.” NATIONAL ASSOCIATION OF REALTORS® . May 21, 2021.
Speianu, Sabrina. “April 2021 Monthly Housing Market Trends Report.” Realtor.com® May 21, 2021.
Q1 – March 2021 Housing Market
As the prophetic Bob Dylan once said, “The Times They Are a-Changin’.” The truth is: markets can be volatile. While the future of our evolving economy is unknown, an apocalyptic frame of mind is counterproductive. Remember, as of March 2021, all ‘year-over-year’ numbers and percentages will reflect the difference between today and the beginning of the pandemic; please pause before drawing conclusions based on comparisons to black swan event derived data points. The following are highlights from recent housing market press releases regarding national and metro-Milwaukee area trends.
National Highlights:
Month-over-month, existing-home sales fell in all major regions of the country, but were up 12.3% year-over-year, and the median existing-home sales price hit a historic high of $329,100.
March Existing Home Sales, National Association of REALTORS®
Existing-home sales fell in March, marking two consecutive months of declines […]. The month of March saw record-high home prices and gains. While each of the four major U.S. regions experienced month-over-month drops, all four areas welcomed year-over-year gains in home sales.
Existing-home sales in the Midwest declined 2.3% to an annual rate of 1,280,000 in March, a 0.8% rise from a year ago. The median price in the Midwest was $248,200, a 13.5% increase from March 2020.
According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.08% in March, up from 2.81% in February. The average commitment rate across all of 2020 was 3.11%.
Simmons, Quintin. “Housing Market Reaches Record-High Home Price and Gains in March.” NATIONAL ASSOCIATION OF REALTORS®
Metro-Milwaukee Highlights:
Normal spring increases in sales activity, coupled with relaxing COVID-19 policies, created a very busy March real estate market as buyer demand continued largely unabated in the face of rising home prices and mortgage rates. Existing home seller and new construction activity continue to remain below levels necessary to bring the market back into balance, pointing to a busy and competitive buyer market in the coming months.
[…] While many homebuilders are working to increase their activity, the cost of lumber and other materials and a backlogged supply chain continue to limit new home construction and have increased costs substantially. New methods of construction, including 3d printed homes, could speed construction and reduce costs in the future, but realistically are several years away from making a measurable impact in the market.
Zielinski, Dan “Monthly Indicators“
The most inciteful graphs to note in the above Local Market Reports by MetroMLS & ShowingTime, are the “Year to Date” figures. In Q1 of 2021, compared to Q1 2020, we have seen fewer new listings, but technically more closed sales across Kenosha, Racine & Walworth Counties. Also noteworthy: median sales prices have gone down, in the month of March 2021 compared to March 2020, throughout Southeastern Wisconsin.
Sellers: If you have considered selling, but are stuck on the thought, “where would I go?” reach out to your agent about ‘lease-back options’ and ‘post-closing agreements.’ You may be able to live in your home after closing, until you find your next one. I would not wait to sell until next year, however, because 1) interest rates will eventually go up and decrease the number of buyers in the market, and 2) my magic 8 ball is broken. So. There’s that.
Your free, instant Home Valuation here: HomeValuationzByAnnie.com
Buyers: If you want to take advantage of the current interest rates, but aren’t sure whether or not your credit will allow you to: reach out to lenders (yes, more than one; shop around) ASAP. Inquire about potential credit repair programs to set you on the fast track to the closing table with the best loan. I would not wait until next year because there is no way interest rates are staying as low as they are forever. This market is not for the faint of heart, sure, but do not be scared, be prepared. Have a plan, and a plan B… and maybe a plan C, for where and how your moving; consider renting if crossing state lines, staying with family for 3 – 6 months, or even look into buying a duplex or multi-family home to live in.
If you’re feeling overwhelmed, remember: it is Spring! Take time to soak up the sun and admire the budding life outside, you wont regret it.
All the best,
ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com
OFFICE 262.248.4492 | www.keeferealestate.com
Sources
Bob Dylan, “The Times They Are a-Changin’.” “The Times They Are A-Changin’ (Fort Nowhere)”. www.youtube.com. 2019-12-12. Retrieved April 24, 2021.
© 2021 “Local Market Reports.” MetroMLS® & ShowingTime®. All Rights Reserved. April 24, 2021.
Zielinski, Dan. “Monthly Indicators.” FlexMLS® & Metro MLS®. April 24, 2021.
© 2021 “March Existing Home Sales.” National Association of REALTORS®. All Rights Reserved. April 24, 2021.
Simmons, Quintin. “Housing Market Reaches Record-High Home Price and Gains in March.” National Association of REALTORS®. April 22, 2021.
February 2021 Housing Market
What a difference a year makes! Last February, coronavirus was a soft murmur, not a screaming headline, and the economy was booming… Change may not always be welcome, but it is part of life. Learning how to ‘roll with the punches’ has proven to be a useful skill these past 12 months. February 2021 was a continuation of the most recent trends in the real estate market, with low inventory, but more sales at higher prices.
February 2020 Flashback Quotes:
“Home showings increased substantially in February as a result of current economic conditions,” February 2020 Foot Traffic, by the National Association of REALTORS®.
“Consumers continue to drive economy, forecasts retail sales will grow 3.5 percent to 4.1 percent,” February 2020 Monthly Economic Review, by the National Retail Federation©.
“Fortunately for the U.S. economy, job creation was again strong in January when 225,000 net new payroll jobs were added. We expect the strong foundation for the U.S. consumer sector to keep overall economic momentum positive for the U.S. this year,” February 2020 U.S. Economic Outlook, by Robert A. Dye, Ph.D. and Daniel Sanabria of Comerica.
The Kenosha, Racine and Walworth County Local Market Reports by MetroMLS & ShowingTime, are below, as well as that of my hyper-local, Lake Geneva area market. Throughout Southeastern Wisconsin, there were fewer new listings coming onto the market, but more homes being sold, at higher median sales prices (with the exception of Racine County, which had a slight -1.1% decrease in median sales price) in February 2021, compared to last year. Also, note that we have all seen a drastic decrease in number of days on the market – year to date and year over year.
Notable Reads:
The National Association of REALTORS® released their February 2021 Commercial Market Insights ©, with tons of useful information. Follow the link for the latest!
Why might this be? According to our Monthly Indicators publication, by Dan Zielinski of FlexMLS and Metro MLS, we’re amidst an adjustment period, where the housing market is stabilizing.
Mortgage interest rates ticked a bit higher in February but remain below their February 2020 levels. Interest rates may rise a bit further in coming weeks, but according to Freddie Mac chief economist Sam Khater, “while there are multiple temporary factors driving up rates, the underlying economic fundamentals point to rates remaining in the low 3 percent range for the year.” With rates still at historically low levels, home sales are unlikely to be significantly impacted, though higher rates do impact affordability. […]
For homeowners currently struggling due to COVID-19, government agencies are continuing efforts to help those in need. The Federal Housing Finance Agency announced they will allow homeowners with loans backed by Fannie Mae and Freddie Mac to receive an additional three months of forbearance, extending total payment relief to up to 18 months. Qualified homeowners must already be in a forbearance plan as of the end of February.
Monthly Indicators by Dan Zielinski | Mar 15, 2021 | FlexMLS, Metro MLS
Next, I investigated the difference in showings across our tri-county area, compared to last year, using the Target Market Analysis by ShowingTime®. The more I thought about it, the more sense it made: of course there were technically more showings in February 2020. With our current low inventory, there were simply less homes to see in February 2021. Interestingly enough, you’ll notice an uptick in showings for listings over $600,000 since last year. This is definitely something to pay attention to!
Recent Market Reports:
- “More Than 200,000 New Listings Are Missing From U.S. Housing Market,” according to the February 2021 Monthly Housing Market Trends Report, by Sabrina Speianu, Realtor.com®
- “After a brief pause, mortgage rates continued their recent rise. Changes by Fannie Mae and Freddie Mac’s overseeing agency will likely make it more expensive to mortgage second homes and investment properties. And consumer optimism is finally showing signs of improvement,” Zillow Market Pulse: March 12, 2021, by Matthew Speakman, © Zillow, Inc.
- “U.S. homebuilding dropped to a six-month low in February as severe cold gripped many parts of the country, in a temporary setback for a housing market that remains supported by extremely lean inventories amid strong demand for larger homes,” U.S. housing market takes breather amid bitterly cold weather by © CNBC LLC.
Sellers: It is still a sellers’ market, but we do not know how long it will last. Interest rates have already gone up a little. If interest rates continue to rise, this could negatively affect buyer demand. This is the time to list before anything changes.
Your free, instant Home Valuation here: AnniesHomeValuez.com
Buyers: It is still a good time to buy! Mortgage interest rates are still relatively low, but they have creeped up. This is crunch time, if you want to buy a home in 2021. Have your pre-approval ready to go, before seeing homes. Be flexible, and do your research on comparable home sales.
The silver lining around the past years’ pandemonium has to be the renewed importance of “home.” Clearly, a house is much more than plywood and nails. As more jobs go remote and kids attend school virtually, the more crucial it is to love where you live. If home is where the heart is: have you found yours?
Happy (ALMOST) Spring!
ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com
OFFICE 262.248.4492 | www.keeferealestate.com
Sources:
February 2020 Foot Traffic, by the National Association of REALTORS®
February 2020 Monthly Economic Review, by the National Retail Federation©
February 2020 U.S. Economic Outlook, by Robert A. Dye, Ph.D. and Daniel Sanabria of Comerica
Local Market Reports by MetroMLS & ShowingTime
Monthly Indicators by Dan Zielinski of FlexMLS, Metro MLS
Target Market Analysis below by ShowingTime®
February 2021 Monthly Housing Market Trends Report, by Sabrina Speianu, Realtor.com®
U.S. housing market takes breather amid bitterly cold weather by © CNBC LLC
Zillow Market Pulse: March 12, 2021, by Matthew Speakman of © Zillow, Inc.
February 2021 Commercial Market Insights ©, by the National Association of REALTORS®
January 2021 Housing Market
Southeastern Wisconsin’s residential real estate market generally cools down with the temperature. Winter months are often marked by decreased buyer activity, as well as fewer homes entering and leaving the market, as new listings and sold homes, respectively. This winter, however, buyer demand and activity have remained high. While inventory decreased in January 2021, both sales and sales prices were up – Nationally, Regionally and Locally.
Highlights from latest Existing Home Sales Report, by Quintin Simmons, National Association of REALTORS®
- Nationally:
- “Existing-home sales rose in January, marking two consecutive months of growth”
- “Total existing-home sales […] increased 0.6% from December to a seasonally-adjusted annual rate of 6.69 million in January.”
- “Sales in total climbed year-over-year, up 23.7% from a year ago (5.41 million in January 2020).”
- Regionally:
- “The Midwest inched up 1.9% to an annual rate of 1,570,000 in January, a 22.7% jump from a year ago.”
- “The median price in the Midwest was $227,800, a 14.7% increase from January 2020.”
- Notable Quotes:
- “Lawrence Yun, NAR’s chief economist [said,] ‘Sales easily could have been even 20% higher if there had been more inventory and more choices.’ “
- “Whereas much of the economy has suffered due to COVID-19, the housing sector has been one of the few bright spots, according to Yun.”
- “In NAR’s latest quarterly report, released last week, home prices in every tracked U.S. metro area increased during the fourth quarter of 2020.”
Highlights from latest January 2021 Monthly Housing Market Trends Report, by Sabrina Speianu, Realtor.com®
- “National inventory declined by 42.6% over last year.”
- “Nationally, the typical home spent 76 days on the market in January, 10 days less than the same time last year.”
As far as our local market goes, MetroMLS & FlexMLS had the following to say in the latest release of Market Reports:
January started well for the housing market, with healthy buyer demand and strong market fundamentals. A robust increase in housing starts in December points to an active year for new construction. Still, higher material costs, especially lumber, and a limited supply of buildable lots will temper the number of new units.
[…] The Mortgage Bankers Association’s January research estimates approximately 2.7 million homeowners with mortgages are currently in forbearance plans. Some of these homes may eventually come to market. But given the strong appreciation in most market segments in recent years, these eventual home sales are likely to be mostly traditional sellers. However, a modest increase in short sales and foreclosures at some point this year would not be surprising.
Market Reports: January 2021 by Dan Zielinski, MetroMLS & FlexMLS
Below are the Local Market Reports, by MetroMLS & ShowingTime, for the tri-county area of Walworth, Kenosha & Racine Counties, as well as my hyper-local market (Lake Geneva – Delavan – Williams Bay municipalities). As you can see, the National and Regional trends mentioned above are also reflected here. We have all seen less New Listings, more Closed Sales, and higher Median Sales Prices – across the board.
Notable Reads:
Check out what Ramsey Solutions predicts will happen in residential real estate this year: Housing Market Forecast 2021: How Hot Will It Be?
For more on the commercial side of the market, read the latest report by National Association of REALTORS®: January 2021 Commercial Real Estate Market Trends and Outlook
Sellers: How do low interest rates, low inventory, and high demand affect you? It means you’re more likely to have more buyers interested in your home, willing to pay higher prices. What are you waiting for!? Take advantage of this sellers’ market while it weighs so heavily in your favor.
Buyers: If you think you’re going to buy a home this year, do yourself a favor and start the process now. Get a hold of your local lender, first, then your realtor. Whether repairing your credit or just updating your pre-approval, cross this bridge first. It is a competitive market out there, and you do not want to leave financing to the last minute – trust me. Once that’s started, have your realtor set you up on an MLS search and check the market, at least once a day. Changes are happening rapidly, as you will see. You can do this! Persistence, Preparedness, and Patience are key!
Did you know: You CAN buy a home if you owe the IRS back taxes. Find out how here: Can You Buy a House if You Owe Taxes? by Credit.com ™, Inc.
If January set any precedent for the year to come, we’re in for quite the ride in 2021. Remember, be proactive, not reactive. As renown British scientist, Charles Darwin, once said, “It is not the strongest of the species that survives, nor the most intelligent; it is the one most adaptable to change.”
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ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com
OFFICE 262.248.4492 | www.keeferealestate.com
Sources:
Existing-Home Sales Tick Up 0.6% in January by Quintin Simmons, National Association of REALTORS®
January 2021 Monthly Housing Market Trends Report: Fewer Options for Buyers as Prices Rise and Sellers Hesitantly Step into 2021 by Sabrina Speianu, Realtor.com®
Market Reports: January 2021 by Dan Zielinski, MetroMLS & FlexMLS
Local Market Reports by MetroMLS & ShowingTime
Housing Market Forecast 2021: How Hot Will It Be? by Ramsey Solutions
January 2021 Commercial Real Estate Market Trends and Outlook by National Association of REALTORS®
December 2020 Housing Market
& Year-End Review
Typically, December is a slow month for real estate. The holidays and new year are seen as dedicated time to rest and recuperate; less activity allows us all to reflect on the past year and prepare for the next. Not this December, however; 2020 was an anomaly to the very end.
Sabrina Speianu, Sr. Economic Research Analyst for Realtor.com® said, ” […] December housing data release reveals that home buyers and sellers were much more active this holiday season compared to last year. Home listing prices continued to increase at double-digit rates compared to last year, fueled by buyer demand, which also continued to snap up homes at a rate almost two weeks more quickly than last year.” (December 2020 Monthly Housing Market Trends Report: Number of Homes for Sale Hits a New Low).
Our local metro-Milwaukee area multiple listing service, MetroMLS echoed a similar message in their latest Monthly Indicators release:
December is normally one of the slowest months of the year but strong buyer demand across most segments of the market, buoyed by near-record low interest rates, continue to drive a healthy sales pace in the face of a new wave of COVID-19 infections and a softening jobs market.
[…] With low mortgage rates and strong buyer demand in most market segments, the housing market of early 2021 looks to continue the trends we saw in the second half of 2020. Low inventory and multiple offers on in-demand properties and market segments are likely to remain common while the market waits and hopes for a boost in new construction and a surge in home sellers to help provide more balance to the market.
December 2020 MetroMLS Monthly Indicators
Below are the Local Market Reports, by MetroMLS & ShowingTime, for the tri-county area of Walworth, Kenosha & Racine Counties. You’ll notice double digit percentage increases in new listings AND closed sales for December 2020, compared to December 2019. Median Sales price was also higher, across the board. On a hyper-local level, the Lake Geneva/Williams Bay/Delavan area saw a slight dip in the number of new listings, but also the greatest increase in median sales price — which makes sense!
Finally, I wanted to take a more cumulative look at our tri-county area this year. Using the data from Wisconsin Housing Statistics, by the Wisconsin REALTORS® Association, below you’ll see the Number of Home Sales and Median Sales Price for the Kenosha, Racine & Walworth County areas in 2019 compared to 2020. The pandemic impacted our market, significantly, in April and May. However, we surpassed the number of homes sold, and median sales price, every month from June onward, compared to last year.
Hindsight is 20/20! The numbers are in, and the charts don’t lie. Clearly, 2020 is not 2008, and we’re not having a housing market crash. The global pandemic impacted every corner of the economy, including real estate… but only briefly. Interest rates are low, demand is high, supply is low and prices are trending upward — but most importantly, we’re not imploding. All’s well on the real estate frontier.
Sellers: There are still buyers out there! Buyers that weren’t able to get what they wanted in 2020 are going to stay in the market until interest rates increases – which will eventually happen. Don’t wait to list your home, if you don’t have to. Take advantage of this seller’s market!
Buyers: Interest rates are still low, and prices have seemed to stabilize (see last chart above). If you want to buy a home in 2021, get your ducks in a row — ASAP. Have your realtor set you up with an MLS search, and check out all the active and sold homes in your desired area and price point, often. Call your lender and have your pre-approval ready to go before you start seeing homes. This is a “you snooze, you lose” market, so be prepared.
In sum, bring on 2021! Feel free to reach out and ask if you need anything…
Stay well,
ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT
KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com
OFFICE 262.248.4492 | www.keeferealestate.com
Sources:
December 2020 Monthly Housing Market Trends Report: Number of Homes for Sale Hits a New Low by Sabrina Speianu Sr. Economic Research Analyst Realtor.com®
December 2020 MetroMLS Monthly Indicators by MetroMLS
Local Market Reports by MetroMLS & ShowingTime
Wisconsin Housing Statistics by Wisconsin REALTORS® Association
