July 2020 Housing Market Update

Wow! The July real estate market came in with a bang and left with a boom (and I don’t just mean the Independence Day fireworks, although those were astounding). If you thought we were setting ourselves up for failure, by comparing this year to last year, given the fact that 2019 was such a good year for real estate and the overall economy: you were wrong. The housing market in July 2020 was actually BETTER, year over year, in more ways than one!

The WRA recently published: July 2020 Home Sales Report: Record July Home Sales Push Prices Up. Specifically, stated, “Wisconsin’s existing home sales hit a new record for the month of July, which increased prices by double digits, according to the most recent monthly analysis of the state housing market by the Wisconsin REALTORS^® Association (WRA). Sales of existing homes rose 7.6% in July relative to that same month in 2019, and the median price rose to $226,400, which is 10.4% higher than July 2019. On a year-to-date basis, sales are now only slightly lower than this time last year, with sales in the first seven months of 2020 just 1.9% below the same period of 2019, and prices are up 8.4% to $213,000.”

In this month’s edition of Market Reports, by Metro MLS, they elaborated on this trend.

Healthy buyer demand and constrained supply continue to be the story for much of the country. Nationally, showing activity in July remained substantially higher than a year before and multiple offer situations are a frequent experience in many markets. With the inventory of homes for sale still constrained, a competitive market for buyers shows little sign of waning.
[…]
While the number of unemployment insurance weekly initial claims have been far lower in recent weeks than their peak in March and April, more than 1 million new claims are still being filed each week and more 31 million were claiming benefits in all programs as of early July, compared to fewer than 2 million in July 2019. Despite this significant economic impact, home buyers remain extremely resilient. With mortgage rates remaining near record-low levels and home purchase mortgage applications up from a year ago, high buyer activity is expected to continue into the late summer and early fall market
Current as of August 10, 2020. All data from Metro MLS. Report © 2020 ShowingTime

Specifically, when we look at the charts below for Kenosha, Racine & Walworth Counties, as well as the hyperlocal market within which I work mostly, Lake Geneva – Delavan – Williams Bay, you’ll see these jumps in productivity specifically. The tri-county area had more sales July 2020 compared to July 2019 across the board!!! Each individual county was still down in new listings, but my local market went up. Finally, aside from Kenosha County, median sales price also went up in the month of July.

What is this saying overall? I believe we are seeing an influx of city-folk moving out to their favorite rural vacation destination full-time, given how many businesses have switched to remote function. I do not see this trend lasting forever. Listen up Potential Sellers: this is the hottest sellers market in recent history and we do not know exactly how long it will last, but only that it will not last forever!!! Potential Buyers: interest rates are at historic lows! Again: we do not know for how long only that it will not be like this forever.

July has come to pass; enjoy summer while it lasts. Don’t forget to stop and smell the roses, as few and far between as they may seem.

My July bloomed with accepted offers, vegetables from my dad’s garden, and funny memes.

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:

July 2020 Home Sales Report: Record July Home Sales Push Prices Up

June 2020 Housing Market

Featured

Here in Wisconsin, the month of June represents carefree summertime livin’: grilled food, festivals, long holiday weekends, and plenty of sunshine. June 2020, however, was marked by civil rights protests against police brutality, violence, job loss, business closures, and month FOUR of this COVID-19 plague. During difficult times, I hold on by committing myself to find the silver lining. More than ever, having a home to stay in, for safety’s sake, is of the utmost importance.

In an article by Matthew Speakman of Zillow called, “June Existing Home Sales: Making Up For Lost Time” the national statistics for the month of June were layed out:

June existing home sales rose 20.7% from May to 4.72 million (SAAR), according to the National Association of Realtors, the largest ever one-month increase in the series’ history. Sales were down 11.3% from June 2019.
The median existing-home price for all housing types in June was $295,300, up 3.5% from June 2019 ($285,400).
Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May and down 18.2% from one year ago.
By Matthew Speakman on Jul. 22, 2020

You read that correct: the percentage increase in home sales from May to June 2020 broke records. There were also more homes listed in June (compared to May 2020). In comparison to last year, the median sales price is higher, but there are less new listings. One might take this to mean that nationally, the real estate market is improving overall, and maybe the worst is behind us.

Locally, the metro-Milwaukee Multiple Listing Service said the following about the Southeastern Wisconsin June market in their Monthly Indicators:

“While much of the country was working on a phased reopening of the economy
in June, real estate activity continued to strengthen as well. Nationally, June
showing activity as tracked by ShowingTime was up notably from the COVID-19
depressed levels in recent months but was also up from June 2019, reflecting
pent-up demand by prospective home buyers.
[…] While buyer activity continues to be robust, seller activity continues to be a bit
softer, with fewer homes being listed for sale than a year ago. Many housing
experts believe sellers remain reluctant to list their homes due to continued
concerns over COVID-19, which was beginning to see a resurgence in June.
Until sellers regain confidence, housing inventory will continue to be constrained
during what is expected to be an active summer selling season.”
All data from Metro MLS. Report © 2020 ShowingTime.

The local market analyses below are for the Counties of Racine, Kenosha & Walworth, plus one for the Lake Geneva – Delavan – Williams Bay Area. Personally working mainly in Walworth County, I have seen buyers demand skyrocket. Meanwhile, potential sellers are ‘waiting to see what happens.’ Not all of them, I had some new listings. At the start of this pandemic, several people told me they anticipated home values soon – which is incorrect. Clearly, they were wrong! As the basic business principal of supply-and-demand implies: with more demand (from buyers), prices (for homes/sellers) go up, not down.

Thinking of buying or investing in real estate? Call a lender asap. Work on your credit score even! At the end of the day, if a home is accurately priced and in decent shape, the home will go under contract fast.

Ready to sell your home? I would find a place you can stay before you list. An empty home always sells faster. Also, get your market analysis, even if you want to wait to sell, just for frame of reference.

Stay positive, stay healthy & reach out! ❤ , Annie Z.

June 2020 in photos

Sources:

June 2020 Monthly Housing Market Trends Report: Key Housing Indicators Begin to Turn Around in May by Sabrina Speianu, Sr. Economic Research Analyst for Realtor.com

ShowingTime Showing Reports

June Existing Home Sales: Making Up For Lost Time Matthew Speakman Zillow

May 2020 Real Estate

Featured

Southeastern Wisconsin on the Rebound

There are always two sides to a story. We have a global pandemic on our hands, but at least summer officially began today. There is no denying COVID-19 is still impacting our real estate market, but the latest stats indicate things are looking up. “Realtor.com®’s May housing data release reveals that the U.S. housing market likely reached its low point during mid-April, with constrained new listings and minimal price growth,” according to Sabrina Speianu, Sr. Economic Research Analyst for Realtor.com.

On Tuesday, our metro-Milwaukee Multiple Listing Service released their Monthly Indicators recapping last month’s market. Here’s what they had to say:

Market Reports: May 2020
While the effects of COVID-19 in the broader economy continue, real estate activity is beginning to recover across much of the country. According to
Freddie Mac, mortgage rates have been below 3.3 percent for more than four
weeks and are hovering near all-time lows, spurring strong interest by buyers
and lifting showing activity up 4% nationally versus a year ago in the final week
of May.
[…]
Buyers have been quicker to return to the housing market in force than sellers,
who have been showing a bit more reluctance to list their homes than is typical
for this time of year. But trends are improving and as states and localities
continue to moderate their COVID-19 policies, real estate activity is expected to
continue to improve in the coming weeks.
Metro MLS. Report © 2020 ShowingTime

As far as real estate in Southeastern Wisconsin goes, we’re still doing worse this year compared to last, but we’re better than last month. April 2020 market reports showed Walworth County was down 50.2% in new listings and 30.6% in closed sales, but up 9.4% in median sales price (compared to April 2019). Follow this link to see the April 2020 Real Estate post.

For the month of May, Walworth County went down 30% in new listings, 43.2% in closed sales, and 2.9% in median sales price. The fact that we had fewer closings, is a reflection of April’s drastic decrease in new listings – there were less homes available to be sold. The decrease in median sales price for the county surprises me, as I’ve seen more cases where properties go under contract for list price or higher, as the right-hand chart above shows (i.e., a 12.5% increase in median sales price for May 2020, compared to May 2019, in the Lake Geneva – Delavan – Williams Bay area).

The story here is a gradual trend upward. We have reason to believe a recovery is underway. Adding to this positive news, showings are up in my county, despite the global pandemic and less available inventory to view. According to ShowingTime, Walworth County had a total of 2,158 showings in May (2020), compared to 2,005 total showings in May of 2019.

You might be thinking, “MORE showings? How is that possible? And, what does this mean?“

Personally, I have experienced a spike in demand from buyers in the past month and a half. I’m writing more offers, but facing more competition and not going to the closing table proportionally more often. I suppose there’s nothing like a quarantine to make people antsy and ready to move.

Able buyers: get your ducks in a row sooner rather than later. When the right home comes onto the market, you will need to act fast. In other words, call a lender, heck call two, and get your pre-approval done and out of the way. Also, be prepared for a potential bidding war. I have heard some say the COVID-19 crisis would cause home values/prices to plummet. I’m here to tell you this assumption is incorrect.

Potential sellers: do not miss this opportunity. We do not know how long the odds will stay in your favor. More showings combined with decreased inventory, means you’re statistically more likely to get an offer – and maybe more than one. Based on the principle of supply and demand, when demand is high, but supply is low, prices go up. Therefore, the current market is ideal for sellers right now more than ever.

Stay positive, stay healthy & reach out! ❤ , Annie Z.

Sources:

May 2020 Monthly Housing Market Trends Report: Key Housing Indicators Begin to Turn Around in May by Sabrina Speianu, Sr. Economic Research Analyst for Realtor.com

ShowingTime Showing Reports

April 2020 Real Estate Housing Market Review: In the Thick of COVID-19

April 2020 Real Estate

Featured

Housing Market Review: In the Thick of COVID-19

The following charts are ShowingTime’s Impact of COVID-9 to Real Estate Showings in Wisconsin & in North America. They reflect the physical activity of our market compared to that of the entire United States, this year compared to last. April was a hard hit month for the whole nation. The month of May seems to be off to a good start for both, but overall Wisconsin is trending more active than the overall country,right now.

Our low-point so far in this COVID-19 pandemic, appears to be April. The Metro-Milwaukee MLS (Multiple Listing Service) just released their monthly report: Market Reports: April 2020. The numbers don’t lie. In Walwoth County, new listings were down by 50.2%, and there were 30.6% less homes sold in April of 2020 compared to last year. The median sales price went up 9.4%, and days on market went down by 6%; however, that doesn’t make up for the lack of inventory and closings. April’s inactivity is reflective of the worldwide shutdown, no doubt.

I started out with the showingtime data because it is hopeful. The Safer at Home order was reversed by our supreme court here in Wisconsin, so businesses are opening back up for the first time in months. There are a handful of precautions in effect in real estate, from COVID-19 consent forms to gloves and masks. While I feel tense and anxious, I can only concentrate on my own actions. I will continue to work safely, and follow the CDC guidelines on how to protect yourself and simply trust others do the same.

What if April 2020 is as bad as our market gets?

Stay positive, stay healthy & reach out! ❤ , Annie Z.

Sources:

ShowingTime: The Impact of COVID-19 on Real Estate Showings

CDC guidelines on how to protect yourself

Safer at Home order was reversed

Weekly Update – Walworth Co

Featured

Real Estate Market

Mid May, 2020

In the past week, I’ve had 2 closings, wrote 3 offers (1 was accepted), and scheduled 20 showings. Spring is definitely here! Sellers are accepting offers within days of listing their property’s on the market, as per usual this time of year.

…That being said, the elephant in the room remains… There is no way to avoid the trickle-down effect of Coronavirus on the housing market. Here are how showings have been effected in Walworth County, in a side by side comparison of the last 30 days compared to the same date range (4/13 to 5/13) last year, courtesy of ShowingTime.

Here is the Market Summary from the MLS for April 2020 vs. April 2019:

Despite less showings, home sales are only down 2.7% compared to last April. What’s significant here is the drop in new listings. You know what this means? Less Competition! We are still in a “sellers’ market.” There are simply not as many homes on the market as there are ready, willing and able buyers to purchase them. This has been the case for over a decade.

POTENTIAL SELLERS: When it comes to showings & property tours, seller’s can reduce risk of covid-19 exposure by:

1) Leaving lights on so no one else has to touch switches.
2) Require all visiting parties to sign a covid-19 disclosure release form before providing access information.
3) Mandate gloves and masks to be worn by all visiting parties.

Potential Home Buyers – If this quarantine has you hating your home, and you’re ready to move: fear not! There are options:

1) Get a pre-approval FIRST! You don’t want to waste your time in a space you cannot afford.
2) Get on an automatic MLS search that sends you homes that match your criteria as SOON as they hit the market.
3) Take a Virtual Tour first, and THEN see it in person – with gloves and mask – before writing an offer. try zoom or google duo

Follow these links to see the new listings and just sold properties:

Walworth County New Listings in Last 7 Days

Sold in Walworth Co in the Last 7 Days

OTHER INFO

01. How long does coronavirus last on different surfaces? See CDC’s answer here.

02. WHAT YOU LISTEN TO MATTERS: My favorite podcast is “Afford Anything,” by Paula Pant. Her PSA Thursday episode on May 7th had an interesting synopsis of the current state of our national real estate market. Take a listen by following this link.

03. WI Business Owners: Here are the Reopen Guidelines for you!

I see recovery written all over the data coming out, what about you? Are my glasses too rose-tinted? I want to hear what YOU think! Reach out, let me know. Stay healthy… ❤ ALWAYS, Annie Z.

ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT | KEEFE REAL ESTATE
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com

Sources:

Weekly Update – Walworth County Real Estate Market

Featured

In the last 30 days, I’ve showed 41 properties. I have 2 closings on Friday, one of which is a co-listing of mine, the other is for a buyer. I have also written 2 offers, but neither made it under contract. Currently, according to the Metro-Milwauke Multiple Listing Service, there are 700 active single family and condominium homes listed in Walworth County; 164 of them are under contract, and 54 were just listed this week. Additionally, 33 homes and condos sold in the last 7 days, as well. According to ShowingTime, there were 339 showings scheduled this week, as compared to 301 showings last week.

Follow these links to see the new listings and just sold properties:

Walworth County New Listings in Last 7 Days

Sold in Last 7 Days

There’s no doubt things are picking up, as far as showings go; the problem that remains is lack of inventory. Buyer’s are out there – more than you would think. If you’re on the fence, I’m here to tell you the time has come! If you’re concerned about your safety, be aware that there are COVID-19 consent forms available, and you can require buyers and agents to wear gloves and masks. I have even been to a showing where I was told to wipe down anything the buyer touches with a lysol wipe – not a problem! If anything were ever a way to increase buyer demand, it’s quarantine. People are getting antsy.

Here’s a graphical breakdown of our showings, as well as a preview to the past month’s market summary, with a year over year comparison:

Like I said, clearly there are just less homes on the market (which makes sense, given everything that’s going on). In Walworth County, Active Listings are down 14.1%, and New Listings are down 15.3%. However, the number of closings/homes sold is only down 2.7%. What does this mean? It indicates buyers are still buying homes, despite there being less to chose from. We’ll see what the metro-MLS says when their Monthly Indicators report comes out in a few days.

Stay healthy ❤ always, Annie Z.

ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT | KEEFE REAL ESTATE
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com

Sources:

Weekly Update

Featured

Market Check-In + Spring Maintenance Tasks

Friday, April 24th marked 30 full days under WI Governor Evers’ Safer At Home Order, where all non-essential businesses were forced to close their doors in alignment with our nation’s efforts to slow the spread of the coronavirus. While real estate is considered an essential business, there’s no denying we have been impacted.

The Impact of 30 Days of “Safer at Home” in Walworth County:

From March 25th to April 24th, 2020, there have been 892 showings in Walworth County. Last year, during the same time frame, there were 1,769 showings. That’s a 50% drop in the number of property showings. Granted this number includes all types of property showings (from condos and single-family homes to commercial property and vacant land). Here’s a graphical breakdown for more clarity:

That being said, week over week, things are looking up. This past week (4/18 – 4/24) we had 242 showings, where as the previous week (4/11 – 4/17) there were 190 showings. Since a property takes anywhere between 30 to 60 days or more to close after accepting an offer, the overall effect on home sales is yet to be determined. However, so far, closings have only dropped to 92% of last years levels. Last year there were 113 single family homes sold in Walworth County from March 25th to April 24th, 2019. This year, from March 25th to April 24th, 103 single family homes have sold. Follow this link to see the listings: Sold in the Last 30 Days

On April 16th, WI Gov. Evers extended the stay-at-home order to May 26th. With that in mind, I thought it would be a great time to offer some spring maintenance tasks and projects to tackle while folks are still stuck in the house.

Springtime Home Maintenance Tasks

Clean out your gutters and downspouts
Pressure wash your siding
Inspect your roof & foundation – schedule repairs
Trim/Prune your bushes and shrubs
Schedule air conditioner cleaning
Clean your windows
Check for/repair holes in window screens
Reseal deck/porch
Paint your house – inside and out!
Switch out winter clothes for spring/summer clothes – don’t forget to make donation piles!
Spray insecticide along windows and doors, and remove bee hives!

Bonus Projects: Paint old tables, hang photos, add more greenery indoors!

Inspired by Spring Maintenance Checklist – More Than Cleaning by HomeAdvisor & Your Spring Home Maintenance Checklist by Family Handyman (houzz)

Slowly but surely, things are improving. As long as we each continue to do our part to stay healthy, we will make it out of this. Please don’t hesitate to reach out if you need anything – groceries, vendor contacts, or even just someone to talk to. I’m here!!

I’m here if you need anything, just let me know!

Stay healthy ❤ always, Annie Z.

ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT | KEEFE REAL ESTATE
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com

Sources:

Safer At Home Order

extended stay-at-home order

Spring Maintenance Checklist – More Than Cleaning by HomeAdvisor

Your Spring Home Maintenance Checklist by Family Handyman (houzz)

March 2020 Real Estate Report

The Effect of COVID-19 on Our Housing Market

The Metro-Milwaukee MLS (Multiple Listing Service) gathers real estate stats for each month, and compile data points into easily digestible graphs for real estate professionals and consumers alike. Additionally, they highlight recent events to provide a comprehensive real estate market report. I’ve included the portions of their March 2020 report, released April 10th, that pertain to our hyper-local market here in Southeastern Wisconsin.

Also, I’ve included some data released by ShowingTime, which is the showing scheduling tool used by nearly a million real estate professionals in over 250 MLS’s, for some additional insight to the impact of the current COVID-19 crisis. The information provided by ShowingTime is in real time and nationwide, to provide a more up-to-date, wider vantage point.

Here’s what our Metro Milwaukee MLS stated in their Monthly Indicators introduction:

As COVID-19’s impact spread across the country in March, the stock market declines started in February accelerated downward before recovering a bit in the last week of the month. With volatility across all the financial markets, lenders began tightening underwriting standards and some buyers found they no longer were approved for a loan. Massive layoffs also shook the economy with 6.6 million initial jobless claims filed in a single week—double the number last week and ten times higher than any other week on record prior to this month.
[…] While the effect of COVID-19 is varied throughout the country, we are likely to see impacts to housing activity now and into the coming months. Its continued spread is leading many companies and consumers to change their daily activities.
Metro Milwaukee MLS ‘Monthly Indicators Report’ © 2020

The Local M arket Update, showed some interesting trends. Compared to March 2019, Walworth County had 6.5% fewer new listings (200 vs. 219), but 5.1% more closings (124 vs. 118) AND a nearly 20% increase in median sales price ($268,450 vs. $224,000). Additionally, days on market (until sale) have gone down 16.1% (78 days vs. 93 days). Zooming into my local area, the Lake Geneva/Delavan/Williams Bay area, things went a bit differently. We saw 26.7% more new listings, but 10.5% less closings in March 2020, compared to March 2019. However, there was a substantial 42.2% rise in median sales price AND a 28.3% decrease in days on market!

What does this mean for Walworth County? Well, logically, given the current pandemic, less sellers put their homes up for sale; however, more sellers sold their homes, for more money, and in less time, this March compared to last.

While our local market (LG-Delavan-WB) is so small that the numbers are often not an accurate depiction of the market at whole, the increase in median sales price for March 2020 compared to last year was seen across our tri-county area. Call me a Pollyanna (I’ve been called worse), but this makes me optimistic.

Next, let’s check out how property showings have been… infected. Governor Evers declared that real estate is an “essential business” allowed to continue operations, despite his ‘Safer at Home’ order (recently extended to May 26th). This makes sense to most, given that we need a home in order to abide by said order.

That being said, many of my buyer clients have been laid off, others have had significant cuts in their pay, and a handful even had to close their business doors, as a result of this order. I honestly feel guilty going on showings, with my few remaining buyers, given the financial hardships facing my other clients, friends & family members.

Side Note: I wear gloves to every showing, and make my buyers follow suit. If the home is owner-occupied, we also wear masks. Follow this link for CDC guidelines on how to protect yourself and your loved ones.

Sellers, similarly, are stuck between a rock and a hard place. Many brokerages are sending out COVID-19 consent forms for the agent and buyer(s) to sign, certifying he/she is not sick, has not tested positive, or come in contact with someone who has tested positive… but there is no denying the fear remains.

As a reminder, this virus went ‘pandemic’ status Wednesday, March 11th. ShowingTime has accumulated data across over 250 national MLS’s and published The Impact of COVID-19 on Real Estate Showings, and the graphs speak for themselves. According to ShowingTime, showings are down 58.4% nationally, and down 37.8% in Wisconsin, compared to this time last year (charts created 4/16/2020).

ShowingTime Target Market Analysis 2019 Showings for LG-Delavan-WB

ShowingTime Target Market Analysis 2020 Showings for LG-Delavan-WB

The two charts above breakdown our local market showings by price point. Please take note of the scale along the bottom. There number of showings have decreased by the hundreds in the past month alone.

My Takeaways

I have done many ‘virtual showings,’ and a ‘virtual open house,’ but it’s not the same. Buying a home is often the largest, or one of the largest, purchase one makes in their lifetime – would you be comfortable buying a home you haven’t seen with your own two eyes? Without stepping foot inside your new home until you’ve left the closing table? I wouldn’t, but that’s just me.

I could understand, for example, a multi-family property investor putting an offer on a home, sight unseen, if what they primarily seek is an occupied, income producing rental property. Furthermore, a few years ago, I was part of a transaction where the buyer had a job transfer, and was not able to see the property he purchased in person beforehand. Regardless, these are not regarded as optimal property purchase scenarios. Different, but not preferred.

Overall, I have never more content living here in Wisconsin, an hour away from any major metropolitan city, without public transportation. Post-pandemic, I do think more people will be moving out to the countryside. However, this virus has clearly impacted real estate. The long term effects of the CARES act and mortgage forbearance have yet to be revealed. We must stay vigilant with our finances, now more than ever.

I’ve been using my free time at home to stay in tune with our local and national real estate markets, as well as the overall economy. We will recover from this, eventually, if we all do our part. Remain at home, if you can; take precautions, if you can’t. We are all in this together.

Stay safe & healthy ❤ , Annie Z.

Sources:

‘Safer at Home’ & Safer At Home Order Extended

CDC guidelines on how to protect yourself

ShowingTime: The Impact of COVID-19 on Real Estate Showings

CARES act

The Impact of COVID-19 on Local Real Estate Practices

Featured

Yesterday, Gov. Tony Evers issued an emergency order called “Safer at Home” in which Wisconsinites are instructed to remain at home with the intention to stop the spread of coronavirus, aka COVID-19, from 8:00 am Wednesday, March 25th until 8:00 am Friday, April 24th.

follow this link to read the full order by the Wisconsin Governor: Order #12: Safer At Home

Local businesses are to remain closed for the next 30 days, unless they’re considered an “essential service.” Thankfully real estate was declared essential, as were many businesses that support and serve our industry. However, the way we practice and participate in real estate transactions has transformed.

follow this link to see a full list of essential businesses here’s the full list of business allow to continue operations, although most with new restrictions, read the Wisconsin Economic Development Corporation © 2020 article here

REALTORS® and their clients may still conduct the activities necessary to buy and sell real estate in Wisconsin during the time period covered by the order as long as they comply with the social distancing and other requirements in the order.
Michael Theo President & CEO of Wisconsin REALTORS^® Association

Conversely, while I and my fellow realtors are allowed to work, we are NOT required to. This is a HIGHLY contagious, and sometimes deadly, virus. We must continue to work remotely (while accessible, if necessary, we cannot work out of our office), maintain social distancing from others (6+ feet), wear PPE when going to public places, wash your hands/use hand sanitizer.

Restrictions, Options & Opportunities for

Sellers and Buyers

Showings

Real estate agents are being told by all sources (“Safer at home,” the WRA, NAR, and brokerages) to do work from home (instead of office). There are no more open houses, but virtual showings/tours are highly encouraged. When we go do out, we’re still supposed to follow ‘social distancing,’ and CDC prevention guidelines.

Be aware: some sellers are being forced to self-quarantine: you must protect yourself as well. This virus can live on surfaces, and they may not know whether or not their COVID-19 positive.

Buyers:

If you have a pre-approval from a lender, and have a secure job (not at risk for losing your job), continue to look online. Any new listings are likely serious sellers, whether trying to cut losses in the stock market by selling second homes, or moving). Write contracts with deadlines pushed further out. VA and even some FHA buyers (with jobs in “essential businesses”) are very secure in that they are government vs. mortgage broker backed.

Please note: President Trump did not cut mortgage interest rates to 0%, but rather treasure rates.

Sellers:

You can require virtual tours only. Of course, you could also pull the property off of market until the pandemic ends. We’ve been told to do virtual open houses, and to not open the open house to the public.

Please note: if you do not want to sell your home, you could look into refinancing your home loan given the recent cut in interest rates (not mortgage rates). ** I have heard from a couple folks that it took longer than normal to hear back from their lender, the refinancing process may take some time. If you decide to refinance, lock in your rate.

Under Contract

If you’re currently under contract, expect delays from loan processors, home inspectors, loan appraisers, and even the title company (due to register of deeds closing). Lenders are still up and running, just working from home, writing pre-approvals using today’s interest rate (I’d give you that % but I am not a lender – regulation Z), however, market instability causes mortgage rates to constantly change, plus they’re overwhelmed with the sheer volume of people re-financing their existing home.

Wishing you and yours a safe and healthy weekend. Have a great Weekend in Wisco! ❤ , Annie Z.

ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT | KEEFE REAL ESTATE
PHONE 262.348.3253 | 262.215.1982
EMAIL azambito@keeferealestate.com | anniezrealty@gmail.com

Here’s the forecast for this weekend…

Follow Link for this Weekend’s Sports Schedules

During this time of pandemic panic, it is crucial to stay properly informed. THE source of accurate information, prevention and treatment of the corona virus can be found on the Centers for Disease Control and Prevention website.

Photo by Tirachard Kumtanom on Pexels.com

Photo by Travis Saylor on Pexels.com

Pre-Pandemic Status Market: February 2020

Featured

The Metro-Milwaukee Multiple Listing Service gathers real estate stats for each month; they compile data points into graphs and highlight recent events to provide a comprehensive Local Market Update. The following is from their latest report, released Tuesday, March 10th***, regarding our hyper-local, Southeastern Wisconsin area for the month of February 2020.

***The Presidential Pandemic Address (regarding COVID-19) was Wednesday, March 11th

“As we progressed through February, the actual and expected impacts of COVID-19 continued to grow, with concerns of economic impact reaching the stock market in the last week of the month. As the stock market declined, so did mortgage rates, offering a bad news-good news situation. While short term declines in the stock market can sting, borrowers who lock in today’s low rates will benefit significantly in the long term.
[…]
The recently released January ShowingTime Showing Index® saw a 20.2 percent year-over-year increase in showing traffic nationwide. All regions of the country were up double digits from the year before, with the Midwest Region up 15.7 percent and the West Region up 34.1 percent. As showing activity is a leading indicator for future home sales, the 2020 housing market is off to a strong start, though it will be important to watch the spread of COVID-19 and its potential impacts to the overall economy in the coming months.”
Monthly Indicators: February 2020, by Metro MLS Report © 2020 ShowingTime

Take a second and re-read that; I don’t think anyone truly could see how fast and vast the corona virus pandemonium would arrive. The following charts echo the positive trend we were riding:

Showings were up, more homes were coming onto the market, and median sales price continued to climb. When this virus hit pandemic status, Americans were told to stay home and jobs were lost. Our country has endured a massive blow over these past two weeks that has reverberated down to our local community and economy, including the real estate market.

Now what? How are we faring so far??

It is definitely too early to tell. However, from March 1st to March 11th, a total of 76 single family homes were listed and 27 single family homes closed. Since then, from March 12th through March 23rd, only 54 single family homes have been listed, but 25 single family homes have still sold, regardless.

February seems so long ago. I’ll be curious to see the pandemic’s overall impact on the real estate market, once it’s all over. Primarily, I just want an end to COVID-19! Don’t forget: be prepared, not scared. Stay home if you can, be safe if you can’t. We will bounce back!!

Sellers and Buyers: there are still options during this unprecedented time, stay tuned!

Upcoming Posts:

Effects of Quarantine on Local Real Estate Market
- Restrictions, Options & Opportunities for Sellers & Buyers
Honorable Charity Mentions
Home Décor Projects & Spring Cleaning

How are you doing? How has this virus infected your life and/or loved ones? Let me know how I can help. Shoot me a quick email here (anniezrealty@gmail.com) or give me a buzz (262-215-1982) and keep me posted, please.

Looking for a reliable source of market information, aside from real estate? Check out Paula Pant’s Afford Anything, with special coverage during this official Bear Market.

Let me know if you found this helpful in the comments below, or shoot me a message on my socials!

Stay safe & healthy ❤ , Annie Z.

Other Market Resource Suggestion: Paula Pant’s Afford Anything

Share this ❤️:

Like this:

Share this ❤️:

Like this:

Southeastern Wisconsin on the Rebound

You might be thinking, “MORE showings? How is that possible? And, what does this mean?“

Share this ❤️:

Like this:

Housing Market Review: In the Thick of COVID-19

Share this ❤️:

Like this:

Real Estate Market

Mid May, 2020

Share this ❤️:

Like this:

Share this ❤️:

Like this:

Market Check-In + Spring Maintenance Tasks

The Impact of 30 Days of “Safer at Home” in Walworth County:

Springtime Home Maintenance Tasks

Share this ❤️:

Like this:

The Effect of COVID-19 on Our Housing Market

My Takeaways

Share this ❤️:

Like this:

Restrictions, Options & Opportunities for

Sellers and Buyers

Share this ❤️:

Like this:

Share this ❤️:

Like this: