December 2021 Housing Market Update

The following is a breakdown of our December 2021 housing market — Nationally, Statewide, and hyper-locally.

NATIONALLY

Summary: Existing home sales increased 8.5% in December 2021 compared to last year (December 2020), but decreased 4.6% since last month (November 2021).

The most recent monthly report released from the National Association of REALTORS®, was entitled, “Annual Existing-Home Sales Hit Highest Mark Since 2006,” by Quintin Simmons. The following bullet points are highlights.

Existing-Home Sales

In 2021, existing-home sales totaled 6.12 million – an increase of 8.5% from the prior year and the highest annual level since 2006.
In December, existing-home sales slowed 4.6% from November.
Existing-home sales in the Midwest slid 1.3% in December, a 2.6% decline from a year ago.
The median price in the Midwest was $256,900, a 10.0% climb from December 2020.

**be sure to also check out this release by NAR, too: “Existing-Home Sales Reach Highest Annual Level Since 2006 but Weaken in December 2021,” by Michael Hyman.

STATEWIDE

Summary: The state of Wisconsin had a record year in 2021, thanks to the market strength of our Southeastern region.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, “Strong December Sales Result in a Record Year for Wisconsin Housing.” Here are some key takeaways:

December 2021 Home Sales Report

“December home sales rose 0.4% over sales in December 2020,”
“total closings for 2021 [were pushed] to 89,936, which is 0.7% higher than the previous record established in 2020.”
The December median price was $236,850, which is 10.2% higher than the price 12 months earlier. On an annual basis, the median price for all of 2021 was $240,000, which is $20,000, or 9.1%, higher than the 2020 median price.”
“closings [went] up 4.4% in the Southeast region,”
“The strength of the heavily urbanized Southeast region, especially Milwaukee County, led to our record sales in 2021.”
“The state inventory continued to fall. New listings dropped 15.4%, which pushed total listings to just 15,037 in December, a 12.9% slide from 12 months earlier.”
“Mortgage rates have started to inch up, with the 30-year fixed-rate mortgage increasing from the record low of 2.68% in December 2020 to 3.10% in December 2021.”

“We sold more than twice as many homes as came on the market in December, which is why home prices increased by just over 10% since December of last year. However, there have been signs that home price appreciation has begun to moderate in recent months, which is welcome news for buyers looking to buy in 2022.”
Michael Theo, President & CEO, Wisconsin REALTORS® Association

LOCAL MARKET

Summary: Our metro-Milwaukee area generally saw a decline in new listings, but more sold homes in December 2021 compared to last year. This was mostly true of the Southeastern-most tri-county corner of the state, where my market is located (*aside from Racine County that saw a slight dip in closed sales), as well.
- the Lake Geneva – Delavan – Williams Bay hyperlocal market saw double digit increases in new listings and closed sales, but a decrease in median sales price last month, compared to December 2020, evening things out for the year.

Below are the Local Market Reports, by MetroMLS, for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay area, and their monthly blog post called Market Reports: December 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.

MARKET REPORTS: December 2021

Active listings decreased 13.5% and sold listings went up 2.4% compared to this time last year. The Months of Supply of Inventory experienced a decrease, falling 15.5% compared to last December.
by Dan Zielinski | January 12, 2021 | Metro MLS, FlexMLS

Other Updates to Consider

“December 2021 Monthly Housing Market Trends Report,” by Sabrina Speianu, Realtor.com
“What to Expect From the Housing Market in 2022.,” by Devon Thorsby, U.S. News & World Report®

Sellers: I will vouch for the fact that there are still plenty of active buyers in the southeastern Wisconsin area. Interest rates are set to increase this spring, so do not wait to list your home. Contact me or follow the link below if you would like a custom, free home valuation.

Your free, instant Home Valuation here: HomeValuationzByAnnie.com

Buyers: In the past, when interest rates go up, home prices tend to go down. You can still buy a home in this market, and I’m here to help. Please feel free to reach out!

Overall thoughts of 2021:

The housing market was competitive, yes, but more so because there were more players on the field, NOT iBuyers or because banks were selling subprime loans flying off the metaphorical shelves — just more ready, willing and able buyers. I had first time homebuyers with FHA loans, I had accepted offers with home sale contingencies, in fact several buyers who sold their existing home and bought their next home on the same within a couple days (*gasp*), relocating buyers, and more!

My point is, it’s all relative.

From my perspective, we have learned a lot since the last housing market crash. A system of checks and balances has been implemented to prevent what happened before from happening again. Our financial systems have grown stronger in this past decade… We are actively surviving a pandemic, too! While some may predict the worst is yet to come, I do not operate from the same mental space. I personally feel, whatever comes our way in 2022, we can handle it.

All the best,

ANNIE ZAMBITO
LICENSED REAL ESTATE AGENT
COMPASS FORMERLY OF KEEFE REAL ESTATE | LAKE GENEVA, WI 53147
PHONE 262.348.3253 | 262.215.1982
EMAIL anniezrealty@gmail.com
OFFICE 262.248.4492 | www.COMPASS.com

Search for Your Next Home HERE

Get Your Free Property Valuation Here

My December 2021

Sources

“Local Market Reports.” MetroMLS®. December 23rd, 2021.

Zielinski, Dan. “Market Reports: December 2021.” FlexMLS® & MetroMLS®. January 23rd, 2022.

“December 2021 Home Sales Report.” Wisconsin REALTORS® Association. January 23rd, 2022.

“Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS®. January 23rd, 2022.

Simmons, Quintin, “Annual Existing-Home Sales Hit Highest Mark Since 2006,” NATIONAL ASSOCIATION OF REALTORS®. January 23rd, 2022.

“Existing-Home Sales Reach Highest Annual Level Since 2006 but Weaken in December 2021,” by Michael Hyman. NATIONAL ASSOCIATION OF REALTORS®. January 23rd, 2022.

Speianu, Sabrina. “December 2021 Monthly Housing Market Trends Report,” Realtor.com®. January 23rd, 2022.

Thorsby, Devon. “What to Expect From the Housing Market in 2022.” U.S. News & World Report®. January 23rd, 2022.

November 2021 Housing Market Update

Featured

The following is a breakdown of our November 2021 housing market — Nationally, Statewide, and hyper-locally.

NATIONALLY

Summary: Existing home sales increased slightly compared to last year.

The most recent monthly report, by the National Association of REALTORS®, was just released entitled, “Existing-Home Sales Continue Upward, Increasing 1.9% in November,” (by Quintin Simmons, published December 22nd, 2021). The following bullet points are additional highlights from this news release.

Existing-Home Sales

“Existing-home sales rose 1.9% in November from October to a seasonally adjusted annual rate of 6.46 million.”
“The median existing-home sales price rose 13.9% year-over-year to $353,900.”
“From one year ago, the inventory of unsold homes decreased 13.3% to 1.1 million – equivalent to 2.1 months of the monthly sales pace.”
“Existing-home sales in the Midwest ticked up 0.7% to an annual rate of 1,520,000 in November, a 0.7% drop from a year ago. The median price in the Midwest was $260,100, a 9.0% jump from November 2020.

STATEWIDE

Summary: The state of Wisconsin has just about kept pace with last year’s sales; the Southeast outsold the other regions of the state, with the smallest margin of increased median sales price.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, “November Existing Home Sales Remain Solid as Prices Continue to Rise.” Here are some additional key takeaways:

November 2021 Home Sales Report

“Wisconsin’s November existing home sales kept pace with the strong sales of a year earlier, falling just 0.8% over the 12-month period. The median price rose 7.6% to $240,000 over that same period.”
“As we approach year-end, sales performance varied regionally on a year-to-date basis. The strongest sales were seen in the Southeast region, which is running 3.7% higher than last year.”
“On a year-to-date basis, all regions have seen their median prices rise, with the Southeast region up by the smallest margin, up 6.8%, compared to the January-through-November period last year […]”
“All measures of inventory fell over the past 12 months, including total listings, which were down 7%; new listings, down 1.9%; and months of available supply, down 10%.”

LOCAL MARKET

Summary: Our metro-Milwaukee area generally saw a decline in new listings and closings in November 2021, in comparison to our record November last year. This was true too of my hyper-local (Lake Geneva – Delavan – Williams Bay) area.

Below are the Local Market Reports, by MetroMLS, for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay area, and their monthly blog post called Market Reports: November 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.

MARKET REPORTS: November 2021

Active listings decreased 3.1% and sold listings went down 1.8% compared to this time last year. The Months of Supply of Inventory experienced a slight decrease, falling 1.3% compared to last November.
by Dan Zielinski | December 14, 2021 | Metro MLS, FlexMLS

Other Updates to Consider

“November 2021 Monthly Housing Market Trends Report,” by Sabrina Speianu, Realtor.com
“The majority of Fed members forecast three interest rate hikes in 2022 to fight inflation,” by Maggie Fitzgerald, CNBC.

Sellers: I will vouch for the fact that there are still plenty of active buyers in the southeastern Wisconsin area. Interest rates are set to remain low until spring, so do not wait to list your home. Contact me or follow the link below if you would like a custom, free home valuation.

Your free, instant Home Valuation here: HomeValuationzByAnnie.com

Buyers: Please read this article by Maggie Fitzgerald of CNBC, “The majority of Fed members forecast three interest rate hikes in 2022 to fight inflation.” Interest rates are scheduled to rise in spring; if you’d like to take advantage of low interest rates, this is a good time to start. Please feel free to reach out!

All the best,

Search for Your Next Home HERE

Get Your Free Property Valuation Here

My November 2021

Sources

“Local Market Reports.” MetroMLS®. December 23rd, 2021.

Zielinski, Dan. “Market Reports: November 2021.” FlexMLS® & MetroMLS®. December 23rd, 2021.

“November 2021 Home Sales Report.” Wisconsin REALTORS® Association. December 23rd, 2021.

Speianu, Sabrina. “November 2021 Monthly Housing Market Trends Report.” Realtor.com®. December 23rd, 2021.

“Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS®. December 23rd, 2021.

Simmons, Quintin, “Existing-Home Sales Continue Upward, Increasing 1.9% in November,” NATIONAL ASSOCIATION OF REALTORS®. December 23rd, 2021

Maggie Fitzgerald. “The majority of Fed members forecast three interest rate hikes in 2022 to fight inflation.” CNBC®. December 23rd, 2021.

October 2021 Housing Market Update

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The following is a breakdown of our October 2021 housing market — Nationally, Statewide, and Hyperlocally.

NATIONALLY

Summary: Existing home sales, median sales price and days on market all rose, month over month and year over year, on a national and regional scale.

The most recent monthly report, by the National Association of REALTORS®, was just released entitled, “Existing-Home Sales Inch Up 0.8% in October,” (by Quintin Simmons, published October 22nd, 2021). The following bullet points are additional highlights from this news release.

Existing-Home Sales

“Existing-home sales increased in October, marking two straight months of growth, according to the National Association of Realtors®.”
“The median existing-home price for all housing types in October was $353,900, up 13.1% from October 2020 ($313,000), as prices climbed in each region.”
“Properties typically remained on the market for 18 days in October, up from 17 days in September and down from 21 days in October 2020.”
“Existing-home sales in the Midwest rose 4.2% to an annual rate of 1,500,000 in October, a 6.3% decrease from a year ago.”
“The median price in the Midwest was $259,800, a 7.8% jump from October 2020.”

STATEWIDE

Summary: The state of Wisconsin saw a decline in home sales and listings, while median home price increased, in the month of October 2021, compared to October 2020. However, year to date numbers show home sales are slightly above last years’.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, “Continued Strong Seller’s Market Drives Home Prices Up in October.“ Here are some additional key takeaways:

October 2021 Home Sales Report

October 2021 Housing Statistics Infographic Report

“Existing home sales dropped 12.3% between October 2020 and October 2021, even as median home prices rose 7.5% to $245,000 over the same period.”
“Existing home sales are just 0.1% higher than year-to-date sales in 2020.”
“In contrast, the year-to-date median price rose to $241,000, which is 9.5% ahead of last year’s median price for the January-through-October period”
“After five months of sub-3% mortgage rates, the 30-year fixed-rate mortgage increased to 3.07% in October.”

LOCAL MARKET

Summary: Much like our state, our metro Milwaukee market witnessed a decline in sales and new listings, while days on market and median sales price inclined. Our Tri-County Area market, of Racine, Kenosha & Walworth Counties, saw the same except Kenosha County, where there was a spike in new listings compared to last year.

Below are the Local Market Reports, by MetroMLS, for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay area, and their monthly blog post called Market Reports: October 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.

MetroMLS also published a Quarterly Housing Summary by Zip Code found here! Very useful breakdown!

MARKET REPORTS: October 2021

In the four-county Milwaukee metropolitan area, active listings are down 5.1% and sold listings are down 13.7% compared to this time last year. The Months of Supply of Inventory experienced an uptick, increasing 9.9% compared to last October.
Below is a breakdown of the 13 counties for single-family and condo properties.
by Dan Zielinski | November 12, 2021 | Metro MLS, FlexMLS

Other Market Updates to Consider

Home sales rose in October as investors rushed into the market by Diana Olick, CNBC

October 2021 Monthly Housing Market Trends Report by Sabrina Speianu, Realtor.com

Sellers: I can’t wait to see November’s numbers, because there have definitely been more listings coming onto the market this time of year than I’m used to seeing. It’s not too late to list given the current demand. Contact me or follow the link below if you would like a custom, free home valuation.

Your free, instant Home Valuation here: HomeValuationzByAnnie.com

Buyers: While some may caution against getting a pre-approval or purchasing a home with the holidays coming up, I believe it is a great time of year to take advantage of negotiable sellers whom want to sell his or her home before the end of this fiscal year. If you need guidance, I am here to help – please feel free to reach out!

All the best,

Search for Your Next Home HERE

Get Your Free Property Valuation Here

My October 2021

Sources

“Local Market Reports.” MetroMLS®. November 22nd, 2021.

Zielinski, Dan. “Market Reports: October 2021.” FlexMLS® & MetroMLS®. November 22nd, 2021.

“October 2021 Home Sales Report.” Wisconsin REALTORS® Association. November 22nd, 2021.

Speianu, Sabrina. “October 2021 Monthly Housing Market Trends Report.” Realtor.com®. November 22nd, 2021.

Olick, Diana. “Home sales rose in October as investors rushed into the market.” CNBC®. November 22nd, 2021.

“Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS®. November 22nd, 2021.

Simmons, Quintin, “Existing-Home Sales Inch Up 0.8% in October,” NATIONAL ASSOCIATION OF REALTORS®. November 22nd, 2021.

September 2021 Housing Market Update

Featured

Fall is upon us! As the leaves changed colors and the temperature dropped, from Labor Day to the Autumnal Equinox, there were tons of things to do this past month! Thankfully, we were blessed us with bright sunny days and plenty of real estate activity as well, here in Southeastern Wisconsin. Continue reading for more on the housing market trends from September 2021 — from the national scale down to our hyperlocal Lake Geneva area market.

NATIONALLY

Summary: Existing home sales increased month over month, but declined year over year, on a national and regional scale.

The most recent monthly report, by the National Association of REALTORS®, was just released entitled, “Existing-Home Sales Ascend 7.0% in September,” (by Quintin Simmons, published October 21st, 2021). The following bullet points are additional highlights from this news release.

Existing-Home Sales

“Existing-home sales […] rose 7.0% from August”
“Sales decreased 2.3% from a year ago”
“The median existing-home sales price climbed 13.3% year-over-year to $352,800.”
“Existing-home sales in the Midwest rose 5.1% […] in September [compared to August, which equated to a] 2.7% drop from a year ago.”
“The median price in the Midwest was $265,300, a 9.1% increase from September 2020.”

STATEWIDE

Summary: The state of Wisconsin saw a decline in home sales and an increase in median sales price, compared to this time last year.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, “Low Inventories Continue to Hamper Sales and Increase Home Prices in September.“ Here are some additional key takeaways:

September 2021 Home Sales Report

“September existing home sales fell 8.6% […], and the statewide median home price increased 6.6% to $245,000 over that same 12-month period.”
“Very tight inventories continue to hamper home sales throughout the state, with months of available supply falling in every region over the last 12 months.”
“Mortgage rates remained under 3% for the fifth straight month. The 30-year fixed-rate mortgage was essentially unchanged at 2.90% in September 2021 compared to 2.89% in September 2020.“
“Wisconsin’s housing affordability fell 5% over the past 12 months, but it has remained relatively stable all year.”

LOCAL MARKET

Summary: Our Tri-County Area market, of Racine, Kenosha & Walworth Counties, experienced a decrease in the number of closings and an increase in median sales price, in September 2021 compared to September 2020. However, while Walworth and Kenosha Counties both saw DOUBLE DIGIT percentage decreases in new listings, Racine County saw MORE new listings, year over year.

Below are the Local Market Reports, by MetroMLS for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay area; and their monthly blog post called Market Reports: September 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.

MetroMLS also published a Quarterly Housing Summary by Zip Code found here! Very useful breakdown!

MARKET REPORTS: September 2021

Active listings are down 3.1% and sold listings are down 6.2% compared to this time last year. The Months of Supply of Inventory experienced an uptick, increasing 3.4% compared to last September.
The above infographic includes data on single-family properties and condominiums in the 13 primary counties.
by Dan Zielinski | October 14, 2021 | Metro MLS, FlexMLS

Other Market Updates to Consider

The 2021 Real Estate Market: Predictions For The Final Quarter by Kevin Markarian, Forbes

September 2021 Monthly Housing Market Trends Report by Sabrina Speianu, Realtor.com

Sellers: There are plenty of buyers still out looking at, and inquiring about, the new listings on the market. September (and October) have been busier than in past years, as far as showings go; therefore, it is NOT too late to list your property for sale. I do not expect these buyers to give up on house hunting any time soon, with interest rates so low. Contact me or follow the link below if you would like a custom, free home valuation.

Your free, instant Home Valuation here: HomeValuationzByAnnie.com

Buyers: Interest rates are still low, and I’ve heard from more than one source that rates are going to remain that way for the foreseeable future. However, the market IS competitive; there’s no way around that. The best thing you can do for yourself is to stay on top of the market (and have your pre-approval ready to go, if you need one). Good deals are out there, if you are prepared to jump when they pop up. If you need guidance, 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

Search for Your Next Home HERE

Get Your Free Property Valuation Here

My September 2021

Sources

“Local Market Reports.” MetroMLS®. October 14th, 2021.

Zielinski, Dan. “Market Reports: September 2021.” FlexMLS® & MetroMLS®. October 14th, 2021.

“September 2021 Home Sales Report.” Wisconsin REALTORS® Association. October 22nd, 2021.

Speianu, Sabrina. “September 2021 Monthly Housing Market Trends Report.” Realtor.com®. October 22nd, 2021.

Markarian, Kevin. “The 2021 Real Estate Market: Predictions For The Final Quarter,” Forbes®. September 2nd, 2021.

“Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS®. October 21st, 2021.

Simmons, Quintin, “Existing-Home Sales Ascend 7.0% in September,” NATIONAL ASSOCIATION OF REALTORS®. October 21st, 2021.

August 2021 Housing Market Update

Featured

Like the temperatures hitting us this week, it seems the recently released August housing market reports are all showing a decline in home sales, compared to this time last year. This is not atypical, given our ‘hot market season’ runs from May to August anyway. However, this could also have something to do with decreasing inventory and rising median sales prices. Overall, I can attest to the market remaining highly active (and competitive).

NATIONALLY

Summary: Existing home sales decreased slightly while median home sales prices increased in August, both on a national scale, and regionally, here in the Midwest, compared to last month and this time last year.

The most recent Existing Home Sales Report, by the National Association of REALTORS®, was just released titled, “Existing-Home Sales Recede 2.0% in August,” (Quintin Simmons, September 22nd, 2021). The following bullet points are additional highlights from this release.

Existing-Home Sales

“Existing-home sales dropped 2% on a seasonally adjusted annual rate from July to August.”
“The median existing-home sales price rose at a year-over-year pace of 14.9%.”
“Properties typically remained on the market for 17 days in August, unchanged from July and down from 22 days in August 2020.”
“In August 2021, each of the four major U.S. regions experienced declines on both a month-over-month and a year-over-year perspective.”

STATEWIDE

Summary: Honing in, Wisconsin saw a decline in home sales and an increase in median sales price, compared to this time last year.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, “Summer Housing Market Constrained by Tight Inventories.“ Here are some additional key takeaways:

August 2021 Home Sales Report

“August home sales fell 6.3% compared to their levels in August 2020, whereas the median price rose 6.4% to $250,000 over that same 12-month period.”
“Year to date, statewide sales are ahead of the pace recorded in 2020.”
“The median price is up 10.6% to $240,000 over that same period.”
“Average days on the market [are] at the record-low level of just 65 days for the second straight month. This compares to 88 days in August of last year. This is the lowest level for days on the market since the WRA began tracking this data in January 2005.”

LOCAL MARKET

Summary: Across our tri-county area (Kenosha, Racine & Walworth Counties) we saw a decline in the number of closed sales and compared to this time last year. Kenosha and Racine Counties actually had more new listings in August 2021, compared to August 2020. Finally, in Southeastern Wisconsin (except for in Racine County), the median sales priced increased, year over year, as well.

Below are the August 2021 Local Market Reports, by MetroMLS for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay area; and their monthly blog post called Market Reports: August 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.

MARKET REPORTS: AUGUST 2021

Active listings are down 2.9% and sold listings are down 1.7% compared to this time last year. The Months of Supply of Inventory also saw a slight decrease, dropping 1.2% from last year.
The above infographic includes data on single-family properties and condominiums in the 13 primary counties.
by Dan Zielinski | September 15, 2021 | Metro MLS, FlexMLS

Other Market Updates:

August 2021 Monthly Housing Market Trends Report: Seller Activity Warms Up as 432,000 Newly-Listed Homes Hit the Market by Sabrina Speianu, Realtor.com®

Home Prices Dipped 1.2% in August. Could the Housing Market Be Cooling Off? by Maurie Backman of The Motley Fool for NASDAQ

Sellers: Although I do not believe scare tactics are (morally) useful, the fact remains: sellers, your time may be running out. If you have thought about selling your home, the time to act is now. Inventory is dropping, but buyers are still out there. Contact me or follow the link below if you would like a custom, free home valuation.

Your free, instant Home Valuation here: HomeValuationzByAnnie.com

Buyers: If I’ve heard this once, I’ve heard this a million times this year: money is cheap. Even if you are on the fence, as to whether or not you want to buy a home this year, I suggest you call a lender and get a pre-approval squared away for when the right property pops up. Do not believe everything you hear – there are plenty of sellers out there accepting offers with loans and other contingencies. I am here to help – please feel free to reach out!

All the best,

Follow this Link for Your Copy of the 2021 Q2 Market Report by Keefe Real Estate

Search for Your Next Home HERE

Get Your Free Property Valuation Here

My August 2021

Sources

“Local Market Reports.” MetroMLS®. September 22nd, 2021.

Zielinski, Dan. “Market Reports: August 2021.” FlexMLS® & Metro MLS ®. September 22nd, 2021.

“August 2021 Home Sales Report.” Wisconsin REALTORS® Association. September 22nd, 2021.

Speianu, Sabrina. “August 2021 Monthly Housing Market Trends Report: Seller Activity Warms Up as 432,000 Newly-Listed Homes Hit the Market.” Realtor.com®. September 22nd, 2021.

Backman, Maurie. “Home Prices Dipped 1.2% in August. Could the Housing Market Be Cooling Off? The Motley Fool; NASDAQ. September 22nd, 2021.

“Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS®. September 22nd, 2021.

Simmons, Quintin. “Existing-Home Sales Recede 2.0% in August,” NATIONAL ASSOCIATION OF REALTORS®. September 22nd, 2021.

July 2021 Housing Market Update

Featured

Our ‘hot market’ season is Memorial Day to Labor Day, here in the Greater Lake Geneva area, with July smack dab in the middle. The numbers are out, and the reports are in, for the July 2021 real estate market. Hopefully this blog entry gives you peace of mind enough to enjoy what’s left of summer …because we all know, like Ned Stark said (Game of Thrones), “winter is coming!”

NATIONALLY

Summary: Nationally and regionally (in the Midwest), existing home sales and median sales prices increased in July 2021 compared to last year and last month.

The most recent Existing Home Sales Report, by the National Association of REALTORS®, was just released titled, “Existing-Home Sales Climb 2.0% in July,” (Quintin Simmons, August 23, 2021). The following bullet points are additional highlights from this release.

Existing-Home Sales

“Existing-home sales rose in July, marking two consecutive months of increases, according to the National Association of Realtors®.”
“The median existing-home price for all housing types in July was $359,900, up 17.8% from July 2020 ($305,600), as each region saw prices climb.”
“Existing-home sales rose 2% on a seasonally adjusted annual rate from June to July, with no sales declines showing in any regions.”
“According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage was 2.87% in July, marginally down from 2.98% in June. The average commitment rate across all of 2020 was 3.11%.”
“Existing-home sales in the Midwest rose 3.8% to an annual rate of 1,380,000 in July, a 1.4% decline from a year ago. The median price in the Midwest was $275,300, a 13.1% increase from July 2020.”

STATEWIDE

Summary: In Wisconsin, home sales declined in July 2021, compared to July 2020; however, year-to-date existing home sales were up compared to this time last year. Additionally, median prices went up, and average days on market are down, year over year.

The Wisconsin REALTORS® Association, released their monthly market report with the headline, “Home Sales Moderate in July as Prices Continue to Rise.“ Here are some additional key takeaways:

July 2021 Home Sales Report

“July 2021 home sales fell 14.2% relative to July 2020, and the statewide median price rose to $250,000 in July, an increase of 10.7% over the past 12 month”
“On a year-to-date basis, sales are still in positive territory, with existing home sales up 3.9% for the first seven months of 2021 relative to that same period in 2020. Median prices are up 12.4% to $240,000 year to date.”
“Total listings are 11.0% lower than 12 months earlier in July 2020, but this is a significant improvement compared to how the year began. Total January listings were 30.7% lower than a year earlier.”
“Average days on the market dropped 27.8% compared to July 2020, falling from 90 days to just 65 days. This is the lowest level for days on the market since the WRA began tracking this data in January 2005. “

LOCAL MARKET

Summary: In July 2021, our tri-county area (Kenosha, Racine & Walworth Counties) saw a decline in the number of closed sales and an increase in sales price compared to this time last year. While the number of new listings fluctuated across counties and municipalities, we clearly have more buyer demand than we have available housing.

Below are (1) the July 2021 Local Market Reports, by MetroMLS for the Counties of Kenosha, Racine, and Walworth, as well as the Lake Geneva-Delavan-Williams Bay areas; and (2) their monthly blog post called Market Reports: July 2021, by Dan Zielinski of FlexMLS, reflecting our hyperlocal multiple listing service area based out of Metro-Milwaukee.

MARKET REPORTS: JULY 2021

The sellers’ market continued in July, with the median sales price increasing while inventory levels and days on market decreased compared to last July.
New listings in the Milwaukee region increased 2% to 2,700. Closed sales decreased by 1.5% to 2,163. Inventory levels decreased 2.5% to 4,090 units.
Prices continued to gain traction. The median sales price increased 9% to $290,000. Days on Market was down 48.2% to 14 days. The months supply of inventory decreased 1% to 1.9 months.
by Dan Zielinski | Aug 16, 2021 | Metro MLS, FlexMLS

Other Market Updates:

July 2021 Housing Market Trends Report – Realtor.com Research
Speianu, Sabrina. “July 2021 Monthly Housing Market Trends Report: New Listings Rise 6.5% Nationwide as More Smaller Homes Hit the Market.” Realtor.com®

Sellers: Please re-read statewide section above. Year-to-date sales are up, sales prices are up, inventory is low, and interest rates are low, in July 2021. What does this mean? Well, I’ll put it this way: I have yet to witness a stronger sellers’ market. Contact me or follow the link below if you would like a custom, free home valuation.

Your free, instant Home Valuation here: HomeValuationzByAnnie.com

Buyers: Interest rates are down, compared to this time last year, AND compared to last month. While it is a competitive market, it is a GREAT time to buy. Money is cheap; peace of mind is priceless. I am here to help – please feel free to reach out!

All the best,

Follow this Link for Your Copy of the 2021 Q2 Market Report by Keefe Real Estate

Search for Your Next Home HERE

Get Your Free Property Valuation Here

My July 2021

Sources

Game of Thrones. Created by David Benioff and D. B. Weiss, HBO Entertainment, 2011–2019.

“Local Market Reports.” MetroMLS®. August 23, 2021.

Zielinski, Dan. “Market Reports: July 2021.” FlexMLS® & Metro MLS ®. August 23, 2021.

“July 2021 Home Sales Report.” Wisconsin REALTORS® Association. August 23, 2021.

Speianu, Sabrina. “July 2021 Monthly Housing Market Trends Report: New Listings Rise 6.5% Nationwide as More Smaller Homes Hit the Market.” Realtor.com®. August 23, 2021.

“Existing Home Sales Report.” NATIONAL ASSOCIATION OF REALTORS®. August 23, 2021.

Simmons, Quintin. “Existing-Home Sales Climb 2.0% in July,” NATIONAL ASSOCIATION OF REALTORS® August 23, 2021.

June 2021 Housing Market Update

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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,

Follow this Link for Your Copy of the 2021 Q2 Market Report by Keefe Real Estate

Search for Your Next Home HERE

Get Your Free Property Valuation Here

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

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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,

Follow this Link for Your Copy of the 2021 Q1 Market Report by Keefe Real Estate

Search for Your Next Home HERE

Get Your Free Property Valuation Here

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.

April 2021 Housing Market Update

Featured

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®

Read the April 2021 Existing Home Sales Report by NAR here

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,

Follow this Link for Your Copy of the Keefe Real Estate 2020 Annual Market Report

Search for Your Next Home HERE

Get Your Free Property Valuation Here

Sources

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

Featured

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,