May 2020 Real Estate

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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.


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:

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

Metro MLS. Report © 2020 ShowingTime

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

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 Market 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.


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:

Metro Milwaukee MLS: 10K Market Indicator Reports & Local Market Update © 2020

‘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

Weekend in Wisco!

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Welcome! If you’re looking for something fun to do in Walworth County this weekend, you’ve come to the right place… Have a great Weekend in Wisco!

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Weekend in Wisco | February 27th, 2020 | Annie Z Realty | Keefe Real Estate

Multi-Day Events:

                      Friday and Saturday ONLY

  • Stolen Sisters @ Crossman Gallery (University of Wisconsin – Whitewater)

                      Ends Sunday, February 29th

                      February 27th through April 12th

                      This is the Last Weekend

                      Ends Sunday, February 29th

                      Call for availability 800-225-5558

                      Purchase tickets ONLINE ONLY ß follow link– cannot purchase on site


Heat wave a comin’! Follow this link for the weather forecast.


Here are some great events I found in our neck of the woods for the weekend of Friday, February 28th through Sunday, March 1st

Friday, February 28th

  • Fish Fry Season has Arrived! Check out all the local establishments serving it up:
    • Pier 290 (Williams Bay)
    • The Waterfront @ the Abbey Resort (Fontana)
    • Popeyes (Lake Geneva)
    • Evergreen Country Club (Elkhorn)
    • Hawk’s View Country Club (Lake Geneva)
    • Lookout Bar @ Lake Lawn Resort (Delavan)
    • Ye Olde Hotel Bar & Restaurant (Lyons)

Saturday, February 29th

Sunday, March 1st

Follow Link for this Weekend’s Sports Schedules

Open Houses:

But wait, there’s more! As per usual, there are plenty of other options of activities going on this weekend. These are just my fav’s… what are you up to?! Leave a comment ~ let me know! I’ll see ya around! ❤ 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 


What I’ve Been Up to This Past Week:


Sources include: Visit Walworth County & Facebook Events

Weekend in Wisco!

Featured

Welcome! If you’re looking for something fun to do in Walworth County this weekend, you’ve come to the right place… Have a great Weekend in Wisco!

Weekend in Wisco | February 20th, 2020 | Annie Z Realty | Keefe Real Estate

Here are some great events I found in our neck of the woods for the weekend of Friday, February 21st through Sunday, February 23rd … enjoy!

Multi-Day Events:

                      This weekend (Saturday & Sunday, February 22nd & 23rd) ONLY!!!

                      Ends Sunday, February 23rd!

  • Stolen Sisters @ Crossman Gallery (University of Wisconsin – Whitewater)

                      Ends Sunday, February 29th

                      Ends Sunday, February 23rd!

                      This Weekend & Next Weekend – ONLY!

                      Ends Sunday, February 29th

                      Call for availability 800-225-5558

                      Purchase tickets ONLINE ONLY ß follow link– cannot purchase on site

It is bitter cold outside today, but temperatures are supposed to go up tomorrow! Follow this link for the weather forecast.

Friday

Saturday

Sunday

  • 10 AM – 4 PM LBA Home Improvement Expo 2020 @ Evergreen Country Club (Elkhorn)
    • ALSO open 10 AM – 4 PM on Saturday, February 22nd
  • 11 AM – 2 PM the 11th Annual Bridal Show @ Veterans Terrace (Burlington)
  • My birthday! No, I’m not throwing a party – but I will in fact be turning 33! My OCD loves multiples of 3 AND my lucky number is 11 ( 3 x 11 = 33), so I’m pretty pumped!

Follow Link for this Weekend’s Sports Schedules


Open Houses this weekend – extended area:


But wait, there’s more! As per usual, there are plenty of other options of activities going on this weekend. These are just my fav’s… what are you up to?! Leave a comment ~ let me know! I’ll see ya around! ❤ 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 


What I’ve Been Up to This Past Week:


Sources include: Visit Walworth County & Facebook Events

Weekend in Wisco!

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Weekend in Wisco | January 23rd, 2020 | Annie Z Realty | Keefe Real Estate

The snow we’ve had these last few days has been beautiful! That being said, please drive safely if you’re planning to drive this weekend. Here is the forecast! I added many more options of things to do this weekend, so enjoy! The following events sound like a lot of fun:

Friday

Saturday

Sunday

Coming Up!!!

Sports Schedules:

NBA SCHEDULE

NFL SCHEDULE – superbowl 2/2

NHL SCHEDULE

Open Houses:

But wait, there’s more! As per usual, there are plenty of other options of activities going on this weekend. These are just my fav’s… what are you up to?! Leave a comment ~ let me know! I’ll see ya around! 🙂

❤ 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 


What I’ve Been Up To This Past Week:


Sources include: Visit Walworth County & Facebook Events

Weekend in Wisco!

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Weekend in Wisco | January 16th, 2020 | Annie Z Realty | Keefe Real Estate

Winter Festivus’ for the Rest-of-Us’!

Who’s excited for all the local winter festivities happening over the next month?! I sure am! Here are the events that peaked my interest for this weekend:

Friday

  1. Drink Wisconsinbly Brandy Old Fashioned Evening at the Delavan Lake Store & Lounge at 6 pm tomorrow will surely be a Wis-good-son time! (why does it sound like there’s a ‘g’ in Wisconsin when I say it? Too many cheese curds up my nostrils? I’m ok with it…)
  2. PNO at PTO (Parent’s Night Out at Privato in Williams Bay) looks pretty cool! If anyone checks this one out, let me know how it goes; this will be held tomorrow, Friday January 17th from 7 pm to 12 am.
  3. Check out the Lake Geneva House of Music’s Winter Concert Series: January Edition. Tomorrow’s concert, starting at 7 pm, will be featuring The Belle Weather of Sheboygan!

Saturday

  1. Ice Party Gone Wild! Hosted by Fontana Fire & Recue from 12 – 6 pm at the Abbey Yacht Club.
  2. I’m hosting an Open House from 12 -2 PM at 174 Third Ave., Fontana, WI 53125! See the final new construction, never occupied Row Home to hit the market!

Sunday

  1. Lake Geneva Symphony Orchestra Chamber Music Concert is set to perform at 3 pm at the Episcopal Church in Lake Geneva (with meet and greet at Avant, down the block, to follow)!
  2. Packers vs. 49ers Playoff Party at The End Zone Bar & Grill in Delavan sounds like fun, but I won’t be there! Due to the universally known Law of Sports Superstition***, I will be at my folks house (again, as I have been the last 2 games), eating the same pizza by Ol’ Man Zambo, sitting in the same spot on their couch and wearing the same outfit, so we win 😊. You’re welcome. ***I made this Law up

Artsy Folk: Gallery 223 has opened a new Winter Show Exhibit. Come take a look Jan 9th through February 23rd in Downtown Lake Geneva.

But wait, there’s more! As per usual, there are plenty of other options of activities going on this weekend. These are just my fav’s… what are you up to?! Leave a comment ~ let me know! I’ll see ya around!

❤ 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 include: Visit Walworth County & Facebook Events

December 2019 Southeastern WI Market Update and Year in Review

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The Mero-Milwaukee Multiple Listing Service gathers the previous month’s active and sold data on the 10th of each month. Here’s what they’ve got to say about our current market conditions, with end-of-the-year data from December 2019…

Monthly Indicators

In 2019 home prices were up again in most markets. Buyer demand continues to be strong but with tepid seller activity still in many locations, total sales are lower than they would normally be in a more balanced market. While up from their recent lows a few months ago, mortgage rates end the year close to three quarters of a percent lower than a year ago, helping to improve affordability and offset rising home prices.

[…] With low mortgage rates, low unemployment, and continued wage growth, home buyer activity is expected to remain healthy into the new year. New construction has been on the rise in 2019 and is expected to continue into 2020, but many experts note that the country is still not building enough new units to quench demand. It remains to be seen whether existing homeowners will be enticed to sell by higher home prices, which could finally bring the overall housing market into greater balance.

Metro Milwaukee MLS

Next, let’s dive a little deeper into our market’s performance this past quarter…

Year in Review & Q4


Now, let’s see how our market has fared across all types of listings this year, compared to last.

Tri-County Area Breakdown

Walworth, Kenosha & Racine Counties – 2019 (vs. 2018)

In 2019, a total of 5,769 Single Family Homes were sold in the Tri-County Area, which is EXACTLY the same number of single family homes sold in 2018 (5,769).

  • Walworth County: 1,487 (2018: 1,479)
  • Kenosha County: 2,028 (2018: 2,020)
  • Racine County: 2,254 (2018: 2,297)

1,071 Condos sold in 2019 versus 1,033 Condos that sold in 2018.

  • Walworth County: 456 (2018: 407)
  • Kenosha County: 275 (2018: 270)
  • Racine County: 340 (2018: 356)

350 Multi-Family Homes (including Two-Family Homes) sold in 2019; 363 Multi-Family Homes were sold in 2018.

  • Walworth County: 30 (2018: 42)
  • Kenosha County: 110 (2018: 140)
  • Racine County: 210 (2018: 181)

523 Vacant Land Lots sold in 2019; 638 Vacant Land Lots were sold in 2018.

  • Walworth County: 212 (2018: 203)
  • Kenosha County: 167 (2018: 209)
  • Racine County: 144 (2018: 226)

In 2019, the number of Commercial Listings sold totaled 152. In 2018, that number was 192.

  • Walworth County: 60 (2018: 51)
  • Kenosha County: 43 (2018: 56)
  • Racine County: 49 (2018: 85)

Overall, homes are selling for more money in less time; this indicates we’re in an increasingly competitive, sellers’ market. In other words, there aren’t enough homes for buyers to choose from, creating an auction type atmosphere for real estate transactions.

*IF YOU ARE THINKING ABOUT SELLING YOUR HOME* now would be a good time to start packing. Serious sellers should strongly consider preemptively move out of your home, in order to market it as “move-in ready” (which most buyers want). Alternatively, if your home is unique, you may have to wait longer for that specific buyer or accept less than expected due to buyers’ concessions. In other words, a buyer may ask for more to be included or repaired prior to closing, if they’ve settled on your home out of necessity. Make note that new construction is still on the rise. Finally, please be aware of how long it has been a “sellers’ market,” and eventually (although, no one specifically knows when) the market will turn.

*IF YOU ARE THINKING ABOUT BUYING A HOME* start researching as soon as possible, be aware that you may have to wait longer than anticipated. If you aren’t not finding exactly what you’re looking for, don’t be afraid; you can always ask for certain things to be repaired (professionally) or for personal property (i.e., furniture) to be included in the asking price to sweeten the deal. Additionally, consider building a new construction home. If you’re looking for something very specific, you may need to have work done on a home you purchase in order to make it fit your needs (which, yes, may require lowering your max price point for your home search). Be aware of our (increasingly frequent) multiple-offer situation. In other words, have your pre-approval or proof of funds ready to go, sell your current home first (if you have to sell to buy), and prepare to offer your highest and best – which might be above asking price.


After reviewing these data points, I am excited for the 2020 market! I love my job, and I’d be happy to help you buy or sell this year. Please Note: I can also pull data for any combination of statistics seen above, so please do not hesitate to ask! Your home value has likely increased, if you bought a home 2 or more years ago. Simply ask, and I’ll swing by for a full market analysis; alternatively, if you are just curious, I can also give you a rough estimate of your updated home value based on market data.

I hope you found this helpful, and I’ll see you around!

❤ always, Annie Z.


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    


Data Source: Current as of January 10, 2020. All data from Metro MLS. Report © 2020 ShowingTime.

Weekend in Wisco!

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Welcome to Wisco!
Weekend in Wisco | January 9th, 2020 | Annie Z Realty | Keefe Real Estate

Coming Up: Lake Geneva’s 25th Annual WINTERFEST

Which of these Winterfest events are you most excited for? Let me know!

Here are some cool things happening this weekend:

Friday

  1. Specialty Cocktail Tasting at the Abbey Resort’s 240 West in Fontana-on-Geneva-Lake from 5 to 7 pm on Fri., Jan 10th
  2. 90’s Throback Party at Thumb’s Up in Lake Geneva starting at 9 pm on Fri., Jan. 10th.

Saturday

  1. Rock the Barns: AC/DC Tribute *back by popular demand* at the Walworth County Fairgrounds in Elkhorn at 5 pm Sat., Jan. 11th
  2. RAR Live starting at 5 pm on Sat., Jan. 11th in Lake Geneva at Studio Winery.

Sunday

  1. Sunday Champagne Brunch at the Baker House in Lake Geneva from 9:30 am to 1:30 pm every Sunday, has been lauded by the USA TODAY as the area’s Most Beautiful Restaurant delivering Victorian grandeur overlooking scenic Lake Geneva. Unlimited Champagne, traditional breakfast delights, a broad array of lunch entrees, fresh salads and delicious desserts; reservations recommended.
  2. Catch the Chicago Boat Show RV & Sail Show at McCormick Place – South from Wed., Jan 8th through Sun., Jan. 12th.

ALERT: If you haven’t yet, be sure to reserve your the Igloo Experience before it’s too late! Located at the Ridge Hotel in Lake Geneva, with a special appetizer and drink menu, Thursdays through Sundays from 11 am to 9 pm!



But wait, there’s more! As per usual, there are plenty of other options of activities going on this weekend. These are just my faves… what are you up to?! Leave a comment ~ let me know! I’ll see ya around! 🙂

❤ 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 


What I’ve Been Up To This Past Week:


Sources include: Visit Walworth County & Facebook Events


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