Wisdom and South Central Wisconsin Real Estate information

Posts tagged ‘current interest rates’

The fence sitters are leaping over the fence

 

not usually a fence-sitter!

not usually a fence-sitter! (Photo credit: Esthr)

 

Fence-sitter

Fence-sitter (Photo credit: wynnr)

The Wisconsin Realtors Association has posted their report for June and it shows some phenomenal gains in the Wisconsin housing market. Check out the links below. It is rather inspirational. It looks like a great time to sell and with rising interest rates it is probably best to buy before rates get any higher. It looks like all of the fence sitters are getting of their fences.

https://www.wra.org/HSRJune2013/

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WRA posts new report and sales and median homes sale price are up over last year with 21 months of sales growth.

Frank loyd wright

Frank loyd wright (Photo credit: Aikaterini Koutsi Marouda aka kotsifi)

The Wisconsin Realtors Association has released a new real estate market update.

Press Release and Report

MADISON, Wis. –Wisconsin existing home sales increased 3 percent in March, which is the 21st straight month of sales growth. Median prices grew 9.7 percent to $134,900 in March, compared to the same period last year, according to statistics released by the WRA. Sales during the first quarter were up 10.8 percent, and median prices rose 5 percent relative to the first quarter of 2012. 

Read the report at https://www.wra.org/HSRMARCH2013/

 

It has been a good year for real estate in Dane County this year

English: The Dr. Charles G. Crosse House in Su...

English: The Dr. Charles G. Crosse House in Sun Prairie, Wisconsin, a registered historic place. (Photo credit: Wikipedia)

It has been a good year for real estate in Dane County this year. Sales have increased 25% this year over the last year. Record low interest rates have helped to keep things moving along. Inventories have decreased and in some markets there is a shortage of homes. Over all prices have not increased and there is still a continual flow of bank owned inventory. Now is a great time to buy or invest. Most rental properties will easily cash flow. There has been a good stream of homes under $100,000 which would be good to purchase to rent and hold until the market picks up again as an investment. There is also plenty of opportunity to flip with returns as high as 50% possible. If you are looking to sell the odds of selling have increased greatly. Surrounding counties have also picked up. If you would like to see some stats click on Dave Stark’s news letter in the upper left blog roll and check out the most recent November news letter.

Buyers are finding great deals in Edgerton in the older 1 stories.

In the city of Edgerton market of 1 story homes between 20 and 70 years of age between 800 and 1,600 sq. ft. above grade. There is 10 months of inventory of homes. The odds of selling a home in the 1st month is 10%, which is really  fairly good odds these days. Sale prices ranged from $56,199 to $126,000. Active listings range from $51,000 to $175,000. The average list price is $111,245 and the median list price is $114,900. The average sale price was $90,180 and the median sale price was $77,000. 47% of sales have been bank owned and 15% of listings are bank owned. 13% of sales were short sales with a total of 60% of sales being non arms length sales. Over the spring listings have increased 66%.

Hard Economic Times Increase Foreclosures For Hard Working Americans

Number of U.S. residential properties subject ...

Hard working Americans to get hit with next wave of foreclosures

Hard economic times have people stretched beyond their financial resources. Reuters has an article that a lot of home owners can relate to. Hopefully Fridays Jobs Report will show people are finding good paying employment. Stuggling to pay the bills is no way to live.

Tough Market for 4 Unit Rental Properties in Sun Prairie

Tight lending requirements have hurt investment rental propertie sales over the last few years with only the best cash flow properties selling. Property values as well as sales in the area appear to be relatively stable. Per the South Central MLS, in Dane County there have only been 7 sales of 4 unit rentals under 30 years of age in the last year with a median sale price of $300,000. There is 55 months of inventory of 4 units under 30 years of age in Dane County with a 1% odds of selling in the 1st month. In Sun Prairie there have been 4 sales ranging from $225,000 to $345,000. The average sale price was $283,875 the median sale price was $282,500. There is a large gap between sales and listings with listings ranging from $$350,000 to $480,000. The average list price is $383,399 and the median list price is $379,900. There is 27 months of inventory 4 units under 30 years of age in Sun Prairie. 25% of sales have been bank owned properties. There currently are no bank owned properties listed for sale. 11% of active listings are short sales (1). Investment properties often sell by word of mouth or through area investment clubs were owners are looking to increase tax deductions with higher depreciation deductions by tax deferred exchanges.

Luxury Homes in Dane County

A luxury home in a small town

Image via Wikipedia

Thinking of moving up to a luxury home or down sizing your current luxury home? In Dane couty the market for high quality homes over $1,000,000, between 4,000 and 9,000 sq. ft. above grade, less than 30 years of age, not on Madison lakes, there is 30 months of inventory. Listings range from $1,150,000 to $2,999,900 with the median list price at $1,595,000 and the average list price is $1,595,000. The median sale price was $1,388,875 and the average sale price was $1,373,858. Property values in the area appear to be stable though sales have declined over the winter months and listings are increaseing. There is a 3% chance of selling a home in this market in the first month.

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