Northern Wisconsin Real Estate
November 2014 - And just like that, we've been thrust into Winter once again here in the Northwoods. Our first major snowstorm of the year got the snow pack jump started with about 16" of the white stuff here in Minocqua! Further into the snow belt, the totals climb dramatically with Presque Isle receiving over two feet of snow. Hurley/Ironwood got three feet, and the Gile area just west of Hurley reported a whopping 48" of snow in the past week! Minocqua Winter Park is already opening some trails this weekend and the ski hills in the U.P. won't be far behind.
Snowmobile trails can't open until December 12th because of deer hunting season but they will surely be in prime condition. The gun deer season is right around the corner as well and we should have excellent tracking conditions and many visitors to the area. It's a great thing to get an early start like this as we will see a quick and seamless transition right into all the great winter activities that keep the Northwoods humming through the season.
Real Estate activity up north has remained strong as well, and we're very optimistic that we'll experience a busy winter spurred on by the thousands of visitors that will be coming North to join as and take advantage of prime conditions. As we emerge from the recession and the market slump that has lingered for the past number of years, we note a handful of factors that are setting the stage for the real estate market to have one of the best winter seasons in recent memory.
For a complete listing of up coming events, check out the Minocqua Area Chamber of Commerce's calendar.
Here are 5 Reasons This Winter Will Be Great For Real Estate:
1. An Early Start to the Snow Base - Getting a jump start on our snow accumulation means we won't experience any downtime between fall and winter activities. With nordic and downhill skiing facilities opening and snowmobile trails also opening soon, we'll be seeing plenty of folks head north to the Minocqua area, maybe even a bit earlier than expected. This is good news for people with property to sell, as there will be more potential buyers flocking to the area. It's also a plus for buyers who can plan a few days to come enjoy our winter wonderland and see some property while you're here.
2. Good Volume of Inventory - Our market has fairly high levels of inventory available for buyers to choose from this winter. While this is clearly a good thing for people shopping for homes, it's also a positive for Sellers. A healthy selection of property on the market means buyers don't need to wait for spring to look for homes. Many sellers who would ordinarily wait for warmer weather to list their property should be encouraged by the healthy number of people we'll see coming to the area, and may want to take advantage of that opportunity. So if you think you need to wait till spring, think again.
3. Interest Rates Remaining Low - Rates have actually dropped recently and continue to hold near historic lows. It's always a guessing game however as to when rates will begin to rise again. For those of us who work in real estate and related industries such as banking and lending, it's a feeling of "waiting for the other shoe to drop". Whether that happens two weeks from now or two years from now, the fact is that you really can't go wrong with today's great interest rates which is good news for both buyers and sellers.
4. Quicker Satisfaction of Contingencies - During the busiest summer months, service providers in our area are usually absolutely swamped. From appraisers to home inspectors to contractors, to title companies and lenders- we are often at the mercy of other people's schedules when it comes to clearing all of the necessary hurdles in getting a sale completed. One distinct advantage of buying or selling in the winter is the quicker availability of many of these folks that are vital pieces of the process. This can mean a shorter timetable for the transaction, and a smoother ride along the way.
5. Home Prices on the Rebound - Prices have finally begun to rise again in a meaningful way. The average home sale price in Wisconsin is now back to 2005 levels (also 2009 on the way down). After many years of backsliding, property values in our area went up this year for the first time since the recession began. Many buyers who were knocked out of the market by job loss and other economic factors are recovering which creates stronger competition and helps home prices climb. This of course is good new for sellers with property to offer. It should also provide an impetus for buyers to make a move before prices go any higher.
Check out the latest issue of Northwoods Home Showcase