The housing market in the US has seen its biggest boom in history; prices have been really amazing. As a nation the housing market has flattened and that is somewhat the case in the Hayward area as well. BUT, it is unlikely that we will have a severe downturn as is the case in certain other parts of the country. In my twenty-six years of living in this area I have found that this market is far more resilient and stable; we see less severe swings in pricing and it is rare to see degradation in home values, particularly lake home properties. Another reason for our market stability is due to the fact that our pool of buyers come from a 14+ million person market (Chicago, Twin Cities, Milwaukee/Madison, etc...) and that we only have 545 active waterfront listings in all of Sawyer County (vacant waterfront lots and lake homes). The Hayward area property values typically move upward over a few years, flatten out for a period and then begin to climb again; it’s a market that just has not suffered severe downturns.
We live in an area that is blessed with fresh air, crystal clear lakes and tens of thousands of acres of forest land, much of which is owned by the Federal, State and local County governments, which of course translated means we own it. Our market is unique, we are an end-user market; there is less speculation buying in our area, it is more driven by demand for lake shore properties and vacant land. People come to this area for the “experience”; a life away from the hassles of traffic, congestion, noise and the fast-paced-life that is so often a part of larger metropolitan areas. Living in the Hayward area, which includes all of Sawyer and parts of Washburn, Bayfield and Douglas counties, is like having your “up-north dream come true”. Often I feel that we sell a life experience as much as we sell real estate.
Boomers and Gen X’ers have money (they are going to inherit a bunch more wealth), they have prospered and they are buying vacation, second homes and vacant lands in increasing numbers; I don’t expect that to change anytime soon. Unless the broader market collapses we should continue to enjoy a relatively stable real estate market in our area.
Next week: What’s Hot?
