The dog days of August have come and gone and locally August was no dog. Hayward was busy with tourists, part-time owners and want-to-be owners not to mention us regulars. There are always lots of reports to read when it comes to real estate; I have a couple of interesting sidebars below.
Locally August home sales in Sawyer County, per the Multiple Listing Service, topped 2009 by 30% and the average sale price rocketed to $245,776 from $156,612 in 2009. Average days on market in August of this year was 193 vs. 313 a year ago. The percent of sale price to list price stayed the same at 91% and the average size home purchased was similar at around 1600 sq. ft. This accounts for all on-water and off water residential homes.
The National Association of Realtors reported that July was the largest percentage of decline on record for sales of existing single-family homes and condos. In August those sales rebounded 7.6% to a seasonably adjusted rate of 4.13 million which beat the analyst’s expectations.
Nationally, the resale of homes has been down nearly 20% in the past year. The inventory of unsold homes on the market fell a little to 3.98 million which is about an 11.6 month supply at the current sales pace. Median sales nationally fell slightly to $178,600.
According to a report from Fairway Independent Mortgage, home ownership is still the goal and dream of about 72% of Americans. That is a decline from the past but the interest level remains very high. In a similar poll 27% of renters say they are not interested in buying. Of the renters who do plan to buy, most are putting that off for at least two years.
Another trend that we see, locally as well as nationally, is that people are trending away from the “mcmansions” and are planning homes in the 800 to 1400 sq. ft. range. Personally, I must admit that I too would consider a much smaller home the next time around – at my age I had better start searching. Anybody know a good realtor?
Have a great weekend and remember Life is a Gift…Live It!
Gary Nathan
Amanda Mavis
Woodland Developments & Realty
15563 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
Friday, September 24, 2010
Friday, September 03, 2010
Something to Celebrate
Greetings and Happy Labor Day!
A good friend of mine recently stopped by to chat, and as usual, we talked about the current market and how we both should slow down and smell the roses - that won't happen. He is in development and construction and has had a very good year and I shared with him that our local market is certainly better than last year. You wouldn't believe it based on all the reports on the radio and television.
Here are some numbers that prove that our local market is holding its own and actually dramatically increased in at least one area. This is data from our local Multiple Listing Service (MLS) for Sawyer County only.
The total number of waterfront residential homes sold from January 1, 2009 to September 1, 2009 were 41 units with an average price of $242,830. The highest priced property that sold in 2009 was for $997,000 on Grindstone Lake. During the same period this year, January 1 to September 1 there have been 68 sales with an average sale price of $336,496. The highest priced sale was on Round Lake at $1,570,000.
In the same 2009 and 2010 periods, the off water residential sales for both years was nearly identical at 69 and 67 respectively. Commercial sales during those same periods was consistent at seven sales in 2009 and six sales in 2010.
The sales above do not take into account non MLS sales.
The local market isn't sizzling hot but it hasn't been all doom and gloom; something to celebrate!
The last thought I want to share with you is something my friend said during our conversation, "Gary, you can't buy back time". How true. One of the many perks of my job is the opportunity to listen to folks tell me about the memories they have of their time spent at their Hayward properties. You can't put a price on memories and you can't buy back time. So enjoy your holiday with family and celebrate the fact that we live in an area where many folks dream of escaping to someday.
Life is a Gift...Live It!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15563 Railroad St
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynthan.com/
A good friend of mine recently stopped by to chat, and as usual, we talked about the current market and how we both should slow down and smell the roses - that won't happen. He is in development and construction and has had a very good year and I shared with him that our local market is certainly better than last year. You wouldn't believe it based on all the reports on the radio and television.
Here are some numbers that prove that our local market is holding its own and actually dramatically increased in at least one area. This is data from our local Multiple Listing Service (MLS) for Sawyer County only.
The total number of waterfront residential homes sold from January 1, 2009 to September 1, 2009 were 41 units with an average price of $242,830. The highest priced property that sold in 2009 was for $997,000 on Grindstone Lake. During the same period this year, January 1 to September 1 there have been 68 sales with an average sale price of $336,496. The highest priced sale was on Round Lake at $1,570,000.
In the same 2009 and 2010 periods, the off water residential sales for both years was nearly identical at 69 and 67 respectively. Commercial sales during those same periods was consistent at seven sales in 2009 and six sales in 2010.
The sales above do not take into account non MLS sales.
The local market isn't sizzling hot but it hasn't been all doom and gloom; something to celebrate!
The last thought I want to share with you is something my friend said during our conversation, "Gary, you can't buy back time". How true. One of the many perks of my job is the opportunity to listen to folks tell me about the memories they have of their time spent at their Hayward properties. You can't put a price on memories and you can't buy back time. So enjoy your holiday with family and celebrate the fact that we live in an area where many folks dream of escaping to someday.
Life is a Gift...Live It!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15563 Railroad St
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynthan.com/
Wednesday, August 25, 2010
Housing Update
Housing Update from Chris McGrath - Woodland Developments & Realty's Broker-Owner.
You probably have heard about the precipitous drop in U.S. existing home sales for July 2010 as compared to July 2009 (down 27.2%). For a bit of perspective, please read Lawrence Yun’s (NAR Chief Economist) comments below for more clarification on the overall housing picture for 2010.
Lawrence Yun, NAR chief economist, said a soft sales pace likely will continue for a few additional months. “Consumers rationally jumped into the market before the deadline for the home buyer tax credit expired. Since May, after the deadline, contract signings have been notably lower and a pause period for home sales is likely to last through September,” he said. “However, given the rock-bottom mortgage interest rates and historically high housing affordability conditions, the pace of a sales recovery could pick up quickly, provided the economy consistently adds jobs. Even with sales pausing for a few months, annual sales are expected to reach 5 million in 2010 because of healthy activity in the first half of the year. To place in perspective, annual sales averaged 4.9 million in the past 20 years, and 4.4 million over the past 30 years. Raw unsold inventory is still 12.9 percent below the record of 4.58 million in July 2008. Thanks to the home buyer tax credit, home values have been stable for the past 18 months despite heavy job losses. Over the short term, high supply in relation to demand clearly favors buyers. However, given that home values are back in line relative to income, and from very low new-home construction, there is not likely to be any measurable change in home prices going forward.”
Life is a Gift...Live it!
Gary Nathan, Broker
Amanda Mavis, Assisting Agent
Woodland Developments & Realty
Thursday, May 27, 2010
Local Market Update
Greetings!
I'd like to share with you some local numbers and thoughts compiled by Chris McGrath, a broker in our office. The time period is January 1 - May 15 of this year for all waterfront properties in Sawyer County:
2008: 39 sold, $234,667 average price, average selling price of 92% of list, average days on market (DOM) of 186 days
2009: 18 sold, $230,133 avg. price, 89% avg. sale price/list, 321 DOM
2010: 38 sold, $233,998 avg. price, 91% avg. sale price/list, 292 DOM
Please notice that there has been a very small change in average price over the 3 year period. With how dismal last year was, one would have thought the average price would have been much lower. Our market has shown stability in price while at the same time, large variations in # of properties sold (18 in 2009, 38 so far this year, more than double the volume). The current market has made a nice comeback relative to last year and we are seeing that trend continuing as long as the economy continues its slow recovery.
Here are some national statistics:
- Housing unit sales up 23.1 percent while prices continue recent strength with an increase of 7.3 percent over April of 2009
The increase in housing sales is the seventh month in a row where housing sales for the present month were above the same month from the prior year. And price increases just hit their fifth month in a row on the same basis.
- The PMI Mortgage Insurance Co.’s second quarter U.S. Market Risk Index (using 4th quarter 2009 data) showed evidence of a recovering national housing market and the prospect of higher housing prices in many markets within two years. Of the nation's 384 MSAs, 356 had a declining Risk Score, with only one showing a slight increase and the remainder unchanged. The number of MSAs in the riskiest category fell by 26.4% during the fourth quarter, while those in the least risky increased by 79%.
- Foreclosure filings were reported on 333,837 properties in April, a 9 percent decrease from the previous month and a 2 percent decrease from April 2009, according to RealtyTrac’s U.S. Foreclosure Market Report™ for April 2010.
We have made it through one of the toughest real estate markets in history and we continue to remain positive about the future. Certainly we are not cruising along as we were in the late 90’s and the early part of this decade but this year is much better than last.
Hope you have a great warm and safe weekend. Thanks to our Veterans, we live a life of freedom; one which I often take for granted. Life is a Gift…Live It!
Gary Nathan
Amanda Mavis
Woodland Developments & Realty
15563 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
I'd like to share with you some local numbers and thoughts compiled by Chris McGrath, a broker in our office. The time period is January 1 - May 15 of this year for all waterfront properties in Sawyer County:
2008: 39 sold, $234,667 average price, average selling price of 92% of list, average days on market (DOM) of 186 days
2009: 18 sold, $230,133 avg. price, 89% avg. sale price/list, 321 DOM
2010: 38 sold, $233,998 avg. price, 91% avg. sale price/list, 292 DOM
Please notice that there has been a very small change in average price over the 3 year period. With how dismal last year was, one would have thought the average price would have been much lower. Our market has shown stability in price while at the same time, large variations in # of properties sold (18 in 2009, 38 so far this year, more than double the volume). The current market has made a nice comeback relative to last year and we are seeing that trend continuing as long as the economy continues its slow recovery.
Here are some national statistics:
- Housing unit sales up 23.1 percent while prices continue recent strength with an increase of 7.3 percent over April of 2009
The increase in housing sales is the seventh month in a row where housing sales for the present month were above the same month from the prior year. And price increases just hit their fifth month in a row on the same basis.
- The PMI Mortgage Insurance Co.’s second quarter U.S. Market Risk Index (using 4th quarter 2009 data) showed evidence of a recovering national housing market and the prospect of higher housing prices in many markets within two years. Of the nation's 384 MSAs, 356 had a declining Risk Score, with only one showing a slight increase and the remainder unchanged. The number of MSAs in the riskiest category fell by 26.4% during the fourth quarter, while those in the least risky increased by 79%.
- Foreclosure filings were reported on 333,837 properties in April, a 9 percent decrease from the previous month and a 2 percent decrease from April 2009, according to RealtyTrac’s U.S. Foreclosure Market Report™ for April 2010.
We have made it through one of the toughest real estate markets in history and we continue to remain positive about the future. Certainly we are not cruising along as we were in the late 90’s and the early part of this decade but this year is much better than last.
Hope you have a great warm and safe weekend. Thanks to our Veterans, we live a life of freedom; one which I often take for granted. Life is a Gift…Live It!
Gary Nathan
Amanda Mavis
Woodland Developments & Realty
15563 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
Monday, May 17, 2010
Spring is Hot in Hayward!
Our local market has really heated up this spring; buyers are more optimistic and sellers are more realistic which has resulted in a number of deals coming together.
Additionally, Eric Wellauer from the Sawyer County Zoning Department shared some very interesting information. Zoning records indicate that land use permits, soil tests and sanitary permits for 2010 are back to 2005 levels, which was a very good year. Land use permits this year are at 101 versus 58 for the same period last year and that compares closely with 102 permits in 2005.
Here's the latest data for the entire U.S. market as provided by the Wisconsin Realtor Association Realtor Newswire 5/17/10.
April housing rates roar as low interest rates and looming deadline of tax credit brings purchasers out in force.
- Unit Sales up 23.1 percent while prices continue recent strength with an increase of 7.3 percent over April of 2009
- The increase in housing sales is the seventh month in a row where housing sales for the present month were above the same month from the prior year. And price increases just hit their fifth month in a row on the same basis.
Fresh evidence of nation's recovering housing markets
- The PMI Mortgage Insurance Co.’s second quarter U.S. Market Risk Index (using 4th quarter 2009 data) showed evidence of a recovering national housing market, and the prospect of higher housing prices in many markets within two years. Of the nation's 384 MSAs, 356 had a declining Risk Score, with only one showing a slight increase and the remainder unchanged. The number of MSAs in the riskiest category fell by 26.4% during the fourth quarter, while those in the least risky increased by 79%.
Foreclosure activity decreases 9 percent in April
- Foreclosure filings were reported on 333,837 properties in April, a 9 percent decrease from the previous month and a 2 percent decrease from April 2009, according to RealtyTrac’s
U.S. Foreclosure Market Report™ for April 2010.
Next week I will try and pull together some of the local market data for you so standby.
What a great weekend and week ahead weatherwise and thank God for the rain!
Life is a Gift...Live It!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15563 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
www.garynathan.com
Additionally, Eric Wellauer from the Sawyer County Zoning Department shared some very interesting information. Zoning records indicate that land use permits, soil tests and sanitary permits for 2010 are back to 2005 levels, which was a very good year. Land use permits this year are at 101 versus 58 for the same period last year and that compares closely with 102 permits in 2005.
Here's the latest data for the entire U.S. market as provided by the Wisconsin Realtor Association Realtor Newswire 5/17/10.
April housing rates roar as low interest rates and looming deadline of tax credit brings purchasers out in force.
- Unit Sales up 23.1 percent while prices continue recent strength with an increase of 7.3 percent over April of 2009
- The increase in housing sales is the seventh month in a row where housing sales for the present month were above the same month from the prior year. And price increases just hit their fifth month in a row on the same basis.
Fresh evidence of nation's recovering housing markets
- The PMI Mortgage Insurance Co.’s second quarter U.S. Market Risk Index (using 4th quarter 2009 data) showed evidence of a recovering national housing market, and the prospect of higher housing prices in many markets within two years. Of the nation's 384 MSAs, 356 had a declining Risk Score, with only one showing a slight increase and the remainder unchanged. The number of MSAs in the riskiest category fell by 26.4% during the fourth quarter, while those in the least risky increased by 79%.
Foreclosure activity decreases 9 percent in April
- Foreclosure filings were reported on 333,837 properties in April, a 9 percent decrease from the previous month and a 2 percent decrease from April 2009, according to RealtyTrac’s
U.S. Foreclosure Market Report™ for April 2010.
Next week I will try and pull together some of the local market data for you so standby.
What a great weekend and week ahead weatherwise and thank God for the rain!
Life is a Gift...Live It!
Gary Nathan
Amanda Mavis
Woodland Dev. & Realty
15563 Railroad St.
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
www.garynathan.com
Tuesday, February 23, 2010
What do you think?
The latest report from Case-Shiller Home Price Index is somewhat encouraging. The gauge, which measures home prices in the 20 largest US cities, rose by 0.3% in December marking the seventh consecutive monthly increase.
According to a 4th Quarter report by Zillow, an online real estate database company, American homeowners’ confidence in their own home’s value fell to the lowest level in seven quarters. The report went on to say that in reality 28% of homes increased in value during the year. If we took a poll locally I believe the majority of home “owners” would say that their home values have changed very little. On the other hand home buyers will tell you another story.
The chief economist for Zillow said that “It does appear that many homeowners are finally succumbing to the notion that, in most areas, declining home values over the past year are no longer the exception, they are the rule”.
But here is another interesting poll result - almost three times as many people believe their home’s value will increase over the next six months as believe it will decrease in value. I like their optimism; let’s hope this will be the case.
Overall our area has performed well albeit the real estate market is not what it was nor do most of us expect it to return to the high-flyin’-days of five to 10 years ago.
Locally there has been a good flurry of business in the lower end residential market as well as the commercial market.
I always appreciate your input – give me your thoughts on home values in our area, I would be interested to hear what you think?
Have a great weekend and a safe one as we welcome the Birkie brigade!
Life is a Gift…Live It!
Gary Nathan
Amanda Mavis
Woodland Development & Realty
15563 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
According to a 4th Quarter report by Zillow, an online real estate database company, American homeowners’ confidence in their own home’s value fell to the lowest level in seven quarters. The report went on to say that in reality 28% of homes increased in value during the year. If we took a poll locally I believe the majority of home “owners” would say that their home values have changed very little. On the other hand home buyers will tell you another story.
The chief economist for Zillow said that “It does appear that many homeowners are finally succumbing to the notion that, in most areas, declining home values over the past year are no longer the exception, they are the rule”.
But here is another interesting poll result - almost three times as many people believe their home’s value will increase over the next six months as believe it will decrease in value. I like their optimism; let’s hope this will be the case.
Overall our area has performed well albeit the real estate market is not what it was nor do most of us expect it to return to the high-flyin’-days of five to 10 years ago.
Locally there has been a good flurry of business in the lower end residential market as well as the commercial market.
I always appreciate your input – give me your thoughts on home values in our area, I would be interested to hear what you think?
Have a great weekend and a safe one as we welcome the Birkie brigade!
Life is a Gift…Live It!
Gary Nathan
Amanda Mavis
Woodland Development & Realty
15563 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
Friday, February 12, 2010
Latest Results
Hope you are enjoying the sun; it has been spectacular winter weather in Hayward. This weekend is the big Pre-Birkie Race so town will be hopping.
According to the REALTORS®’ report, fourth quarter home sales in Wisconsin were 25.6 percent above the same quarter in 2008.
Home sales in Wisconsin rallied in the fourth quarter after steady improvements throughout the year, bringing final 2009 existing home sales back to their 2008 levels, according to the year-end analysis of home sales conducted by the Wisconsin REALTORS® Association (WRA).
In the Midwest home prices were down by a modest margin in comparison to the rest of the country. The report went on to say that the first half of the year was down significantly compared to 2008, and the second half of the year grew at a very healthy rate.
In Wisconsin the median home prices fell 7.7 percent to $143,000 in 2009 as compared to 2008 which is much better than the decline of 11.9 percent for the U.S.
In Sawyer County we experienced a 20% gain in sales in January as compared to the same period last year. Total sales volume was $2,978,000 vs. $1,803,527 in '09 which is a 65% increase. The median sold price for this past month was $247,000 as compared to $173,073 in '09 - a 43% increase. Days on market also went down from 230 days in '09 to 146 days this past month.
So, all in all we are off to a good start and continue to remain optimistic.
Have a great weekend and remember - Life is a Gift...Live It!
Gary Nathan
Amanda Mavis
Woodland Developments & Realty
15563 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
www.garynathan.com
According to the REALTORS®’ report, fourth quarter home sales in Wisconsin were 25.6 percent above the same quarter in 2008.
Home sales in Wisconsin rallied in the fourth quarter after steady improvements throughout the year, bringing final 2009 existing home sales back to their 2008 levels, according to the year-end analysis of home sales conducted by the Wisconsin REALTORS® Association (WRA).
In the Midwest home prices were down by a modest margin in comparison to the rest of the country. The report went on to say that the first half of the year was down significantly compared to 2008, and the second half of the year grew at a very healthy rate.
In Wisconsin the median home prices fell 7.7 percent to $143,000 in 2009 as compared to 2008 which is much better than the decline of 11.9 percent for the U.S.
In Sawyer County we experienced a 20% gain in sales in January as compared to the same period last year. Total sales volume was $2,978,000 vs. $1,803,527 in '09 which is a 65% increase. The median sold price for this past month was $247,000 as compared to $173,073 in '09 - a 43% increase. Days on market also went down from 230 days in '09 to 146 days this past month.
So, all in all we are off to a good start and continue to remain optimistic.
Have a great weekend and remember - Life is a Gift...Live It!
Gary Nathan
Amanda Mavis
Woodland Developments & Realty
15563 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
www.garynathan.com
Thursday, January 21, 2010
"If we don't have it, you don't need it!"
Historic Ehlers General Store in Cornocopia, WI apparently has used this slogan since it's inception sometime around 1915 - "If we don't have it, you don't need it!" That really gave me pause for thought.
I am troubled by the incredible loss of life and destruction in Haiti. While I watch little television, I must admit that the continued news coverage is pretty captivating. It is important that we know what's happening and hopefully it awakens us to reach out and help through prayer, monetary gifts and more.
For the most part, we have more than we need and there are few retailers that won't go out of their way to get us what we do need and what we think we need or ought to have. Welcome to the world of consuming.
So how does this relate to real estate? Can't say that I really know other than I personally have more than I need and perhaps you do as well. Real estate aside maybe more than anything the slogan "if we don't have it, you don't need it" will give you cause to think about what is really important.
Please know that I am painfully aware many people are dealing with difficult issues, but I hope you will give thanks for all that you possess and be compelled to give some of it away this week.
Life is a Gift...Live It!
Gary Nathan
Amanda Mavis
Woodland Developments & Realty
155663 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com
I am troubled by the incredible loss of life and destruction in Haiti. While I watch little television, I must admit that the continued news coverage is pretty captivating. It is important that we know what's happening and hopefully it awakens us to reach out and help through prayer, monetary gifts and more.
For the most part, we have more than we need and there are few retailers that won't go out of their way to get us what we do need and what we think we need or ought to have. Welcome to the world of consuming.
So how does this relate to real estate? Can't say that I really know other than I personally have more than I need and perhaps you do as well. Real estate aside maybe more than anything the slogan "if we don't have it, you don't need it" will give you cause to think about what is really important.
Please know that I am painfully aware many people are dealing with difficult issues, but I hope you will give thanks for all that you possess and be compelled to give some of it away this week.
Life is a Gift...Live It!
Gary Nathan
Amanda Mavis
Woodland Developments & Realty
155663 Railroad Street
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com
Thursday, January 14, 2010
Looking Forward to 2010!
As we enter 2010 it is interesting to reflect on 2009, which was a challenging year for all of us, but the second half of the year was far more promising. Chris McGrath, broker associate in our office was kind enough to put together some of the latest statistics - see below. We believe, as do most U.S. housing economists, that the housing recovery will continue to accelerate in 2010. Consider the following:
Nationwide Results and Forecast:
Note: Source: NAR Data (National Association of Realtors):
2009 prices fell 12.9%
2010 prices are expected to rise 3.6%
Estimated 2010 existing home sales (approx. 90% of all home sales) expected to increase by 13.6% as compared to 2009.
Estimated 2010 new construction home sales (approx. 10% of all home sales) are expected to increase by 38% as compared to 2009.
Local 2009 Results:
Note: Source: NW WI MLS results for 4 county area; Sawyer, Washburn, Douglas and Bayfield:
12% reduction in total properties sold (’09: 752 sold, ’08: 855 sold).
11% reduction in average price (’09: $141,839, ’08: $159,424).
Nationwide inventory levels mirror what is going on here; the less expensive properties are selling, the more expensive properties are not selling at normal levels. A “normal” inventory level for a healthy real estate market is 6 months (i.e. it will take 6 months to sell the current supply of properties for sale). The inventory level for homes in the U.S. priced below $250,000 is 4.6 months (seller’s market) and for homes priced above $730,000, the inventory level is a staggering 40 months (buyer’s market).
The recent strong performance in the lower end of the market should kick start the higher end of the market in 2010, according to Lawrence Yun, Chief Economist of the NAR. Nationwide, larger lenders are once again focusing on “Jumbo” mortgages (those above $417,000) because they feel these assets are performing well again, that according to Vijay Lala, Bank of America, the largest Jumbo mortgage lender in the U.S. Increased lender interest in providing Jumbo mortgages and a strong, lower-end market are two critical success factors for the eventual recovery of the higher-end market.
Thanks to Chris for being a numbers guy; we remain optimistic and hope you are as well. Have a great weekend and Enjoy...Life is a Gift…Live It!
Gary Nathan
Amanda Mavis
Woodland Developments & Realty
15563 Woodland Road
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
Nationwide Results and Forecast:
Note: Source: NAR Data (National Association of Realtors):
2009 prices fell 12.9%
2010 prices are expected to rise 3.6%
Estimated 2010 existing home sales (approx. 90% of all home sales) expected to increase by 13.6% as compared to 2009.
Estimated 2010 new construction home sales (approx. 10% of all home sales) are expected to increase by 38% as compared to 2009.
Local 2009 Results:
Note: Source: NW WI MLS results for 4 county area; Sawyer, Washburn, Douglas and Bayfield:
12% reduction in total properties sold (’09: 752 sold, ’08: 855 sold).
11% reduction in average price (’09: $141,839, ’08: $159,424).
Nationwide inventory levels mirror what is going on here; the less expensive properties are selling, the more expensive properties are not selling at normal levels. A “normal” inventory level for a healthy real estate market is 6 months (i.e. it will take 6 months to sell the current supply of properties for sale). The inventory level for homes in the U.S. priced below $250,000 is 4.6 months (seller’s market) and for homes priced above $730,000, the inventory level is a staggering 40 months (buyer’s market).
The recent strong performance in the lower end of the market should kick start the higher end of the market in 2010, according to Lawrence Yun, Chief Economist of the NAR. Nationwide, larger lenders are once again focusing on “Jumbo” mortgages (those above $417,000) because they feel these assets are performing well again, that according to Vijay Lala, Bank of America, the largest Jumbo mortgage lender in the U.S. Increased lender interest in providing Jumbo mortgages and a strong, lower-end market are two critical success factors for the eventual recovery of the higher-end market.
Thanks to Chris for being a numbers guy; we remain optimistic and hope you are as well. Have a great weekend and Enjoy...Life is a Gift…Live It!
Gary Nathan
Amanda Mavis
Woodland Developments & Realty
15563 Woodland Road
Hayward, WI 54843
715-699-4040
nathan@garynathan.com
http://www.garynathan.com/
Thursday, December 17, 2009
Tax Credits for Energy Efficient Improvements
The energy tax credit is capped at $1,500 which includes items like insulation, windows and doors (including sliding glass and storm doors); garage doors, new furnaces, biomass stoves, water heaters as well as asphalt and metal roofs.
Tax credits are available at 30% of the cost through 2016 for existing homes and new construction for improvements like geothermal heat pumps, solar panels and wind energy systems.
Don’t rush into anything until you talk to a professional contractor and even then you need to check out what they're telling you. Certain ads on the radio or television make it sound as though you need to use a certain brand or contractor who is qualified. An energy-efficient improvement qualifies for a tax credit based on the type of upgrade and the material used, and is not dependent upon who performs the work.
If you are interested in learning more, just email me and I can provide you with some good links to more information.
Have a wonderful weekend and Enjoy…Life is Good…Live It!
Gary Nathan
Amanda Mavis
Woodland Dev & Realty
715-699-4040
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