Posts in Market Trends

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Posted by Eliason Realty of the North, LLC on March 6, 2014 in Tourism Community Highlights Market Trends
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If you live outside the Northwoods, time when visiting up here can be pretty precious. There is nothing like getting the news directly from this area at home to help plan your favorite activities prior to your arrival here. Here is a list of news publications for which you can subscribe. Some offer online and print subscriptions or your choice of one or the other.

Here is the contact information for each newspaper.

Eagle River

The Vilas County News Review

P.O. Box 1929

425 W. Mill St.

Eagle River, WI  54521

Phone (715) 479-4421 •  Fax (715) 479-6242

Email

Website

To subscribe for print delivery or online access

 

Minocqua

The Lakeland Times and the Northwoods Super Shopper

P.O. Box 790

Minocqua, WI  54548

Phone: (715) 356-5236 • Fax: (715) 358-2121

Email contact list

Website

To subscribe for print delivery or online access

 

Rhinelander

The Northwoods River News

232 S. Courtney Street

Rhinelander, Wisconsin 54501

Phone: (715) 365-NEWS (6397) •  Fax (715) 365-6361

Email contact list

Website

To subscribe for print delivery or online access

 

Boulder Junction

FYI Northwoods News, LLC

P.O. Box 578

Boulder Junction, WI  54512

Phone (715) 543-2065 • Cell: (715) 892-2967

Email

Website under development

Print subscription only

 

Brought to you by:  Eliason Realty of the North, LLC  www.eliasonrealty.com 
Northern Wisconsin Real Estate with Offices in Eagle River and St Germain WI

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When Will Mortgage Interest Rates Reach 5%?
Posted by Eliason Realty of the North, LLC on December 3, 2013 in Market Trends
When Will Mortgage Interest Rates Reach 5%?

by  on November 26, 2013 

The big question for homebuyers is when interest rates will begin to rise to the 5% mark. The effect of a rise in mortgage rates could be a dramatic increase in the monthly mortgage payment when purchasing a home. In an article last week, HousingWire quoted two different sources regarding this issue.

Most experts are projecting that rates will rise when the Fed decides to taper the purchase of bonds which has acted as a stimulus to the housing market by keeping long term mortgage rates at historic lows.

In the article, Sterne Agee’s managing director and chief economist Lindsey Piegza pointed out:

"Federal Reserve officials said they might reduce their monthly bond buying program from $85 billion 'in coming months' as the economy continues to improve."

The article also quotes Frank Nothaft, chief economist with Freddie Mac:

“By the end of 2014, rates will probably approach and perhaps touch 5%. A reason we see the uptick in rates is that I do think some point the Federal Reserve will start to taper and scale back its very active purchase on long-term Treasuries and mortgage-backed securities.”

Rates will hit 5% sometime in 2014. It might be better to buy sooner rather than later.

 

Now is the time to talk with your real estate professional!
We can help ... meet our agents here

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Tagged with tapering mortgage interest interest rates
Why Buying in the Winter Makes Sense
Posted by Todd Staege on November 20, 2013 in Marketing Market Trends
Why Buying in the Winter Makes Sense

Source:  http://www.veteransunited.com/futurehomeowners/winter-home-purchase/


We agree with Veterans United that even in our snow-covered Northwoods, winter is a good time to buy real estate.  

In addition to the reasons above, we also expect interest rates to rise over the next 12 months.  Recently we have watched rates dip some after decisions to taper the QE were put off.  When the easing begins to slow, we are going to see rates jump again and projections are calling for rates to be a full percent higher by this time next year.  As the rates climb, it makes a huge impact on a buyer's cost.  

Contact your Realtor at Eliason Realty soon to discuss your options, work on getting pre-approved with a local lender because now is the time to take action! 

Eliason Realty of the North LLC
www.EliasonRealty.com

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Tagged with wi mortgage interest rate winter real estate
August 2013 Housing Sales Statistics
Posted by John and Diane Misina on September 24, 2013 in Market Trends

The Wisconsin Realtor Association has published their monthly housing sales statistics report and figures look strong for our neck of the woods.  The number of home sales in Vilas County jumped 57% in August, while the median sales price grew 12%.  Oneida County during August experienced an increase of 5% in the number of sales transactions, while prices grew by 2%.  

When looking at summer 2013 as a whole throughout Vilas County, we see figures normalizing with median price at a 2% decrease this summer over 2012, and the number of transactions growing by 22% during the summer of 2013.  The steady growth in number of transactions continues to signal consumer confidence.  Median prices have bounced around some, but the trends indicate a stabilization and are paving the way toward modest growth.

Contact one of our Eliason Realty sales associates
for real estate sales trends within your local community.

www.eliasonrealty.com

 

 

 

 

 

 

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Tagged with vilas county wi real estate vilas county housing vilas county housing sales statistics
WRA Press Release - April Housing Sales Statistics
Posted by John and Diane Misina on May 20, 2013 in Market Trends

 

Wisconsin Realtors Association
Press Release and Report

MADISON, Wis. –Wisconsin existing home sales jumped 9.2 percent in April 2013 compared to April 2012, representing 22 straight months of positive sales growth in the state. Median prices climbed by a solid margin, growing 7.8 percent over the past year to $138,000, according to the most recent statistical report released by the WRA. 

For more of the official press release, click here.

In our local market, the small smaple size can lead to some skewed figures.  We saw April slow in Vilas County but jump ahead in Oneida County.  

County

April 2013
Year-over-Year
# Transactions

April 2013
Year-over-Year
Median Price

Oneida +38% -3% Vilas -18% -10%

We believe the cold and snow were major contributors to the soft sales during April.  Last year we had an early ice-out and nicer temperatures, but this year we were still snowshoeing!  

 

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Tagged with oneida county housing vilas county housing wi housing sales housing statistics wi housing
Our Spring 2013 Market Watch Newsletter is Out!
Posted by Tim Kruse - Kruse Team on March 7, 2013 in Market Trends Marketing Company News
Our Spring 2013 Market Watch Newsletter is Out!

 

... sings Bob Dylan and they certainly are in the real estate market. As early as 2010, we predicted that around the spring of 2012 we would be seeing a turn-around in the real estate market. Last Spring, in our newsletter, we noted that volume was starting to improve but prices were actually still going down. We also stated, "For the first time in 5 years, I am saying, we have hit the bottom and we are starting the recovery." As you can see from the national trends in the graphs below, the inventory of homes for sale has fallen significantly over the past two years. You can also see, nationally, the prices have finally started coming back. Monthly Inventory of Homes for Sale 10.0 9.0 8.0 7.0 6.0 5.0 4.0 NAt 17013 Eliason Realty has been seeing similar trends. Eliason Realty saw a 60% increase in sales volume in 2012 over 2011. That is compared with a 27% increase for the entire MLS. We have also seen a significant decrease in our volume of listings. In fact, based on the early 2013 indications, we are going to be short on the inventory needed to meet the demand that appears to be on the horizon for the rest of the year. With that in mind, the Northwoods could be entering the price recovery we have been waiting for. (You will see from the graphs on page 2 that although volume has begun to spike, prices simply level off.) We typically don't want to put too much weight on one month, but historically slow January was anything but. According to the \X/RA, sales in Wisconsin were up 18.3% over January 2012 and median home prices increased 3.4% over that same period. If you have been thinking of selling your property, but thought the market was not strong enough yet, you may very well want to consider taking advantage of the current trend.
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Tagged with housing inventory shortage oneida county vilas county real estate trends northern wisconsin northwoods spring 2013 real estate wi real estate wisconsin real estate
2012 Year-end Housing Sales Statistics for Vilas and Oneida County
Posted by John and Diane Misina on January 14, 2013 in Market Trends
2012 Year-end Housing Sales Statistics for Vilas and Oneida County

Substantial housing gains were achieved in Vilas and Oneida Counties during 2012.  We experienced greater sales volume than anytime in the last five years with number of homes sold reaching or exceeding the peak 2006-07 unit sales figures.  

The median sales price for a home has stayed relatively flat in Vilas County over the last 5 years, while Oneida County has fluctuated and grown some over the last 5 years.  Neither county has reached the high median sales price we experienced in 2005, 2006 and 2007.  Median sales price reflects the price range where most sales activity is occuring, where buyers show confidence and ability to purchase.  

Oneida County Housing Statistics - thru 2012

 

Vilas County Housing Statistics thru 2012

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Tagged with 2012 wisconsin housing statistics oneida county housing vilas county housing vilas county real estate oneida county real estate
Real Estate Provisions in "Fiscal Cliff" Bill
Posted by John and Diane Misina on January 11, 2013 in Market Trends

By:  National Association of Realtors

 

On Jan. 1 both the Senate and House passed H.R. 8 legislation to avert the “fiscal cliff.” The bill was signed into law by President Barack Obama on Jan. 2.

Below is a summary of real estate related provisions in the bill:

Real Estate Tax Extenders Mortgage Cancellation Relief is extended for one year to Jan. 1, 2014 Deduction for Mortgage Insurance Premiums for filers making below $110,000 is extended through 2013 and made retroactive to cover 2012 15-year straight-line cost recovery for qualified leasehold improvements on commercial properties is extended through 2013 and made retroactive to cover 2012 10 percent tax credit (up to $500) for homeowners for energy improvements to existing homes is extended through 2013 and made retroactive to cover 2012 Permanent Repeal of Pease Limitations for 99% of Taxpayers

Under the agreement so called “Pease Limitations” that reduce the value of itemized deductions are permanently repealed for most taxpayers but will be reinstituted for high income filers.  These limitations will only apply to individuals earning more than $250,000 and joint filers earning above $300,000.  These thresholds have been increased and are indexed for inflation and will rise over time.  Under the formula, the amount of adjusted gross income above the threshold is multiplied by 3 percent.  That amount is then used to reduce the total value of the filer’s itemized deductions.  The total amount of reduction cannot exceed 80 percent of the filer’s itemized deductions.

These limits were first enacted in 1990 (named for the Ohio Congressman Don Pease who came up with the idea) and continued throughout the Clinton years.  They were gradually phased out as a result of the 2001 tax cuts and were completely eliminated in 2010-2012.  Had we gone over the fiscal cliff, Pease limitations would have been reinstituted on all filers starting at $174,450 of adjusted gross income. 

Capital Gains

Capital Gains rate stays at 15 percent for those in the top rate of $400,000 (individual) and $450,000 (joint) return.  After that, any gains above those amounts will be taxed at 20 percent.  The $250,000/$500,000 exclusion for sale of principal residence remains in place.

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Tagged with real estate provisions fiscal cliff
Housing: 2012 Year End Reports Reveal Market Coming Back
Posted by John and Diane Misina on January 3, 2013 in Market Trends
Housing: 2012 Year End Reports Reveal Market Coming Back

 

Housing: Year End Reports Reveal Market Coming Back by THE KCM CREW on JANUARY 2, 2013 · 0 COMMENTS Every year-end housing report revealed that the real estate market is recovering quite nicely. Here is a quick synopsis of each: Existing Home Sales Report Total existing-home sales rose 5.9 percent in November over last month Sales are 14.5 percent higher than November 2011 Sales are at the highest level since November 2009 The national median existing-home price was $180,600 in November, up 10.1 percent from November 2011 Total housing inventory at the end of November fell to a 4.8-month supply; it was 5.3 months in October, and is the lowest housing supply since September of 2005 when it was 4.6 months Pending Sales Report Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years The index is at the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007 On a year-over-year basis, pending home sales have risen for 19 consecutive months New Home Sales Report Sales of new homes rose 4.4% in November to a two-and-a-half-year high This is the highest level since April 2010, when a temporary tax credit boosted demand. Sales are now 15.3% higher compared to one year ago Case Shiller Home Price Index Home prices rose 4.3% in the 12 months ending in October In nineteen of the 20 cities covered, annual returns in October were higher than September

Every year-end housing report revealed that the real estate market is recovering quite nicely. Here is a quick synopsis of each:

Existing Home Sales Report Total existing-home sales rose 5.9 percent in November over last month Sales are 14.5 percent higherthan November 2011 Sales are at the highest level since November 2009 The national median existing-home price was $180,600 in November, up 10.1 percent from November 2011 Total housing inventory at the end of November fell to a 4.8-month supply; it was 5.3 months in October, and is the lowest housing supply since September of 2005 when it was 4.6 months Pending Sales Report Pending home sales increased in November for the third straight month and reached the highest level in two-and-a-half years The index is at the highest level since April 2010 when buyers were rushing to beat the deadline for the home buyer tax credit With the exception of several months affected by tax stimulus, the last time there was a higher reading was in February 2007 On a year-over-year basis, pending home sales have risen for 19 consecutive months New Home Sales Report  Sales of new homes rose 4.4% in November to a two-and-a-half-year high This is the highest level since April 2010, when a temporary tax credit boosted demand.

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Vilas and Oneida County Housing Statistics, October 2012 by WRA
Posted by John and Diane Misina on November 29, 2012 in Market Trends
Vilas and Oneida County Housing Statistics, October 2012 by WRA

Housing sales across the Northwoods this fall continue to show strength in number of units sold as well as median home price.  Below are tables for Oneida County Housing Statistics and Vilas County Housing Statistics as reported by the Wisconsin Realtor Assocation for through October 2012.   

 

 

 

 

 

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Tagged with vilas county real estate oneida county real estate eliason realty vilas housing sales oneida housing sales vilas housing
NAR: Pending Home Sales Rise in October
Posted by John and Diane Misina on November 29, 2012 in Market Trends

 

NEWS RELEASES Pending Home Sales Rise in October Media Contact: Walter Molony / 202-383-1177 / Email

NEWS RELEASES
Pending Home Sales Rise in October
Media Contact: Walter Molony / 202-383-1177

 

 

WASHINGTON (November 29, 2012) - Pending home sales rose strongly in October with mixed regional results, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator based on contract signings, increased 5.2 percent to 104.8 in October from an upwardly revised 99.6 in September and is 13.2 percent above October 2011 when it was 92.6. The data reflect contracts but not closings.

Lawrence Yun , NAR chief economist, said buyers are responding to favorable market conditions. "We've had very good housing affordability conditions for quite some time, but we're seeing more impact now from steady job creation, and rising consumer confidence about home buying now that home prices have clearly turned positive."

Outside of a few spikes during the tax credit period, pending home sales are at the highest level since March 2007 when the index also reached 104.8. On a year-over-year basis, pending home sales have risen for 18 consecutive months.

Yun noted there are clear regional patterns. "Contract activity surged in the Midwest and is showing very healthy gains in the South, but was down slightly in both the Northeast and West," he said.

"The Northeast saw some impact from Hurricane Sandy, but limited inventory in the West is keeping a lid on the market. All regions are up from a year ago, with double-digit gains in every region but the West," Yun said.

The PHSI in the Northeast slipped 0.1 percent to 79.2 in October but is 13.3 percent above a year ago. In the Midwest the index jumped 15.6 percent to 104.4 in October and is 20.0 percent above October 2011.

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Tagged with eliason realty pending home sales nar
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