Posts In Market Trends
As hard as it is to believe, this coming weekend is the Labor Day holiday. We have been blessed with very beautiful weather this summer, not too hot - not too cool. Thousands of visitors have come to the Northwoods to enjoy the perfect weather and the unlimited number of fun events and activities.
While making our plans to celebrate the weekend, let's take a moment to think - what actually is Labor Day and when did it start? According to the History Channel, Labor Day started during the time of the Industrial Revolution where workers were working 12 hours a day, seven days a week just to eek out a minimal livelihood.
According to the Department of Labor, the first Labor Day celebrations were enacted by individual municipalities. It wasn't until after 12 years of these celebrations that Congress stepped forward and passed a bill making the first Monday of September the official Labor Day. Also included in that bill were stipulations that parades would be held followed by gatherings of workers and their families.
What the Department of Labor did not include was information that the History Channel used to explain why the Labor Day celebrations came to be in the individual cities across the country.
Specifically, the first Labor Day celebration was in New York City on September 5, 1882. It was sponsored by the Central Labor Union. The union sponsored a march where workers took an unpaid day off to participate in the first Labor Day parade in US history.
Labor unions were organized in the late 19th century to fight the horrible working conditions, particularly in poor and immigrant workers sectors.
In some States, there were no age restrictions and children as young as five or six were forced to work, usually at wages much lower than those of the adults.
Admit it. We are spoiled up here. The towns do a fabulous job of creating big events throughout the summer. Guess what? We have an open weekend this weekend! There are lots of smaller events sprinkled throughout the area. So we used a few of these mixed with some great recreational resources to help you decide what you want to do with your free time this weekend!
We are so blessed to have hundreds of activities at our disposal. Now is the time to get out and discover why this is the greatest vacation area!Color Dash – You have been hearing and reading about it – what is it? This is a 5 K fun run; meaning it is not timed. It is partnered with Big Brothers, Big Sisters of Northwestern Wisconsin – Northwoods branch. Packet pick up starts at Rhinelander High School Saturday, August 23 at 8 AM and the Dash starts at 10 AM. Throughout the race runners will be showered with a rainbow of colors making for some eye-popping ensembles at the end of the race. The registration fee is as follows: $40 Individual, $35 Team Member (min 4, max 16), and $85 Family* *For 3, $15 ea. additional (Up to 6). There are advance purchase prices. The Day of the event prices are $10 more. 5 & Under Are Free. Check out the Facebook site at https://www.facebook.com/events/654217117957478/. Kartway, Little Falls Miniature Golf and Rocking W Stables in Eagle River on Highway 45 N. There is something for every member of the family here! Go Karts, bumper boats, mini golf, horseback rides and even a thrilling ZIPLINE! This is a great place for parents and kids alike! Check it out at http://www.northwoodsattractions.com/. Deer, and donkeys and alpacas – OH MY! Take a trip up Highway 155 north of St.
There are a few people in life that are truly, remarkably memorable. In St. Germain, we are lucky to have several personalities at this level. One such individual passed away last year but he still has a very tangible presence.
This past August 3, 2014 would have been Steve Pulec’s 58th birthday. Sadly, though he successfully won the battle against his lung cancer, the cancer in his brain claimed victory. November 4, 2013, he left this earth to begin his new life in the next dimension.
Steve was never one to shy away from making a new friend. His infectious smile was rarely absent and his raspy, Chicago South side drawl punctuated his many stories. His work life centered on serving the public. He began working as a youth for his father, Tony, and continued in the hospitality business in the St. Germain/Sayner area.
The New Twilight Bar and Grill is an extremely successful business venture he entered into with two Milwaukee friends, whom he eventually bought out. Through the many years in the bar business, he was able to combine both the local and tourist trade into a continually thriving and growing business concern.
A devoted father, Steve welcomed daughters, Tara and Kelly, who worked for him. But it was the new love of his life, Sheila Boland that was the crowning touch. He reveled in that he had it all – a great business, a wonderful family and a woman he adored. That was when he was told he had cancer and that the prognosis was not very good.
Steve and Sheila married on a snowy day in February, 2013, a true celebration of their love and dedication to each other. Sheila was a natural at helping Steve run the Twilight and today, she and Tara still manage the booming business.
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.
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
The Lakeland Times and the Northwoods Super Shopper
P.O. Box 790
Minocqua, WI 54548
Phone: (715) 356-5236 • Fax: (715) 358-2121
The Northwoods River News
232 S. Courtney Street
Rhinelander, Wisconsin 54501
Phone: (715) 365-NEWS (6397) • Fax (715) 365-6361
FYI Northwoods News, LLC
P.O. Box 578
Boulder Junction, WI 54512
Phone (715) 543-2065 • Cell: (715) 892-2967
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
by The KCM Crew 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.
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
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.
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
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!
... 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.
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