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Housing Market April 2022 Fast Facts

Fast facts and stats on the housing market in the state of Wisconsin for the month of April 2022!

  • Home sales in general have fallen from last year April. This is due to LACK OF INVENTORY, as in, not enough homes for sale! Home sales fell 14.8% between April 2021 and April 2022, whereas the median home price rose 13% to $265,501 over that same 12-month period.  Nuts, right?!
  • The average # of days on the market was 69 days – and if you’re in the Brown County WI, Oconto County WI, Outagamie County WI, Calumet County WI, Kewaunee County WI or really most of Northeastern Wisconsin, these houses a getting multiple offers well above asking price within a matter of DAYS.  
  • Home inventories continued to tighten with only 2.4 months of available supply in April.  For a stable housing market it would be 6 months of available homes for sale. I shouldn’t have to tell you that it is still a seller’s market. And very much so! 
  • Mortgage rates have increased. In April 2021 the average 30 year fixed rate was 3.06%, and to give you a little more perspective the 30 year fixed average rate in April 2022 was 4.17%.  
  • According to The Wisconsin Housing Affordability Index – it shows the portion of the median-priced home that a home buyer with a median family income is able to purchase, (assume a solid 20% down payment with a 30-year fixed-rate mortgage at current rates used to finance the remaining balance.) In April 2021, that buyer could purchase 197% of the median-priced home, and just 12 months later in April 2022, that same qualified home buyer could only purchase 142% of the median-priced home. 

    All the above information can be found on the WRA (Wisconsin Realtors Association) website. Check out https://www.wra.org for more info. 

Elysian Realty is a local Real Estate Brokerage with Expert local Realtors located in Green Bay, WI : De Pere, WI : Pulaski, WI : Oconto Falls, WI : Appleton, WI : Neenah, WI : Oshkosh, WI : Kewaunee, WI, Algoma, WI and more! 

Tax Tips for Home Owners

One big difference from renting and owning your own home are the tax benefits! We could all use more tax breaks, no?

1. Mortgage Interest – Every month you pay in to cover your principle, interest, insurance, and taxes (see tax benefit #2). Keep track of your interest amount! Use that as an itemized deduction.

2. Property Taxes – You can deduct up to a certain amount each year of your property taxes. As of 2022 it’s $10,000!

3. Private Mortgage Insurance – Not all home owners will qualify for this – ask your lender or whomever you have a loan with.

4. Home Office – Not all home owners will qualify for this – where are my 1099’s independent contractors at? This is something you should look into and do your research on. 

5. HELOC  or Equity Line – Did you take one of these out to do a home reno, or just to have some extra funds? 

6. Energy Efficient Upgrades – Maybe it was a new furnace that had a special program going on? Or windows?   If you did some home renovations such as this – talk to your tax advisor! 

 

With all of these TALK TO YOUR TAX ADVISOR to see where you can qualify for some tax breaks. 

Home Owners, are you wanting to save some money on your taxes? Time to speak with your tax advisor to see if and where you can catch a tax break just by owning your own home! 

Elysian Realty is a local Real Estate Brokerage with Expert local Realtors located in Green Bay, WI : De Pere, WI : Pulaski, WI : Oconto Falls, WI : Appleton, WI : Neenah, WI : Oshkosh, WI : Kewaunee, WI, Algoma, WI and more! 

The Condo Market is on FIRE

I’ve noticed that this past year, the condo home buying market has really increased. I’ve had more home buyers leaning towards condos instead of single family homes. And it’s not just me that’s taken notice. Other Green Bay Realtor and De Pere Realtor friends of mine have noticed too. 
In fact, across the US condos are on literally on FIRE. Figuratively literally, of course. According to NAR (National Association of Realtors), “the median existing condo and co-op sales price was $305,400 in February 2022, an annual increase of 10.9%.”

That’s a decent sized increase! There are also a lot more new construction condos being built in the brown County and Outagamie County as well. 
My condo loving buyer clients ran towards the more carefree life style in that affords them extra time without breaking the bank. Snow removal and lawn care are usually covered in the HOA dues. That is a HUGE draw, won’t deny that! Some condos even offer tennis courts, a gym, a meeting/gathering room… you get the idea. Amenities vary at each condo development and the HOA dues vary in price. 

Perhaps condo life is just what you’re looking for?

Contact Elysian Realty and let’s talk new construction condos and existing condos! 

Elysian Realty is a local Real Estate Brokerage with Expert 5-Star Realtors located in Green Bay, WI : De Pere, WI : Pulaski, WI : Oconto Falls, WI : Appleton, WI : Neenah, WI : Oshkosh, WI : Hortonville, WI and more! 

 

Who Are All the Home Buyers?

The National Association of Realtors (NAR) conducted a survey in July of 2021. The received 5,795 responses from homebuyers who purchased a primary residence between July 2020 and June 2021. The report’s information about sellers comes from the buyer respondents who also sold a home.

This is their findings among homebuyers:

“In 2021, millennials, those born between 1980 and 1998, made up the largest share of buyers at 43% — up from 37% the year before, according to the National Association of Realtors’ annual Home Buyers and Sellers Generational Trends Report.

At the same time, boomers, those born between 1946 and 1964, made up the largest share of sellers at 42% — nearly flat from 43% in 2020.

In between, Gen Xers made up 22% of buyers and 24% of sellers. On either end of the generation spectrum, the Silent Generation (born 1925-1945) made up 4% of buyers and 6% of sellers, while Gen Zers (born 1999-2011) made up 2% of both buyers and sellers”

Interesting to see the age groups of home buyers. I’ve had the pleasure of working with at least one person from each generation.

Elysian Realty is a local Real Estate Brokerage with Expert local Realtors located in Green Bay, WI : De Pere, WI : Pulaski, WI : Oconto Falls, WI : Appleton, WI : Neenah, WI : Oshkosh, WI : and more! 

 

Housing Stats January 2022 – Still a Seller’s Market

Okay so read this statement:

Total number of houses for sale/listings in January 2022 fell 14.6% from their levels a year earlier. This in turn drives months of supply down to just 1.9 months for January. It has been six years since the January supply of homes was at the six-month mark or higher. 

What does this mean, you ask? So when we say the supply is at 1.9, that indicates it’s a seller’s market. So if there were no more houses to come for sale and the current houses for sale proceeded to close – it would take 1.9 months for there to be no more houses available on the market. When the absorption rate is 6 months or more, then it’s considered a buyers market. So a 1.9 rate says it’s a seller’s market. Very Very much a seller’s market. 

Thinking of selling your home?? Let an experienced 5-star rated Realtor work for YOU and help you navigate this market!! Elysian Realty is a local Real Estate Brokerage that takes pride in 5-star client service. 

Serving many areas: Green Bay, WI : De Pere, WI : Appleton, WI : Hortonville, WI : Seymour, WI : Suamico, WI : Oconto Falls, WI : Little Chute, WI, New London, WI and More!

January 2022 Home Selling and Home Buying Housing News

According to Dave Clark, Marquette University Economist and WRA Consultant:

“Annual inflation rates continue to rise, with headline inflation increasing to an annual rate of 7.5% in January. Ongoing supply chain problems and labor shortages combined with spikes in energy prices has the Federal Reserve on alert. To keep the economy from further overheating, the Fed is likely to begin raising short-term interest rates more aggressively than was suggested in its December meeting. Containing inflationary expectations is the best way to keep mortgage rates from rising more quickly.”

Ouch. Like all around ouch. It’s now March 2022 and mortgage rates have risen a little bit, gas prices are now ridiculously high, and inventory for homes to purchase are still so so incredibly low. The season for home selling in Green Bay, WI has definitely picked up, as in, there are more homes for sale – but it’s not helping. Homes are selling at record speed for top dollar. Bidding wars are the norm and have been. Homes are selling above ask price with no contingencies. 

Gas prices are making people cranky. Inflation is making people cranky. The housing market is making people cranky. Do you know what doesn’t make people cranky?? A trustworthy Realtor! Elysian Realty can help navigate you through this insane time – for your home selling and home buying needs. Although being a Realtor, we can’t help you with inflation or gas prices, but we can complain right along with you on those fronts 🙂

Serving many areas: Green Bay, WI : De Pere, WI : Appleton, WI : Hortonville, WI : Seymour, WI : Suamico, WI : Oconto Falls, WI : Little Chute, WI, New London, WI and More!

Bidding Wars and Home Buyers

According to the news website Millionacres.com, “70% of home buyers faced a bidding war in May 2021 – up significantly from the 52% rate seen last year”

Don’t lose hope my Home Buyer People! All is NOT lost. One of the key items you need in order to win and get the home you want is to work with an aggressive buyer’s agent. (This is where I plug my fantastic buyer agent services or one of my other expert Realtors at my firm.)
Advertising myself and Elysian Realty aside – you need a buyer’s agent that has creative ideas on how to make your offer stand out in a crowd. You need a buyer’s agent that is aggressive to find out any and all info you can on the house of your dreams. You need a buyer’s agent that knows how draft offers that look appealing to home sellers. You NEED A BUYERS AGENT THAT CARES.   

A strong offer includes a strong offer price – FACT. However, there are many different factors to take into consideration… do the sellers need a specific close date? Do the sellers need an extra week in the house after the close date to properly pack up and move out? Is the house vacant and you could pick up the lawn care or snow removal until close day? These are just some ideas that would make a home sellers take a closer look at your offer over the others. Contact Elysian Realty today and speak with one of our fantastic buyer agents! 

Contact Elysian Realty today for your home buying and home selling needs! 

Serving many areas: Green Bay, WI : De Pere, WI : Appleton, WI : Hortonville, WI : Seymour, WI : Suamico, WI : Oconto Falls, WI : Little Chute, WI, New London, WI and More!

 

Cash Still Rules the Real Estate Market in Green Bay, WI and De Pere, WI

Cash is King…or Cash is Queen – however you want to spin it. The home buying market in Green Bay, WI, De Pere, WI, Appleton, WI – really EVERYWHERE across the US has been a strong sellers market. That’s putting it lightly.

Bidding wars are taking place on most homes and the ones that come out on top?? CASH OFFERS. Share of cash deals are approximately 25% of all home sale purchases. I’m taking about vacation home purchases, first time home buyer’s purchases, investment property purchases… 

Now the percentages are fairly different among the different types of home sale purchases..
As of April 2021:
Non-first time home buyers make up 33% of cash offers
Primary Residence Home Buyers make up 15% of cash offers
Vacation Home Buyers make up 61% of cash offers

Those stats are pretty wild. What’s also wild is that 50% of all home buyers that are obtaining a mortgage made a down payment of 20% or more in April 2021. That’s pretty impressive seeing how only a number of years ago putting a super low down payment or no down payment at all was all the rage. 

Wanting to purchase a home, contact Elysian Realty and one of our expert buyer’s agents will help you navigate this seller’s market! Serving many areas: Green Bay, WI : De Pere, WI : Appleton, WI : Hortonville, WI : Seymour, WI : Suamico, WI : Oconto Falls, WI : Little Chute, WI, New London, WI and More!

Home Buyers and Home Sellers: Girl Power Edition

When one thinks of home buying or home selling – couples come to mind. Specially, married couples. That’s not really the case..

Single females are are really trending lately – and have been! Women are now outpacing single men in home purchases nearly 2 to 1 according to the 2021 Home Buyers and Home Sellers Generational Trends  – which is put out by the National Associations of Realtors (NAR). 

This is so great – on so many levels. Yay for women taking a lead. And yay for real estate in general. One really really fantastic thing about owning your own home is that ANYONE CAN DO IT. You don’t have to be married, you don’t have to be a male, and you don’t have to be X (insert whatever stereotype here). 

At Elysian Realty, we’ve worked with MANY single women in home buying and home selling. We’ve worked with single men too. We’ve worked with married couples, soon-to-be married couples, friends purchasing a home together, family purchasing a home together… name it. If you want to own your own home, then DO IT. Talk to one of our real estate agents and see if owning a home is the right move for you! 

Elysian Realty is a local Real estate Brokerage with Expert local Realtors located in Green Bay, WI : De Pere, WI : Pulaski, WI : Oconto Falls, WI : Appleton, WI : Neenah, WI : Oshkosh, WI : and more! 

Appleton, WI Realtor Rachel Farrell at Elysian Realty

Green Bay and Appleton Real Estate Agent and Realtor Rachel PaceHere at Elysian Realty we have wonderful news – Rachel Farrell has joined the firm! We are oh so excited! We had Dylan O’Brien join a few months back and he kicked the door wide open to the Appleton, Neenah, Menasha, and Kaukauna areas. With Rachel joining as well, your real estate needs to the Fox Valley will be expertly handled.

Here’s some more info about Elysian Realty Realtor Rachel Farrell (do you like that alliteration?!):

Rachel is a sales professional with a results-driven attitude focused on the ultimate end goal, client satisfaction. Her vibrant personality coupled with solid interpersonal and communication skills are among the first things noticed about her.

Rachel hails from Ketchum, Idaho where the snow falls while the sun shines. She found home in Appleton, Wisconsin after her husband wooed her to America’s Dairyland. Who can say no to curds? Rachel and her husband recently finished designing and building their home north of the Appleton/Greenville area. Rachel is the daughter of a General Contractor and understands the thought, time and effort put into buying and owning a home. Raised in the era of cell phones AND phone books and having actually used a rotary phone before, Rachel can reach across the aisle to all walks (and ages) of life.

Rachel has a Bachelor of Arts in International Studies from Portland State University in Portland, Oregon. Her likes include black labs, skiing, fly fishing, home design and cooking & eating. Her dislikes involve salesy salespeople, fingernails on chalkboards and Pumpkin Spice Lattes.

Rachel’s commitment to her client’s satisfaction and proactive nature will be immediately evident as you explore both home buying and selling with her!

Looking for a Realtor for buying a home or selling a home in The Appleton WI, Neenah WI, Greenville WI, Kaukauna WI, Menasha WI areas? Real estate agent Rachel Farrell may be just the Realtor for you!