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Wisconsin Housing Market Fast Facts July 2022

  • Existing home sales declined 19.2% July 2021 to July 2022. The inventory problem continued to put strong upward pressure on home prices, as the median price rose 11.3% to $279,000 over that same period. The reason?? It’s a little of everything: not enough homes for sale, rising mortgage rates, and the economy as a whole.
  • A balanced housing market, meaning not a seller’s market and not a buyer’s market – but BALANCED would be 6 months worth of inventory. Last year July 2021 there was 3.2 months supply of inventory. This year July 2022 saw 3 months worth of supply. Not big movement, however, still very much so a seller’s market.
  • Not EVERY price range is so heavily in the seller’s market spot. Homes that are priced $500k and higher are on the more balanced side of the spectrum. 5.6 months worth of supply is what that price range is indicating.
  • Mortgage rates have continued to remain above 5%. This is the 30 year fixed mortgage rate we are talking about. July 2021 the mortgage rate was 2.87%. July 2022 saw 5.41%. Keep in mind, this is on top of the increasing housing prices. All this in turn has priced would-be home buyers out of the market.
  • Has this slowed down the housing market in Green Bay, WI? NO

 

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 : Hortonville, WI: Greenville, WI: Kewaunee, WI, Algoma, WI and more! 

How Many Credit Cards Does it Take for a Low Mortgage Rate?

Fun credit card fact: According to the Guinness World Records, Walter Cavanagh of Santa Clara, California, has largest collection of valid credit cards that is recognized. He has amassed a 1,497 credit cards. While you don’t need THAT MANY, you should ALWAYS have a couple in good standing – but just HOW many?

Simple answer: there isn’t a magic amount.

There are so many different factors that go in play when it comes down it. While the number of credit cards does affect your overall credit score, so does the amounts of debt you have on each card. So does the timing of paying all your credit card bills due their due dates. So does how long you’ve have each credit card open and in good standing.. you see what I’m saying?

With all this being said  TransUnion compiled data from the first quarter of 2017 (yes, that long ago now) and figured out that the average number of credit cards per person was 2.69. It would seem to be that 2-3 credit cards per person are the norm.

Want to know more about your credit score and how it will determine the mortgage rate and loan amount you qualify for when you’re buying a house? Contact Elysian Realty, we work with some really great lenders. Home buying may just be a phone call or two away!

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!

Wisconsin Housing Market Fast Facts June 2022

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

  • Still a major lack of houses for sale! Declining inventories continued to hinder sales while driving home prices higher. Existing home sales fell 11.1% in June 2022 compared to June 2021, and the median home sale price rose to $280k. Remember back in April of this year it was $265k…
  • June is routinely the strongest month for sales in Wisconsin. This isn’t too far off for Brown County WI, Oconto County WI, Outagamie County WI, Calumet County WI, Kewaunee County WI or really most of Northeastern Wisconsin – June is a HOT month. Typically, June accounts for 11.6% of annual home sale closings in a typical year. 
  • Home sales in the first half of 2022 were 6.9% below the pace for the first six months of 2021. This shows how the inventory or homes for sale are not getting any better! Couple that with new listings for sale were down 13.5%, and total listings for Wisconsin were down 14.4% in June compared to June 2021.
  • The average # of days on the market was 60 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.  
  • Affordability was down by significant margins in June due to rising mortgage rates, rapidly appreciating home prices and unchanged median family income in the state over the past 12 months. The 30-year fixed-rate mortgage was 5.52% in June, up from 2.98% a year earlier.

These facts were found on the WRA (Wisconsin Realtor Association) website. 

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! 

How to Protect Your Credit Score and Get a Better Mortgage Rate

Credit scores are a major factor in your financial well-being. By keeping your credit score as high as possible it opens you to a better mortgage rate among other things.
Whether you’re thinking about buying your first home or your next home, use these credit score tactics to keep you and your credit score protected.

1. Keep an eye on all your open accounts:
Between student loans, car loans, mortgages, credit cards, and all the other lines of credit, it’s sometimes hard to remember all of your accounts. Knowing your accounts, and their statuses, is the best way to keep your eye on the prize – a high credit score.

2. Monitor Your Scores:
There are three credit bureaus (Equifax, Experian, and TransUnion). And to keep things simple (no, not really) each have their own scoring system. Lenders will look at all of these when determining your rate/loan amount. Different lenders trust different bureaus, so it’s important to know where you stand with each of them. Several online bans give you access to your score for free, it might be worth it to check with yours! 

3. Pay your credit cards ON TIME:
Very important. If this is something you struggle with, set a reminder to do this. With technology at your fingertips, setting a reminder on your phone is quick and easy. If technology isn’t your friend, post-it notes are great too. 

Want to know more? Better yet, want to see what type of loan and rate you would get – contact Elysian Realty, we work with some really great lenders. 

Elysian Realty is a local Real Estate Brokerage with Expert 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! 

 

New Construction Condos in Brown County, WI

My oh my, I’ve had such an influx with demand for new construction condos in Brown County, WI. More and more home buyers are purchasing a condo to be their summertime or part time home. At least that has been my experience! Growing up in Florida we called these people snow birds, and I believe that’s the term my Green Bay friends use as well. I may not have “bubbler” and “pop” in my vocabulary but I have snow birds!  

Condos make it a breeze to jet out of town for longer periods of time. The fees that are paid in to your HOA cover snow removal and lawn care. Around here the snow removal is a huge draw! Some HOA even have a community center or playground area. Other condo communities offer much more as in golf courses, tennis courts, gyms, trails to walk on… the list goes on. 

One of the main draws for new construction condos is just that – it’s NEW. Literally. You can be worry free about the interior components while you’re miles and miles away. As I write this post, you can find new construction condos in Bellevue, Hobart, Ashwaubenon, Green Bay and Ledgeview

If you think a new construction condo might be the next new home for you, contact one of our expert Realtors to show you what’s available! 

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! 

Wisconsin Housing Market May 2022 Fast Facts

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

  • Home inventories continued to tighten with only 2.6 months of available supply in May. For a stable housing market it would be 6 months of available homes for sale. That means we are still in a strong seller’s market. Where are my potential home sellers at?! This is your sign that it’s a GREAT TIME to sell your home! (And sell with Elysian Realty)
  • The annual inflation rate as measured by the percentage increase in the Consumer Price Index spiked to 8.6% in May. This has been the largest increase since December of 1981.
  •  The 30-year fixed-rate mortgage rate rose from 2.96% in May 2021 to 5.23% in May 2022. 
  • The average # of days on the market was 63 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 are getting multiple offers well above asking price within a matter of DAYS

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

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!