Wausau Wi Market update & rate information

Real Estate

Just the other day I was talking with my friends of whom have connections within local industries or have family members that work locally, as I was trying to discover WHY!  Why with the interest rates so low is no one taking the opportunities that currently exist on homes for sale?  Why are Sellers hesitant to try to sell their homes right now? Why does everyone say the real estate market is gloom and doom?  I figured since it perplexes me that I should find some answers and let you know what I’ve found out.

 

You may be curious as to what I mean about the low rates, so I’ll start with that.  The Euro is very low right now which does help reflect on our market and since last Monday they have been talking about lowering the interest rates to about 4.5%!  Not that rates of 6% or below is even considered to be a bad rate but 4.5% blew me out of the water.  When I started in Real Estate over 8 years ago 8% on up was standard (and that was good compared to a couple years prior to that!).

 

There are several homes on the market right now that are way below appraised value and are below what people had paid for them only a year ago.  1904 Jonquil Lane is an example of this (click here to preview this home).  However our local market has not been hit as other areas of the country have; we do not have a high foreclosure rate compared to even other areas of Wisconsin.  Yes, foreclosures do exist but not in the numbers that everyone thinks.  I want to stress this point because I have been contacted by many people about getting foreclosure deals only to their discovery that the “deals” aren’t even that great.  The bank still desires to get their money back out of the property or Buyers discover that the house has been “trashed” and needs more repairs than they want to handle, thus the reduced dollar value for the property.

 

So getting back to “Why aren’t people buying then?”.  What I’ve discovered is the fact that because economies are local, ours is finally seeing some after effects of layoffs occurring and some doors closing.  Now the closings of a few retailers have been coming long before the “recession” (I use that term loosely) due to their expectations coming into our market or other competition beating them out.  I do have information from my sources about layoffs and some seem pretty extensive, of course neither I nor anyone else can verify the length of such things.

 

This does affect whether people buy homes though; if you are worried that you may not have a job in 6 months then you don’t want to put yourself in the position of buying a new home.  I get it!  Yet if I were renting wouldn’t I be stuck in my rent and get in trouble if I didn’t pay?  Sure I would, and yet rent rates have not gone down that I have ever seen; in fact I’m curious as to how much they’ve gone up in this last year.  So if you rented wouldn’t this be a great time to consider buying?  You could have equity in something, get an incredible rate and have the opportunity to buy homes that in the past might have been out of your price range.  Hmmm quite the thought!  

 

I guess when all is said and done; I do not believe that any market is bad.  Oh!  Those Sellers who want to wait until spring to sell; I understand that as well, but with the rates lowering there may be more people who can afford your home now more than ever in the past!  I have also learned that negativity breeds negativity, so if we are ALL saying how bad things are, then it will get bad.  Can’t we just pause a moment and think about how this time, this job, this market can create different opportunities?  I hope we can and I put the challenge to you, I know I will!

 

May peace and joy fill you all this holiday season and all year long as our lives are journeys to explore!

 

Nanette Plano

Team Tappe Consultant

Keller Williams Integrity Realty

nanetteplano@kw.com

A Heartfelt Thank you for Supporting Haylee!

Haylee Koskey

We would like to thank everyone who came out in support of our latest fundraising events for Haylee Koskey.  The fundraiser benefited Haylee and her family.  Haylee who is 3 years old was born with Down’s Syndrome and was recently diagnosed with Leukemia.  We were overjoyed to have Haylee attend our fundraiser and are extremely grateful to the community for your support. 

If you were unable to attend our event but would still like to help Haylee and her family you can always contact us at homes@teamtappe.com.  Please continue to view our blog for upcoming events that support our community!

Thanks again!

Team Tappe & Keller Williams Integrity Realty –

Market Watch by Team Tappe

The Greater Wausau Area Real Estate market has continued to heat up since it’s low point in late March.  The trend upward has been gradual but steady.  As of July the market has posted a 21% improvement in units sold but is still off 33% from a year ago.  The average home sale price is still off by 5% year to date and as of this report was $141,838.

Reports around the country are beginning to look more optimistic but still have a considerable way to go before they’re out of the woods.

With the market trending upward, this is a great time to be in the market for a new home!

Thank you and make it a Great Day!

Sean Osborn – President Team Tappe

Keller Williams Cares Fundraiser for Jeff Carlson

It is time for another great Keller Williams Cares Event!  We are raising money for the  local family of Jeff Carlson who suffers from Progressive Multiple Sclerosis.  Keller Williams Agents will be pumping gas for tips and selling lunch at the R-Store located at 103 N. 6th Street in Wausau, WI across from the Courthouse downtown, from 10 am to 2 pm on Friday, May 2, 2008.  Please come by and support Jeff Carlson and this wonderful KW Cares Event!

For additional information please contact 715-849-5300.

 -Team Tappe

Market Watch by Team Tappe

After an early year slump in which the Greater Wausau Real Estate Market was down 54% from last year, the market posted a 15% gain in the last 3 weeks.  We are beginning to see more Buyers come out to open houses and activity has been more robust.

The average home sale price as of April 25, 2008 was $132,227; down 9% from a year ago.  A majority of the sales were in the $120,000 to $160,000 price range.

With interest rates still near historic lows it is a great time to be in the market for a new home.

For quick and easy loan pre-approvals call us at 715-849-1690 or email us at Homes@TeamTappe.com. 

Thank you!

– Sean Osborn President Team Tappe

www.TeamTappe.com

“Is the Perfect Storm Brewing?”

There are concerns that the “Perfect Storm” is brewing in the U.S. Economy.  The “Perfect Storm” referring to stagflation; this rare phenomenon occurs when we see a stagnant or declining economy, yet prices continue to rise at accelerated rates.  When these two factors come together it can have crippling effects on consumers pocket books.

Fed Chairman Bernanke indicated that the Fed is prepared to cut interest rates again to head off a recession.  Unfortunately, lower interest rates which provide fuel for the economy also have a tendency to create upward pressure on prices.  Bernanke clearly understands the need to create money supply to help a slumping economy, but also the need to not over extend credit which can further complicate an already difficult situation.

The continued decline in interest rates create a great opportunity for home-buyers and sellers in our market.  Home prices have remained virtually unaffected in our area and lower interest rates will increase buying power and more house for the money!

The current rates as of February 29, 2008:

30 Yr Fixed        5.875%
15 Yr Fixed        5.25%
3 Yr ARM           4.5%

Thank you for taking the time to read our blog; comments are always appreciated.  You can also visit our website, www.TeamTappe.com for updated homes available.

-Sean Osborn- President Team Tappe
 

It’s a Great Time to Buy Real Estate

Once again mortgage rates are hitting near historical lows and those in the market to buy real estate are reaping the benefits.  These rates were posted by Associated Bank on 1/14/08:

30 year fixed      5.625%

20 year fixed      5.625%

15 year fixed      5.125%

3 year Arm          4.69%

5 year ARM         5.09%

7 year ARM         5.35%

(Based on $100,000 minimum loan, credit score of 680 or higher, other variables may apply)

With the cost of money continuing to decline this is the perfect time for buyers to enjoy real purchasing power and get into the house they’ve been dreaming about.  If you are looking to buy a home, contact us now before rates go up!

-Team Tappe

Email us: homes@teamtappe.com or visit our website www.TeamTappe.com

Call us: 715-849-1690

Market Watch by Team Tappe

The Real Estate Market rallied in December to help finish the year with a modest 4% decline in the number of homes sold.  The rally was spurred by the continued decline of long term mortgage interest rates and a strong local economy.  The average and median home sale price remained at levels consistent with 2006 and finished the year at $147,501, and $130,000 respectively.  Active inventory, the number of homes for sale, was also down 16% for the year.  The statistics are a very positive sign for our local real estate market and we continue to outperform many areas of the Midwest and the country.

2008 is shaping up to be another great year to buy and sell real estate!

-Sean Osborn

Team Tappe President

Home Improvements a Good Idea or Not?

As Realtors we often get asked, “How can I improve the value of my home?”  Unfortunately there is no easy answer to that question.  It is always imperative that a qualified Realtor do a thorough walk through of your home and do a comparative market analysis before recommending costly improvements.  Sometimes increasing your value may be as simple as new paint and staging your home to give it the best appeal.  According to Realtor Magazine published by the National Association of Realtors a home that is “staged well” and are in good condition sell faster and for approximately $2,000 more than homes that are not!

Before spending any of your hard earned money on unnecessary improvements, make sure you do your homework.  Take a look at these 4 resources to help you in the process and  be sure to call your Realtor first!

5 Recession Proof Remodeling Projects

10 Tips on Staging Your Home

Stage this Room!

Do It Yourself Staging

-Team Tappe-

Market Watch

As Winter settles in and we continue to dig out from the first major snowfall, the Real Estate Market still proves to be more challenging than this time last year.  To keep things in prospective we need to remember that 2006 was another record breaking year in real estate sales! 

The number of residential home/units sold has declined 10% year to date to finish the month of November at 1480 units.  We have also seen the average home sales price fall 1% from a year ago to $147,007.  Even with some modest declines the Greater Wausau Real Estate market has stayed fundamentally stable, and outperforms many other areas in the Midwest.

It is important to remember that in a challenging market high visibility via a proven comprehensive marketing plan and effective pricing are the key to your success. 

Go to TeamTappe.com to see how we can give you a distinct advantage in getting your home sold!

-Sean Osborn

President Team Tappe