Real Estate Market

Redman Realty Group Market Trends Newsletter

Local Housing Market Report

Note: September data below is the most recent available from the National Association of Realtors®.

 

Data from the National Association of Realtors® (NAR) shows that -- following three consecutive months of dips -- sales of existing homes rose slightly in September, but continuing inventory shortages and recent hurricanes put a damper on activity, causing sales to retreat on an annual basis.

 

Total existing-home sales (transactions for single-family homes, townhomes, condominiums and co-ops) climbed 0.7% to a seasonally adjusted annual rate of 5.39 million in September from August's 5.35 million. Last month's sales pace is 1.5% slower than a year ago.


Existing Home Sales By Region

NAR's chief economist, Lawrence Yun, said closings registered a small gain in September, but fell on an annual basis for the first time in over a year. “Home sales in recent months remain at their lowest level of the year and are unable to break through, despite considerable buyer interest in most parts of the country,” Yun said. He added, “Realtors® this fall continue to say the primary impediments stifling sales growth are the same as they have been all year: not enough listings – especially at the lower end of the market – and fast-rising prices that are straining the budgets of prospective buyers.”

 

Housing Data Takeaways

  • September's median price for existing homes (all housing types) was $245,100, up 4.2% over September 2016 ($235,200). September's price rise marks the 67th consecutive month of year-over-year gains.

  • U.S. total housing inventory at the end of September grew 1.6% to 1.90 million existing homes available for sale, but remains 6.4% lower than 2016 (2.03 million) and has dropped year-over-year for 28 straight months. Unsold inventory sits at a 4.2-month supply at the current sales pace, a dip from 4.5 months in 2016.

  • Nationally, first-time buyers drove 29 percent of sales in September, down from 31% in August, and 34% a year ago. NAR data shows that 2016's annual share of first-time buyers was 35 percent.

  • According to Freddie Mac, the average commitment rate for a 30-year, conventional, fixed-rate mortgage dipped to 3.81% in September from 3.88% in August and is the lowest since November 2016 (3.77%). The average commitment rate for all of 2016 was 3.65%.


 

Getting Your Home Ready to Sell

When preparing your home for sale, a number of simple cosmetic changes often provide the biggest return on investment. Here are three tips to upgrade your house without breaking the bank:

 

  • Bring in the light. The right light creates the right mood. Adding lights to dark rooms can make your home feel warm and inviting. Bring outdoor light inside by opening curtains and installing economical sun tubes.

  • Create Space. Many of today's buyers are looking for open rooms. Consider removing unwanted walls to make your home feel more spacious. Buyers will often pay a premium to get a bit of extra room.

  • Replace Flooring. Get rid of that old carpet in the den and replace it with today's newer hardwoods and laminates. You don't have to spend a lot to make a big impression!

These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!


 

Easy Ways to Winterize Your Northern Wisconsin Home!

The first snowfall has happened in Northern Wisconsin! That means winter is just around the corner! Get your Northern Wisconsin area home ready for the season! Keep your family warm and cozy all winter long and save on energy costs by following these simple tips to winterize your home!

 

  • Change Furnace Filters | During heating season, clean or replace your furnace filter once a month. Dirty filters increase energy demand by reducing airflow. Switch to a permanent filter to cut back on waste and time. Install a genuine HEPA filter that removes at least 99.97% of airborne particles, which cause irritation and illness.

  • Give Your Heating System a Tune-Up | Save up to 5% on heating costs by keeping your furnace adjusted, clean, and lubricated. Have a qualified technician check your system now before they get even busier as the season progresses.

  • Upgrade to an Efficient Furnace | If your home has an old furnace, upgrade to an Energy Star-certified furnace. This can save you 50% on heating costs and improve your home's value. Be sure to take advantage of federal tax credits for new furnaces.

  • Mind That Thermostat | Be sure to turn down the heat every time you leave the house. Make this process easy and convenient by installing a programmable thermostat.

  • Run Fans in Reverse | Modern ceiling fans can reverse the direction of the blades in order to circulate warm air through the house. By running clockwise, the fan pushes air pooled near the ceiling back down into the living space. This can cut your heating costs up to 10%.

  • Put Up Some Plastic | Head to your local hardware store for a a window insulation kit. This helps add an additional buffer against cold air. You can help hold in even more heat by hiring a professional to install a high-tech "low-e" film to the window glass.

  • Dodge the Draft(s) | Drafts in your home can waste 5 to 30% of your home's energy use, according to the US Department of Energy. Add draft snakes under doors. Use caulking and weatherstripping around doors and windows. Check around particularly drafty areas, such as along the foundation, corners, around pipes and wires, and around the chimney.

  • Install Storm Doors and Windows | To really reduce drafts, installing a storm doors and windows. Look for Energy Star-certified models.

  • Winterize Your A/C and Water Lines | Remove water from all hoses and pipes. Turn off exterior water spigots as well as the water shutoff valve on your A/C. Make sure to seal any water leaks around your home.

  • Insulate Your Pipes | Reduce your hot water costs by insulating the pipes. See which pipes are warm to the touch and fasten pre-slit pipe foam around them. Insulating your pipes also reduces the risk of them freezing, which can lead to costly damage if they burst.

  • Turn Down Your Water Heater | Hot showers are great in the winter but many water heaters are set to a higher temperature than is necessary. Reduce your water heating costs by lowering the temperature to 120 degrees Fahrenheit or lower.

  • Boost Insulation | Help heat stay in your house by adding more insulation between walls, on the attic floor, and the basement ceiling.

  • Seal Those Ducts | Your duct system can also cause hot air to escape. Since the ducts are located deeper inside your home, you will need to hire a professional to test the system and fix any problems they find.

  • Use an Energy Monitor | Find out where and how your home uses energy by installing an energy monitor. This will measure your home's electrical usage in real time and help you discover areas where you can save!

 

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Contact Information

Redman Realty Group
231 Oneida St.
Minocqua WI 54548
715-358-0450