Julie Sells Dreams in Wisconsin's beautiful Northwood's: Market Predictions for 2013 in the Northern Wisconsin counties of Oneida and Vilas!

Northern Wisconsin real estate information for Buyers and Sellers looking to make their dreams come true!!

Market Predictions for 2013 in the Northern Wisconsin counties of Oneida and Vilas!

First I believe that 2013 real estate market in the Norhtern WI counties of Vilas and Oneida and/or the surrounding Eagle River WI  area are going to be better than 2012; which ended up exceeding most people’s expectations, for the below reasons:

·        Interest Rates will remain lowJ

·        Inventory will remain low too on average local MLS ( multiple Listing Services ) are down about 22% and there is a 48 month supply of homes out there

·        Home prices may see some gains – minimal – but gains. Corporate is estimating 2-3%

·        Home Equity Lines of credit will be back

·        There will be LESS distressed home sales – which is great for Sellers!

·        The Ability to Pay Rule will take in effect in 2013: http://www.realestate.com/advice/feds-pass-ability-to-pay-mortgage-rule-62935/

·        Live In’s have been a big part of the market and since they have been inactive for the last 3 years there is a “pent up” amount of Buyers here that may want to finally move out on their own.  It is estimated approximately 26 million people have been waiting to purchase or saving.

·        New Household formations had decreased to about 500k last year and generally there are about 1.4 million/year so we are hoping to see an increase in this market segment as well.

·        New construction is coming back and new home sales were up 15% in 2012. Also, building permits are up!

·        The Mortgage Interest Deduction was not really affected by the “fiscal cliff”

·        Consumer confidence is rising

·        Finally, the one market the experts do see still suffering a bit will be the luxury market… so we need to treat every buyer in this segment like gold…

I hope this gives you some idea of what we see coming in the Northern Wi counties of Vilas and Oneida! As always call me with any questions and I look forward to helping you MOVE this year!

 

Thank you so much for your time and your business. and for LISTENING!

 Happy House Hunting!!!

 Julie  Winter-Paez Broker/Owner, CRS, GRI

ReMax Property Pro's, LLC

602 Michigan St. PO Box 1058

Eagle River WI 54521

 

Comment balloon 1 commentJulie Winter-Paez • February 06 2013 07:13PM

Comments

Lots of great reason for a better year. Hope it turns out that way. The market seems to be better here also. Have a terrific 2013. 

Posted by Bill Reddington, Destin Florida Real Estate (Re/max Southern Realty) almost 7 years ago

Participate