Lake Geneva Real Estate Market Update - June 2022
Interested in knowing what the current single family home and townhome Lake Geneva real estate market is doing?
Here is your residential real estate market update in Lake Geneva.
Thinking of buying or selling? Call (708) 480-2011.
Kristine Glockler is a proactive REALTOR licensed in Illinois and Wisconsin. Who you work with makes a difference. What she offers clients is unlike anyone she knows.
Lake Geneva Market Snapshot 2022
Here is the February 2022 Lake Geneva, Wisconsin Real Estate Market Update.
MSI is the monthly supply of inventory, meaning how long it would take to sell all of the homes for sale in Lake Geneva. A lower MSI is beneficial for sellers and a higher (above 6) MSI is beneficial for buyers.
Kristine Glockler is a highly experienced REALTOR in the Lake Geneva area, southeast Wisconsin and Chicagoland. If you're thinking of selling, buying or investing, call Kristine (708) 480-2011.
Kristine offers her seller clients the most extensive marketing she’s seen in the local area! Who you work with makes a difference!
Racine Market Snapshot February 2022
Here is the February 2022 Racine, Wisconsin Real Estate Market Update.
MSI is the monthly supply of inventory, meaning how long it would take to sell all of the homes for sale in Racine. A lower MSI is beneficial for sellers and a higher (above 6) MSI is beneficial for buyers.
Kristine Glockler is a highly experienced REALTOR in Racine, southeast WI and Illinois. If you're thinking of selling, buying or investing, call Kristine (708) 480-2011.
She offers her seller clients the most extensive marketing she’s seen in the local market!
Who you work with makes a difference!
Lake Geneva Winterfest
It was great going to Lake Geneva’s 27 Annual Winterfest to see the ice sculptures that were truly works of art!
Winterfest, a 3-day competition, is the only national snow sculpting Championship in the United States, where 15 state-champion teams create large, impressive snow sculptures.
Here are some photos we took of these great sculptures.
If you’re thinking of buying or selling in the Lake Geneva area, southeastern Wisconsin or the Chicagoland area, let’s chat!
Kristine Glockler, REALTOR, MS, ABR, ACP, AHWD, CNHS, e-PRO, PSA, RCC, RENE
(708) 480-2011 KristineG@CBRealty.com
Instagram: @HomeinChicagoland and @HomeattheLakesWI
Facebook: The Glockler Group
The 2022 Lake Geneva Area Real Estate Market…
no one can predict what is going to happen this early, here are some indicators of what may happen. Friendly reminder: real estate is very local. Even in Lake Geneva and other southern Wisconsin areas in which we work, markets can vary from one another. Markets can vary based on location, price point and property type.
With that said, here’s what I expect & I suggest:
There is not going to be a market crash anytime soon. This is not 2008. Please read this post if you haven’t already. In 2008, among other things, there was an oversupply of homes for sale. Currently, there is still a shortage of homes for sale in our markets.
In our local markets, the MSI (monthly supply of inventory) is increasing. This means, usually, there is a change in buyer demand or home supply. For your specific market, contact Kristine for details.
Speak with a reputable, local mortgage lender if you’re thinking of buying and taking out a mortgage. We have GREAT lender connections – just ask! Rates are going up and it could be advantageous for you to buy sooner than later…higher mortgage rates mean a higher monthly payment.
Buy real estate and wait. Don’t wait and buy real estate. More buyers are also out in the late winter and busy spring, which means increased competition for you. More buyers = more showings = more offers = more competitive offer terms and pricing.
The Realtor.com® 2022 housing forecast anticipates the market will continue slowing down from the frenzy seen in the spring when prices shot up to new heights. However, prices will stay high, inventory will remain tight, and mortgage rates will rise.
Due to lower inventory numbers (supply), it is expected for homes to still sell quickly, generally speaking, with competitive terms and prices.
Realtor.com economists anticipate home prices are expected to increase at a much slower rate of just 2.9% over this year compared with an anticipated 12% rise in 2021
Home prices won’t necessary go down, they just won’t increase as quickly
Realtor.com economists predict the number of homes for sale, which is hovering around record lows, will tick up only 0.3%. That’s partly due to builders having a tough time ramping up construction as they contend with shortages in workers and materials, compounded by the global supply chain backups. (Single-family housing starts, which is when builders start construction, is expected to rise only 5% next year.)
With many working remotely (or in the office not as much), it is expected that second homes and lake homes will still be popular with buyers (in addition to a move to more suburban communities)
More and more people are calling the beautiful Lake Geneva area home - with a majority of people in communities like Geneva National being originally from out-of-state.
If you’re looking to buy or sell in the Lake Geneva area, southern Wisconsin or the Chicago suburbs, let’s chat! Kristine Glockler, Coldwell Banker Realty, (708)480-2011
Kristine Glockler is licensed in Wisconsin and Illinois.
Mortgage Rates are Still Low
(Via KCM)
The average 30-year fixed mortgage rate has climbed above 3%…but they are still low. The lower mortgage rates, with the likelihood of increasing, are why many buyers are currently looking to purchase a home.
For those experienced Agents and homeowners like myself, 3% is still historically low. Decades ago, there were actually rates as high as 17% & 18%, which helps put just how low current mortgage rates are in perspective.
Mortgage rates affect what your monthly payment could be - if you are taking out a mortgage. As such, your buying power increases when rates are lower. Buyers now, with lower rates, are able to afford more, essentially.
The graph below shows today’s rate in comparison to average rates over the last five years:
If you’re thinking of selling, or buying, in the Lake Geneva or southern Wisconsin areas…or the Chicagoland/Northern Illinois region, I’d be glad to help. Call (708) 480-2011 or email KristineG@CBRealty.com and let’s have a conversations about the local market!
Kristine Glockler REALTOR®
Selling a Home in the Current Market
This year and last year in real estate have been unlike anything we, and fellow highly experienced Agents, have seen. It really was an opportune time for home sellers due to:
The combination of buyer’s home needs changing with the pandemic as more people work from home…more buyers looking for more indoor and outdoor space
The increase of buyers moving to the suburbs from cities or smaller towns
The increase of buyers wanting vacation homes, lake homes, golf community homes, summer homes or second homes
Historically low mortgage rates – and buyers wanting to take advantage of more buying power
Home values increasing as a result of a high demand for properties with low property inventory
Many sellers on the fence about selling chose to list (or are choosing to list) his/her/their home to capitalize on the higher prices seen in many markets.
It can be inevitable, in some markets and property types but not all, to receive multiple offers. A multiple offer situation is where there is more than one offer. Two offers: multiple offers; ten offers: multiple offers. Multiple offers *usually* bring prices up also. Then, in the local/immediate community, there could be a positive domino effect of sorts. A home receives multiple offers, it sells for more than list price (if the home appraises out). Then, that property is the most recent comparable and a neighbor then lists his/her/their home at that price or even a little higher….and that home maybe gets multiple offers as well causing the prices to inch upward.
For many sellers, it may be all about what the seller nets on the sale. For other sellers, other offer terms may be important. With that said, an offer with the best terms may not always be the highest price so it is possible that a property sells for less than list price. Like mentioned previously, a home also has to appraise.
For sellers looking to have the advantage, in this very strong seller’s market, it could be a fantastic time for you to sell.
Generally speaking, due to the seasonality of the market, there may be fewer buyers out looking than a few months ago, but it is still a good time to sell. No one can predict the future to know if the market will move from more of a seller’s market to that of a neutral market.
If you’re thinking of selling or buying, contact Kristine Glockler, here.
She is licensed in Wisconsin and Illinois. With her local expertise and national connections, Kristine Glockler can connect you with a great Agent throughout the country! Real estate is very local, she can let you know what is happening in your specific Lake Geneva, Williams Bay, Fontana or southeastern Wisconsin market.
Homebuying Myths
Thinking of buying real estate or currently in the process? Check out these most common real estate myths when buying a home.
Myth: A great offer is all about high price
Yes and no. For some sellers, it may be all about what the seller nets on the sale. Some sellers may be looking for something else. If you’re buying a home and taking out a mortgage, keep in mind that unless your appraisal is waived, the home still has to appraise for at least purchase price. Many sellers know this and often times the highest offer (with no other competitive terms) may not always be the best offer. It is important to work with a highly experienced Agent who helps buyers and sellers in your local market and knows what it usually takes to win a multiple offer situation.
Myth: I’m a non-contingent buyer, I have a better chance of getting the home
Some buyers will say, “I’m a non-contingent buyer.” What the buyer really means is that he/she/they is/are not contingent on a home to close or sell before purchasing. It is important to note that there are almost always contingencies on a contract and a purchase. For a cash buyer, the contract still may be subject to Attorney review and home inspection (Illinois is a Real Estate Attorney state). For a buyer taking out a mortgage, the contract is still subject to Attorney review and home inspection in addition to being contingent on financing an an appraisal, in most cases. The majority of buyers in the local market (however, it depends on each specific market, property type, price, etc.) are not contingent on a home to close or sell first.
Myth: It is so competitive, buying a home now isn’t a good idea
Mortgage rates are low. Low mortgage rates create a great opportunity for prospective home buyers looking to have more buying power. The lower the rate, the more buyers can usually afford. There were mortgage rates as high as 18% – 21%…compare that to what they are now…rates are historically low.
Myth: I can view a home, get a pre-approval or proof of funds later later
That is incorrect – as a buyer it is imperative you have a current (within the last 30 days) loan pre-approval letter from a local, reputable lender if you’re taking out a mortgage. You will need a current proof of funds letter if you’re a cash buyer. Both need to be for at least the purchase price on your offer – many sellers want to see the letters be even higher than purchase price. Not only do sellers expect buyers to be pre-approved or have that proof of funds letter, it is not uncommon for sellers to want to see the letter before confirming a showing.
If you’re looking to buy or sell in the Lake Geneva, Fontana, Williams Bay area or the Chicago suburbs, contact Kristine Glockler, The Glockler Group. Additionally, she has a vast network and can help connect you to a professional Real Estate Agent throughout the United States.
Kristine Glockler, REALTOR, RENE, ABR, e-PRO, PSA, ACP, CNHS, RCC
Lake Geneva, Williams Bay, Fontana and suburban Chicago Real Estate, Coldwell Banker Realty
Why The Fall Season May Benefit Homebuyers
In markets where real estate can have some seasonality to it, like that of southern Wisconsin and the Chicago suburbs, early fall could make it a good time to buy a home.
Historically, the busiest home selling and buying months in the local Lake Geneva, Walworth County area market is from March through the end of August. That is when most sellers decide to list homes and when the majority of buyers are out looking. Of course, people move throughout the year for different reasons, but the midwest market is not usually more year-around like popular markets in the south and the west.
According to Realtor.com, “the best time to buy a home is the first week of October.”
Starting with the beginning of the pandemic, and continuing well into 2021, many buyers in the local market (and many markets throughout the country) were in multiple offer situations since the demand for homes far outweighed the home inventory supply.
The local real estate market is starting to look like it did before the pandemic and there are signs (monthly supply of inventory, for one) that more homes are being listed while there isn’t a surge of many homebuyers looking to buy like there was even a few months ago.
So why is the “best time” to buy a home the first week of October?
According to Realtor.com, this week historically has shown the best balance of market conditions that favor buyers. Inventory tends to be high(er), prices are below peak levels, demand is waning, and pace of the market slows to a more manageable speed…usually.
Additionally, the local market is also driven by school schedules and vacations. Many buyers with a child/children relocating to a different area (or school district) want to have a have the child registered in time. Then are later busy with school activities, sporting events, etc. Additionally, in a “normal” year, more home sellers and buyers are back from vacations, back at work, etc.
Real Estate is local and depends on the specific market, property type and price range. There is no one size fits all approach. Some properties may still be getting numerous offers in, creating a multiple offer situation, and for some, it may create an opportunity for more negotiation than there was just a few months ago.
If you have questions about buying or selling and would like to know what your specific market looks like, contact Kristine Glockler. (708) 480-2011 or via this contact link.
Buying a Home: Multiple Offers
With inventory lower in southeast Wisconsin, as a homebuyer, you will want to be prepared if there is a multiple offer situation on a property you’re writing on. These are some helpful tips to increase your chances of winning a multiple offer situation. Who you work with makes a difference.
Step 1:
Work with a highly experience, local Real Estate Professional who has represents buyers and sellers in the area in which you’re looking. It is imperative to work with an Agent who knows how to craft a winning offer – and explains the options available to you as a buyer. One seller may be all about the amount the seller nets, another seller maybe not and it is important not to assume. We have a won a lot of multiple offer situations for our clients – and not all were the highest price. Your Agent needs to be in the local market with the knowledge to best help you.
Step 2:
Be realistic, look at the big picture and make an informed decision. Rates are low, prices went up…but for buyers taking out a mortgage, the payment may still be lower than years prior with higher interest rates. Realize that the same house, if listed months from now, may be for sale for even more. Multiple offer situations usually lead to prices going up, setting a new precedent for values in that area. Of course, this depends on property type, price point and each particular market. Homes, for the most part, are selling quickly. As a homebuyer, you do not want to rush into making an offer; however, if you like a property, it is important to get an offer in as soon as possible. There is information, etc. your Agent should have – working in your best interest.
Step 3:
In addition to working with a very experienced, very knowledgeable, highly reputable and proactive Agent (hint, hint call Kristine Glockler), if you plan on taking out a mortgage, you will want to work with a highly reputable, local and experienced lender…especially for your loan type. Many sellers in the local market want to see pre-approval letters versus pre-qualification letters from a local, reputable lender that looks at all of the pertinent information before issuing a loan pre-approval letter. Also, a pre-approval letter has to be current (within the last 30 days), submitted with an offer, showing at least purchase price. If you’re a cash buyer, you will need a current proof of funds letter, also within the last 30 days showing that you have, at least, the purchase price amount ready and available. For more information about this, contact Kristine Glockler. (708) 480-2011.
Step 4:
With the help of your Agent, craft an offer that will increase your chances of winning a multiple offer situation by keeping in mind what’s important to the seller and what the lender needs as well. Think an offer with a quick close will “win” the multiple offer situation? Can your lender close that quickly (ask)? What if the seller can’t close for 60 days and doesn’t want a quick close? Don’t assume. The importance of working with an Agent with local market expertise is so importance, it bears repeating.
Being in real estate as long as we have, we have seen a lot. Offers not being correctly filled out on our listings, pre-approval letters or proof of funds letters not showing at least purchase price, someone asking how to write a winning offer on our listing because he didn’t know, someone not knowing what “terms” are in a contract and thinking highest price always wins and so much more.
If you’re looking for a highly experienced Agent in Lake Geneva, Fontana, Williams Bay, Geneva National or southeast Wisconsin in general who proactively works for you, has your best interest in mind and treats transactions like her own, call Kristine Glockler (708) 480-2011.
Kristine is licensed in Wisconsin and Illinois. There is so much that goes into increasing your chances of winning a multiple offer situation – and our clients have all the details to allow them to best stand out in multiple offers.
Lake Geneva Area Single Family Home Inventory is Rising
Lake Geneva area markets are changing as there is more single family home inventory entering the market - making it a good time for buyers who may have waited to buy due to a lack of inventory (or the market being too competitive).
In Linn, Wisconsin, inventory numbers are approaching what they were last August and September. Currently, there are 29 single family homes for sale in Linn, the highest seen in almost a year.
Linn, Wisconsin Single Family Home Inventory
In Lake Geneva, with 49 single family homes for sale, July’s inventory of single family homes for sale is at the same inventory level it was in June 2020. The MSI (monthly supply of inventory, the time it would take to sell all of the single family homes for sale in Lake Geneva) is over 7, which indicates a buyer’s market.
If you’re looking to sell, or buy, in southeastern Wisconsin, let’s chat. Real Estate is hyper-local. Kristine Glockler can go over the specific market where you are looking to sell or buy.
Lake Geneva, Wisconsin Single Family Home Inventory
In Fontana, Wisconsin, there is also an increase of single family homes for sale. The inventory of single family homes for sale in Fontana in July 2021 was 19, a level that wasn’t seen since August 2020, per the MLS data.
Generally speaking though, for all of the communities around Geneva Lake, the current inventory does still not come close to what it was summer of 2019 and other years.
Fontana, Wisconsin Single Family Home Inventory
Fontana Real Estate Market Update - July 2021
Here is the residential real estate market for Fontana, Wisconsin single family homes. The monthly supply of inventory is 3.8. The monthly supply of inventory (MSI) is the time it would take to sell all of inventory for sale. The MSI of 3.8 for single family homes in Fontana indicates more of a seller’s market. Over 6 = more of a buyer’s market. 6 = a neutral market. Under 6 = more of a seller’s market.
Of course, real estate is local and can vary depending on a specific community, property type and price point. However, generally speaking, this could indicate it may be a good time to be a single family home seller in Fontana.
Here is the residential real estate market for Fontana, Wisconsin townhomes and condos. Conversely, this MSI is 6.3 indicating more of a buyer’s market for these property types.
If you’re thinking of selling, or buying, in Fontana, the Lake Geneva area, or southeastern Wisconsin, call Kristine Glockler, The Glockler Group, today. The Glockler Group has over 40 years of real estate expertise. Kristine Glockler is a licensed REALTOR® in Wisconsin and Illinois.
She is a Real Estate Negotiation Expert (RENE), a Pricing Strategy Advisor (PSA), an e-PRO (the National Association of REALTORS®' advanced digital marketing techniques certification), an ABR (Accredited Buyers Representative), an Accredited Commercial Practitioner (ACP) and holds the Certified New Home Specialist designation, the Coldwell Banker Coldwell Banker Global Luxury Property Specialist designation, in addition to being Residential Construction Certified. She doesn't settle for the status quo and doesn't stop advancing her knowledge to best help her clients.
Kristine Glockler can be reached at (708) 480-2011 or KristineG@CBRealty.com
#HomeatthelakesWi
Lake Geneva Real Estate Market Update - July 2021
Here is the residential real estate market for Lake Geneva, Wisconsin single family homes. The monthly supply of inventory is 7.3. The monthly supply of inventory (MSI) is the time it would take to sell all of inventory for sale. The MSI of 7.3 for single family homes in Lake Geneva indicates more of a buyer’s market. Over 6 = more of a buyer’s market. 6 = a neutral market. Under 6 = more of a seller’s market.
Of course, real estate is local and can vary depending on a specific community, property type and price point. However, generally speaking, this could indicate it may be a good time to be a single family home buyer in Lake Geneva.
Here is the residential real estate market for Lake Geneva, Wisconsin townhomes and condos. Conversely, this MSI is 3.1 indicating more of a seller’s market for these property types.
If you’re thinking of selling, or buying, in the Lake Geneva area, or southeastern Wisconsin, call Kristine Glockler, The Glockler Group, today. The Glockler Group has over 40 years of real estate expertise. Kristine Glockler is a licensed REALTOR® in Wisconsin and Illinois.
She is a Real Estate Negotiation Expert (RENE), a Pricing Strategy Advisor (PSA), an e-PRO (the National Association of REALTORS®' advanced digital marketing techniques certification), an ABR (Accredited Buyers Representative), an Accredited Commercial Practitioner (ACP) and holds the Certified New Home Specialist designation, the Coldwell Banker Coldwell Banker Global Luxury Property Specialist designation, in addition to being Residential Construction Certified. She doesn't settle for the status quo and doesn't stop advancing her knowledge to best help her clients.
Kristine Glockler can be reached at (708) 480-2011 or KristineG@CBRealty.com
#HomeatthelakesWi
Poppies By The Lake
“Lake Geneva American Legion Auxiliary Post 24 donated this 8-foot poppy sculpture to the City of Lake Geneva. It was constructed by local artist John Larkin, who donated his time for the project, which he called an honor.” - Lake Geneva Regional News
Ducks. Lake. Beautiful Weather.
Kristine Glockler is a licensed REALTOR, with Coldwell Banker, in Wisconsin, specializing in the Lake Geneva area, and Illinois who enjoys capturing scenic photos around town. You can view her real estate website, here.
Coffee Around Lake Geneva
But first, coffee.
In this busy real estate market, working long hours…hello, coffee! There are so many great coffee shops in southern and south-central Wisconsin. Inspired in downtown Lake Geneva and Coffee Mill in Fontana are two of my go-to coffee shops for my current drink of choice: iced oat milk latte.
Inspired is located at 883 W Main St, Lake Geneva, WI 53147 (north side of Main St., just east of Cook St.)
Coffee Mill is located at 441 Mill Street
Fontana, WI 53125 (not too far from The Abbey Resort).
Lake Geneva Real Estate Market Update, March 2021
With the monthly supply of home inventory (MSI also known as absorption rate) being only 2.8, it is still a seller’s market!
What does that mean?
- it would take 2.8 months to sell all of the single family homes in #LakeGeneva currently on the market
- there are more buyers than there is home inventory
- in March 2020, the MSI was 5.6 in Lake Geneva (6 is a neutral market)
- the number of active listings decreased from 57 in March 2020
- the number of new listings decreased from 18 in March 2020
- the number of sold listings increased from 8 in March 2020.
Licensed in Wisconsin and Illinois, The Glockler Group can help you find a second home, vacation home, lake home in the #LakeGenevaArea or relocate to southern Wisconsin. ⚓️
📧 KristineG@CBRealty.com