The Reason Wisconsin Homes Are Taking So Long To Sell

Wisconsin homes for sale inventory is increasing, some Wisconsin homes go unsold in the listing contract time. Buyers keep looking and looking and looking. Will your home ever get sold?

The truth is even great homes in Wisconsin are not selling right now in this market… as quickly as they once did. Homes are still selling all over Wisconsin. A lot of homes. The real estate market is different though. The real estate market has changed. It is simple Supply and Demand.PLY & DEMAND.

P – price
Q – quantity of good
S – supply
D – demand

The price of a product is determined by a balance between production at each price (supply) and the desires of those with  at each price (demand). The graph depicts an increase in demand from D1 to D2, along with a consequent increase in price and quantity sold of the product.

The intersection of supply and demand determines equilibrium price and quantity.

So if a real estate agent has not told you yet Mr. and Mrs. Seller, your home is a product. A product where there is surplus right now.

The thing is, there is still a lot of demand. Just not as insane as it was.

Make sure you have a great real estate agent that understands the market, how to market and where to market your Wisconsin home. Plan accordingly and make sure you are in constant communication with your listing agent.

Also Read:

Home Seller: Get an appraisal before listing it for sale

Home Seller: Get An Appraisal On Your Wisconsin Home Before Listing It

This is a tough real estate market for wisconsin home sales. Its not as easy as putting a sign in the yard anymore. The subprime mortgage industry is making it tough for wisconsin home sales also. So, what can you do to make your home stand out from all the homes on the Wisconsin real estate market?

Get a Pre-Appraisal

Hire an appraiser to come tell you the value before listing with a real estate agent. Warning! Warning! Warning! The appraisal price has nothing to do with what your asking price or selling price should be. You and your real estate agent will determine your asking price, and you and the home buyer will determine the selling price.

So what good is a pre-appraisal?

You can use the appraisal price in your marketing. (Ex. Priced $15,000 below appraisal) Using assessment is good, but appraisal is something you can take to the bank. Literally.

Go ahead and leave a copy of that appraisal out on the kitchen table, so that when buyer walks through they can see it and hold it. While you are at it, leave a copy of your pre-inspection report (we’ll talk about that later) out on the table. Let that home buyer know that when they buy your home, they are getting a great value, a sound, safe investment, as well as a sound, safe home.

Searching For A Wisconsin Home For Sale

If you are like most home buyer’s you have started looking for your new Wisconsin home online. You might be moving into the state, you might be moving across the state or you just might be moving across town.

There are many ways to go about searching for a home in Wisconsin and there are many websites. The difficult thing for the Wisconsin Home Buyer is that all the homes aren’t on one website. You have Realtor websites and their MLS’s, you have Real Estate agents and the homes they have listed and of course you have FSBO’s and a FSBO might or might not have their home on a website.

So, how do you start to even start to look for your new Wisconsin home? The internet can give you a good start and help you figure out the location that you would like to be. A local real estate agent will then help you sort through all the homes for sale in that area, even most of the FSBO’s. FSBO’s that list their home for sale on the Wisconsin Listing Network have already agreed to work with a real estate agent and pay commission, so don’t worry about that.

Madison Downtown Condo, Metropolitan-Place II facing forclosure

The real estate market isn’t just tough for home sellers and the sub-prime mortgage market.

The Capital Times reporting that the downtown Madison condo development, Metropolitan Place, or also known at Metro Place is being foreclosed on.

One of the highest-profile condominium projects in downtown Madison is facing a mortgage foreclosure, sending shock waves through the local real estate community and jeopardizing plans for a grocery cooperative to open there.

Metropolitan Place Phase II and developer Cliff Fisher owe some $26 million, according to a foreclosure filing in Dane County Circuit Court. Documents show that Buckingham LLC and Fisher have defaulted on loans from both LaSalle Bank of Milwaukee and Associated Bank of Madison.

“Buckingham is either insolvent or in imminent danger of insolvency and continues to dissipate LaSalle and Associated collateral,” the filing said.

The 164-unit, 13-story building at 333 W. Mifflin St. is open and partly occupied. The multiple listing service shows that 58 units there have been sold.

The downtown Madison condo development Metro Place II started construction in August of 2005, right at the peak of the real estate market. I wonder if karma came back on the developer here. In a press release that can be found on there web-site, www.Metropolitan-Place.com , the developer stated,

Recent news accounts indicate that competitor Randy Alexander’s project, Capitol West, located across the street from Metropolitan Place, is encountering financial problems, delays and a possible redesign.

“I want to assure the public that Metropolitan Place – Phase II is moving forward without any significant problems,” he said.

 

Wisconsin Listing Network, The Place For Wisconsin Homes

Wisconsin Listing Network has launched this blog to be able to communicate with buyers and sellers of homes in Wisconsin.

Wisconsin Listing Network is a bit different then other real estate website search sites. Wisconsin Listing Network is focused only on homes in Wisconsin. And compared to many other real estate website search sites, you might find Wisconsin homes on our site that you can’t find any where else. That’s because Wisconsin Listing Network is an all inclusive real estate listing network for Realtors, Real Estate agents, For Sale by Owners and the buying public, for the state of Wisconsin and the surrounding areas.

We will work with anyone that is trying to sell their home and that makes our site a great place to start your home search at.