Housing trends all over the country are on the rise now that the economy is finally recovering from the recession. In many places, prices are back to where they were at before the recession hit, or higher, which is great for homeowners looking to sell. Housing prices and available properties tend to spike at the end of summer, which is why it’s a great time now for buyers to start their search for a permanent home or vacation home.
Western Wisconsin real estate is seeing a slight dip right now in housing prices, but they are still much higher than what they were a year ago. Homeowners looking to move are eager to sell, and buyers are searching for a great deal before the summer hits. Real estate in Minnesota has also seen growth. Over the past 12 months, home values have appreciated nearly 7%. Despite high prices, buyers in Minnesota were bidding on locations all summer long. Homeowners who couldn’t find a buyer over the summer are likely to have reduced the listing price to attract a new wave of interest. Others could be waiting for the summer again to list, but buyers may still find a good deal on the perfect home at the end of winter.
Vacation Homes on the Rise
Another housing trend on the rise is the purchasing of vacation homes. These elective purchases were put on hold for many during the recession, but are becoming popular once more. Many vacation home buyers are looking to purchase a property before the summer to make full use of it during the warmer months. Although fall tends to be a hot time for vacation home sales, homeowners who couldn’t find a buyer then may be willing to negotiate price now that it’s spring. While home prices in general are increasing, vacation homes in more remote areas are seeing a slower rise. Vacation homes closer to a city, but still have an appeal such as water front property, will see the most dramatic increases in price. Realtors in Eau Claire have noted their riverfront properties are some of the most popular right now.
Vacation home sales are up in the obvious regions of Florida, California, and Arizona, but Wisconsin is also seeing a dramatic increase near the lakes as well. Now that Baby Boomers are retiring in droves, more second home and retirement home sales are expected to keep trending upward. This is good news for the country as a whole, but especially for those looking to buy, sell, or rent a vacation property in these areas attractive to retirees.
Company Name: Elite Realty Group
Phone: (715) 830-1011
Address:4410 Golf Terrace Suite 125
City: Eau Claire
State: WI 54701
Country: United States