When I'm asked by someone what I do for a living, I tell them I'm a Realtor in Green Bay, Wisconsin. The first question
they ask me is "How bad is the real estate market in Green Bay?" My response is that the real estate market isn't bad or
good. It's just different. It's different because of the changes in mortgage lending, the types of real estate and
the quantity of real estate available.
Buyers have quite a few choices as far as property. There are single family homes,
of course but there are also condo, duplexes and twindos. A new kind of property has also developed called the "forecloser".
Sometimes you will hear them referred to as REO (real estate owned) properties. Foreclosures have caused a whole new area of
real estate to develop.
Buyer's also have quite a few choices when it comes to mortgages. There are the conventional 30
year fixed, 15 year fixed and ARMs (adjustable rate mortgages). There are FHA programs as well as VA (veterans) and if you live
in Wisconsin, WHEDA (Wisconsin Housing and Economic Development Authority) programs.
Everything in life is cyclical. The
real estate market is no different. Real estate has its ups and downs. It all comes down to supply and demand.
At this point in real estate, it is a buyer's market. This means that there are more houses available than there are people
to buy them. For the most part, buyers have a greater home inventory to choose from. There are some exceptions to this
statement. Many buyers have lost homes because they were either too slow to act for fear that a "better" house would come along or
they wrote a "low ball" offer and lost the home to someone who was more realistic.
Sellers are starting to be more realistic
also. They are making improvement to their homes that they wouldn't have to make in a seller's market. They are hiring
real estate agents to help them price their properties correctly and take the emotion out of the process. Some are even offering
incentives to attract buyers.
Here in Green Bay, Wisconsin, we have a fairly stable market. Our average home inventory
at any given time is usually approximately six months. In some price ranges in Green Bay, we are actually experiencing a lack
of inventory or, in other words, a seller's market. People have learned not to listen to the media where real estate is concerned.
The media wants people to think that the market is terrible and foreclosures are out of control. In reality, Green Bay, Wisconsin
is doing just fine!
Owning a home can provide significant tax breaks and, in my opinion, is still a sound investment.
You have to live somewhere. It might as well be your own home!
