It's a very busy time of year and homes are selling very fast, but before you put your home on the market, make sure your home is ready to be seen. Many Realtors have professional
Move Up To A Bigger Home And Grow Your Net Worth
Its no secret that the real estate market in Kenosha County is the hottest its been in almost 20 years. While total sales volume is actually slightly down this year from last in Southeastern Wisconsin, sales prices have sharply increased. This is due to an inventory shortage, and ESPECIALLY an inventory shortage in entry level and mid level priced homes. Homes from $150,000 to $350,000 have seen by far the largest gains. This shortage has become a problem for buyers, as homes are getting multiple offers, and often times good buyers with low down payments are getting passed over for buyers with cash, or with larger down payments who are viewed as more likely to close without problems.
The real estate and the job market continue to boom in Kenosha, and homeowners can cash in. The question is, how to you cash in, but NOT overpay when you buy your next home. Here are a few tips.
1. Move up to Luxury or higher priced homes
For buyers who can afford it, but have been waiting, now is the time to buy that luxury home. There is less competition at the top, rates are still low and upper end homes have not seen as big of a price increase as the mid-level prices homes. New Home Starts, Luxury Homes and Commercial Real Estate are seen by economists as "lagging economic indicators" This means that the market for properties in this category tend to move AFTER the middle of the road residential market. The boom currently being seen is a bell weather and Luxury homes WILL most likely follow this trend, even though they have not moved as quickly yet. If you wait, you will not only pay more for your next home, you will also pay a higher interest rate and your existing homes rising value will have capped out and you will not have realized as big of a gain overall. Remember a 5% increase in a 100,000 home gives you $5,000 a year, but once you are in a $500,000 home you will be gaining $25,000 a year in value
2. Move to slower growth surrounding areas
Kenosha County is seeing the fastest and largest growth in the area right now. It's the NUMBER ONE fastest growing county in the Chicago DMA and is the only area in that DMA that is located in Wisconsin. By contrast, Racine County is still considered the Milwaukee DMA and is not growing as quickly yet. If you look at homes in Racine County, you can get "more bang for your buck"
Here are two examples:
This Luxury home fully restored to its "In Period" design but with modern amenities sits RIGHT ON Lake Michigan. Because it's located in Racine and not Kenosha, the value has NOT YET skyrocketed, leaving lots of upside for a buyer cashing in on the Kenosha real estate boom, and much more house for your money at $550,000
Click on the address or the photo for more information!
Located in Waterford, this ALL masonry home sits on over 5 acres and has 5 Car all masonry Garage/outbuilding.
An estate like this in Kenosha County in Pleasant Prairie or Somers would cost a buyer upwards of $800,000 and would cost more to build than its $590,000 price tag, let alone the value of the land!
3. Build your Dream Home
Vacant lots and acreage as increased in value too, but not as much as existing homes. Now may be the time to talk to a builder about having that custom home you've always wanted built. My team works very closely with several amazing builders.
If you are interested in getting more info on these or other options, or would just like to have a quick discussion on your home's value. Please do not hesitate to call or email me!
Let me put my 18 Plus years of experience in this industry to work to help you achieve you wealth and real estate goals.
Ralph is a lifelong resident of Southeastern Wisconsin and an expert in real estate sales, and real estate values in Kenosha, Pleasant Prairie, Somers, Bristol, Salem, Paddock Lake and the surrounding....