Window World Fond Du Lac Wi – Fond du Lac real estate remains a hot commodity this summer in the year of the banner for home sales.
Homes are in short supply in the city and surrounding areas, and more and more people are looking to buy, pushing up prices. Most purchases cost tens of thousands of dollars more than the asking price, according to the city appraisal office.
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In May alone, the office recorded 120 real estate transfers, up from 87 in the same month last year. As of May this year, there were 525 home transfers, compared with 485 in the same period in 2020.
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During his two decades in the business, Kevin Jones, co-owner of Adashun Jones Real Estate, said he has never seen anything like the current market.
“We are seeing more and more offers and opportunities for retailers to choose the ones that deliver the best results for their sales goals quickly and smoothly,” Jones said. Many times, sellers give each buyer the opportunity to make their own efforts to buy the property by bidding more than the house they want and reducing the number of possibilities for their listing.
On average, Adashun Jones now sees three properties accepted daily and homes sold in a matter of weeks.
Buyers who lose their property purchase due to a bidding war are learning that they need to do their homework before buying, Jones said. Low interest rates make buyers move quickly to find the property they want with a 30-year fixed interest rate of 2.96% in May.
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Sales of existing and median home prices doubled in May compared to their levels 12 months ago when the economy closed, according to the Wisconsin Real Estate Association.
Over the past 15 years, the local real estate market has seen a steady increase in sales from the lowest point in 2009, when only 175 homes were sold that year, according to WRA data. . During that time, 2017 saw the highest home sales at 1,479, a slight increase from the previous year when 1,443 homes were sold in Fond du Lac County.
In housing, house prices continue to rise by about 10 to 15 percent, Jones said. So far this year, the average is around $ 170,000, and May’s average home price is up to $ 187,500.
Jones believes the hot selling market is less due to the lack of housing, but the pace of operations is accelerating. And sellers are moving faster than inventory can build.
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“It’s more of a fantasy than a reality because things sell out so fast,” he said. “Yetit is a market that everyone wins because customers get historically low interest rates, which is a long-term investment.”
On Wednesday, Zillow, a website that brings together real estate listings from sellers and resellers, showcased about 50 listed homes in central Fond du Lac, ranging in price from about $ 74,000 to $ 500,000.
For clients, Jones said he is seeing more migration to Fond du Lac from cities and states than ever before due to job displacement. The ability to work from home or remotely opens up many opportunities.
“We have a great location with a lot to offer in terms of Lake Winnebago, recreational activities and in the heart of the country,” Jones said. “It’s a quick drive to see the Bucks, Badgers, Brewers or Packers without the heavy traffic and noise that other big cities can have.”
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He said the second-home market on Lake Winnebago is also better than ever, with more homes on the lake being sold to local and suburban buyers.
“People are in a strong position to buy a home after waiting a few years to buy it,” Jones said. “Increasing demand for housing is driving rents, which is making more people looking for their own space.”
Many home sellers are young children starting to grow old out of the house where they have lived for a long time over the years. The low financing rates have made it more affordable for them to stay in their homes.
“That’s one of the reasons we’re seeing an increase in condo purchases, they’re changing because of the ease of maintenance, and condos are usually perfect for couples looking for a discount,” Jones said. .
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When the real estate market erupted around May 2020, the demand for testing was the same, said Frank Adashun, another company owner. Times.
According to local lenders, the three-week transition period is common due in part to the limited number of certified and licensed appraisers covering Fond du Lac and the surrounding area. Save.
Lenders and other buyers often fund “rush” to push their valuation ahead of others in the pipeline.
He said government regulations after the 2008 market crash made it very difficult for young people to enter the pilot sector. Currently, more than 50% of test takers are over 50 years old.
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That is why test fees have risen so much in recent years. Prices range from $ 450 to $ 1500 for a single family assessment report.
“The appraisal has been competitive in recent months due to demand, along with many properties selling for thousands above the listing price.” He said. “I was involved in a recent transaction in the Fond du Lac area where the sale price was $ 75,000 above the asking price.”
The real estate company is also experiencing a record year of personal home sales, with more than 20 million homes built and nearly $ 12 million in new construction.
The lack of housing will not last forever, Jones said. The market continues to change, which means the real estate world has never been more volatile.
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“It can be a challenge when a lot of resources come into real estate.” Jones said. “It’s finally a stable market with happy buyers because they have found a place to live and sellers are happy with the price they are getting.” One of the most unexpected places in the world I have been to in a long time. Back in mid-2012, I spent a few months working in Fond Du Lac, West Wisconsin, a population of ~ 40,000. At the time, I hated it, but it was only a matter of months before I realized it. Go to Chicago most weekends and add trips to Boston and Canada during and after the project.
A town on the south side of Lake Winnebago, its name means south of the lake in French. It was founded in the mid-18th century and is home to a number of businesses, including Mercury Marine, the world’s largest manufacturer of outdoor engines. A considerable amount of heritage is seen in the abundance of brick buildings.
There are also clear properties in some parts of the city, judging by the beautiful houses. The streets are clearly American to my eyes with white fences or mostly no fences between properties. This is in contrast to the long fences or bushes that favored border homes in the United Kingdom and New Zealand.
The Midwest is incredibly flat, something I struggle with mentally after living in the mountains. The highest point can be seen on the unaltered landscape as a grain silo or water tank, often marked by the name of the city.
S Marr St, Fond Du Lac, Wi 54935
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