Economic geography of real estate

This New York Times article grabbed by attention this morning, This Real Estate Columnist is Also a Geographer. Author Julie Lasky thinks up a number, like $250,000 or $600,000, and looks at what sort of home a buyer can get for that price in various cities across the country. She has examined homes in cities like San Diego, Philadelphia, and Cedar Rapids, IA.

Of course, this is all about urban real estate. What can a buyer expect to pay for a home in San Diego or Philadelphia or Cedar Rapids? Obviously geography can make a huge economic difference in housing affordability.

The same economic geography applies to rural areas and resort areas of the country. What does $250,000 or $600,000 buy in the predominantly second home market of NW Wisconsin lakes country?

This charming rural 3 bedroom home on 10 acres sold for $230,000

This gorgeous 3 bedroom luxury lake home with pending offer is listed at $550,000.

9450 E Boulder Dr, Solon Springs

Find out what your home will sell for in our current local market. Call Jean Hedren, your Edina Realty NW Wisconsin Realtor, at 218-590-6634. Visit www.JeanHedren.com

January 2014 Market Update for NW Wisconsin

NW Wisconsin January 2014 Market Update

The NW Wisconsin real estate market shows continued improvement. Closed sales are up 7% compared to January of last year. The average sale price has increased by 11% from a year ago. The average days on market has decreased 7% from 152 to 142.

January 2014 Market Update NW Wisconsin

January 2014 Market Update NW Wisconsin

www.JeanHedren.com

Positive messages from the 2014 Edina Realty Expo

Positive messages from the 2014 Edina Realty Expo

Yesterday, I attended the Edina Realty Annual Expo in St Paul, MN. Several hundred Edina Realty agents, staff, and supporting vendors gather annually to reconnect and recharge for the coming year. It’s always a fun event that features great speakers.

Among the best sound bytes I came away with from Ron Peltier, Chairman and CEO of HomeServices of America, Bob Peltier, President and CEO of Edina Realty, Barb Jandric, President of Edina Realty, and keynote guest speaker Mark Scharenbroich:

  • Edina Realty is #1
    • in closed transactions
    • the sales leader 14 years running
    • in listings taken
    • EdinaRealty.com website
  • We are now in the 2nd year of the housing recovery.
  • New construction has increased.
  • This year there will be more traditional buyers, less investor buyers.
  • The economy is recovering slowly.
  • One of the positive signs of the recovering economy is auto sales are back at record levels with $15 billion.
  • Edina Realty property search app for iPhone, iPad, and Android is voted best app by Mpls St Paul magazine
  • 3 things necessary to succeed:
    • follow the Golden Rule
    • over deliver
    • be connected

Al Capone said that the 3 things necessary to succeed are:

  • a smile – it’s good
  • a gun – it helps
  • a plan

If you got to let go of one thing, lose the smile. If you got to lose another thing, lose the gun. But never, ever let go of your plan.

NW Wisconsin Market Update – Average home sale up 22%

NW Wisconsin Market Update November 2013

NW Wisconsin Market Update November 2013

www.JeanHedren.com

The 2013 market is heating up in Douglas and Washburn Counties Wisconsin. Great time to sell.

The 2013 market is heating up in NW Wisconsin

If you’ve been thinking about selling, now is a great time to get your property listed.

I’d like to share with you a brief update on our local real estate market. Although January is typically a slow month for home sales, Wisconsin’s overall home sales during that month grew 18.3% compared to January 2012.  February marked the 20th straight month of double-digit growth as compared to the previous year’s numbers, with sales up 11.7% compared to February 2012.  Meanwhile, here in NW Wisconsin, we’ve seen an 11.4% increase in existing home sales compared to February 2012, and an 11.7% increase in the median sale price over that same period.

In Douglas County Wisconsin, according to the Realtors Association of NW Wisconsin, the average sale price increased 87.2% in February 2013 compared to the same month a year ago. The median sale price increased by 131.4% over that same period.

In Washburn County Wisconsin the average sale price increased 26.9% in February 2013 compared to February 2012. The median sale price increased by 51.5% over that same period.

If you’re considering selling, I would be happy to prepare a current price analysis to give you an idea of what your home will sell for in the current market. 

RISMedia: Recovery: Are we there yet?

Full story from RISMedia: Recovery: Are we there yet?

Modest growth in GDP and employment over the next two years. Investors typically move first in a recovering market, then first time buyers and move-up buyers.

Housing affordability to remain very favorable next year

Gradual housing recovery is expected in 2012, according to chief economist of the National Association of Realtors. He maintains that very favorable affordability conditions will dominate next year. Complete story – Gradual Recovery for Housing and the Economy Expected in 2012.