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Lake Geneva Real Estate | Home Value Trends In Wisconsin ? salvana :D

Lake Geneva Real Estate | Home Value Trends In Wisconsin

Many real estate experts are beginning to realize that the doom and gloom predictions about the market from a year or two ago may have been a bit over exaggerated. While the market is not booming, it certainly hasn?t crashed and home value prices haven?t plummeted, nor has the bubble burst. It is simply that, compared to the boom experienced by most markets over the past 5-10 years, the past year has seemed slow. Besides, knowing the median home value of the nation ($221,900) isn?t going to help you too much when you?re ready to move.

With real estate being such a large investment, you want to invest somewhere that your home value is bound to appreciate over the years. Although we can?t predict the future, you can make logical estimates as to where home value in an area will go by looking at past home value and sales trends, the population, economy, job opportunities, unemployment rate and attraction a specific area has to visitors.

When I think of Wisconsin (capital city of Madison) I tend to think 2 things: Greenbay Packers and cheese. But with a large population of over 5.5 million, Wisconsin has more to offer than football and dairy. Not surprisingly, the main agricultural products of Wisconsin are cheese, dairy, cattle, hogs, vegetables, corn and cranberries. Its major industries include machinery, food processing, paper products, electric equipment, fabricated metal products and tourism.

Between its strong economy and tourist attractions, Wisconsin keeps people coming back and it?s why their home value prices have stayed steady. The state offers amusement parks, water parks, casino and greyhound racing, clubs and taverns, fairs and festivals, science and nature centers, spectator sports, zoos, gardens, parks ? you name it, they have it. You can spend time ATV-ing, biking, birding, camping, fishing, golfing, horseback riding, hunting, participating in winter sports, water sports, anything you can think of. Or take a trip to the more urban areas and enjoy the night life, with bars, clubs, breweries, theater and more. You can even see Wisconsin as it was at various points in time through various historical sites including: Old World (when things were just getting started for America), the Civil War era and the Victorian era. And of course, being surrounded by the Great Lakes gives Wisconsin a unique edge on lake and coastal scenery and various water sports including fishing, boating, kayaking, and jet skiing.

Wisconsin has been experiencing an average rate of unemployment, about the same as the national percentage: 4.9%, with more openings in the professional and business services as well as educational and health services and a large drop in manufacturing jobs available. The median household income in Wisconsin in 2005 was about $47,105, a decrease in the value projected in the 2000 census, which was about $51,235. The median home value of houses sold was $212,918 in April of 2007, with the median assessed home value at about $176,814.

Agents in both the Milwaukee and Madison areas seem to agree that Wisconsin is experiencing a buyers market at this point, and most homes with a value of $500,000 or higher are sitting for quite a while, a good indication the majority of people moving around Wisconsin want affordable housing. In Madison, if a home sells in under 60 days, it was most likely under priced. Buyers seem to understand they have the upper hand right now and are taking their time choosing their new home. In the Lake Geneva/Twin Lakes area, the average home value in 2006 was $286,071.

Wisconsin?s market at this point is fairly stable ? as long as homes are correctly priced (and they?re under $500,000) they seem to be moving at a decent rate. Madison is the more expensive area to live, with Milwaukee coming in behind it. Home value averages have varied over the 1st quarter of 2007, without much of a steady gain or fall. As the boom of the past few years settles however, and as long as Wisconsin?s economy and employment stays strong, there is no reason why home value prices may not begin to noticeable appreciate again as 2007 comes to a close.

Ashley Lichty is a webmaster and the resident SEO of Web Xtreme, Inc. She has a background in real estate and marketing with an emphasis in writing.

Find out your own home value and other valuable homeowner information at GetMyHomesValue.com

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Submitted On June 28, 2007. Viewed 272 times. Word count: 703.

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ByAshley Lichty

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