Home Buying in 54982>Question Details

Mike, Home Buyer in Racine, WI

I am wondering what the housing market trend for homes in the Wautoma area around 200K?

Asked by Mike, Racine, WI Wed Jun 18, 2008

I am thinking of purchasing a home in Wautoma, however I am concerned that the prices are only just now starting to drop, and it seems foreclosures are up. What is the true market condition? Given the current condition, how much under the Fair market Value should a buyer purchase a home??

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Hi Mike,
Thanks for inquiring about Wautoma's real estate market. The market trends here for 200K are either new construction on 1 acre or so, waterfront property, or a pre-existing home with some acreage. Prices haven't fallen dramatically here as they have elsewhere, but that doesn't mean sellers are not willing to negotiate. Our market may just be realizing the ripple effect that most markets have already seen. This may be due to the diversity of our rural area: vacant land (hunting), recreational properties (waterfront) and residential properties. We are also a very seasonal, tourist area with many property owners from southern Wisconsin and Illinois.
As far as a percentage under Fair Market Value that a buyer should offer on a property, it is very much case sensitive. Condition, price, location and desireability are things to consider. More homes than not are priced higher than their fair market values and if you would like more specific list-to-sae ratios for our market, please advise.
If you have additional questions, please feel free to contact me directly at pietschteamresources@hotmail.com
Annilee Pietsch
Pietsch Team
Coldwell Banker TREG, Inc Wautoma
0 votes Thank Flag Link Thu Jul 3, 2008
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