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Lake Geneva Lakefront Real Estate Market Update August 2009

by Bob Webster

Well we’re into August now and many people are still wondering when summer will arrive.  I heard on the radio this morning that it may be 95 degrees this weekend so maybe there is still hope that we’ll see some nice weather and the effect that it seems to have on bringing out the potential Buyers.  I’m encouraged that there have been some positive indications in the media that the market may be to the point of a possible turn around.  But before any of us get too excited, I think we need to remember these are just predictions and it will take some time for any of the positive forecasts to show up as actual results.  But at least there are some positive things being said. 

 

It is an ongoing, literally everyday struggle to work with Buyers today in this market who are anywhere from simply afraid or concerned about making a move to being downright negative and pessimistic about the real estate market, all as a result of everything they hear and read and have been told about these challenging times.  Our only response is to try to point out the favorable interest rates and some very attractive asking prices that have been adjusted by some Sellers in response to lengthy times on the market and the reduced number of sales taking place across the board. 

 

Some segments of the market have been extremely slow as far as activity and showings, in spite of our advertising and marketing efforts.  The only good thing is that both the showings and the lack of showings tend to run in spurts, so we often have the possibility of making up for lost ground in a short period of time.  We’ll continue to push forward and remain optimistic that the market will respond favorably to some of the recent news, and that we will be successful in finding a Buyer for your property in the very near future.  I’ve included links to some of the articles I mentioned for your review.

 

USATODAY Article on Pending Home Sales

USAToday Article on Manufacturing

CNNMoney Interview

USATODAY Article on Housing Rebound

USATODAY Article on Best July for the Dow in 20 years

Lake Geneva Real Estate Market Update for August 2009

by Bob Webster

Well, it’s the middle of August and we are finally getting the nice summer type weather we’ve been hoping for over the last few months.  Hopefully we’ll see a benefit from that in the form of more people out looking and some showings, as there has been a distinct reduction in the number of showings over the last few weeks.  Across the board, the showing activity has been abnormally reduced from what we would normally expect to see this time of year.  I know of several instances where there has been literally little or no showing activity for weeks, especially in the upper end of the market on Lake Geneva, Delavan and other lakes in the area. 

This year continues to be a year of struggle for almost everything from finding Buyers who are willing to take action to challenges with lenders and the whole appraisal process, which has changed dramatically over the last few months.   I’ve attached the graph below that is supposed to represent the “normal” cycle in real estate.  I hope we are at the point of the cycle where we have passed the bottom and are on the move upward and that we’ll be able to look back a few months from now and say this was the turning point.   Here are a couple of interesting articles I ran across this week:

 

Unusual weather for summer of '09

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