I hope you are enjoying this wonderful weather we’ve been having so far this month. I can’t say that we have seen a dramatic effect on the real estate activity here in Lake Geneva, but it sure can’t hurt and I have to believe that if not directly, at least indirectly it is just making people feel good to be able to enjoy sunshine and warm weather in the month of October.
It was encouraging to see the stock market close over the 11,000 mark last Friday. I think anything that helps people feel a little better and more positive about the economy in general will work to overcome the caution and conservative thinking that lots of people seem to have right now about making big ticket purchases like real estate, applicable to both the primary and second home markets.
I’m afraid we’re in for a messy few weeks of political ads and mudslinging but hopefully we can come through the process and things will be a little clearer about deficits and possible tax increases that I think are also weighing on the minds of Buyers today, again if not directly, possibly indirectly in some cases.
You’ve probably heard of talk over the last week about all the mortgage foreclosure problems and a possible moratorium on the ability of banks to proceed with foreclosures. It’s hard to know what kind of positive or negative effect that could have on the real estate market over the next few weeks and months so we’ll just have to continue to follow that story, the link below will give you a short overview of the details.
I attended a meeting last week regarding some rules changes from the Department of Natural Resources with regard to piers on lakes and waterways in the State of Wisconsin. The information is a little confusing and there are going to be lots of questions about what a property owner should do. My advice to waterfront property owners is to contact legal council to get advice on whether to register the pier at this time. I attached a link below to an article that has some of the details of the rule changes.
Mortgage interest rates have dropped again, 4.19% today on a 30 year fixed rate. It certainly leads me to believe that potential Buyers in the market may very well come to the conclusion that the smart thing to do is buy today and lock in these very attractive rates, rather than roll the dice in hopes of rates going lower. Between these low interest rates, the lowest in decades, and some great values in the market today, I’m hopeful we’ll see some business coming together over the coming weeks this Fall.
New Pier Regulations
More Good News on Interest Rates