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Area Experts Weigh In

To say real estate has been volatile and has seen major shifts in the last few years would be an understatement. But the details are fuzzy, and according to our experts, misinformation is running rampant.

From “balanced,” “reasonable,” “enjoyable” and “full of opportunity” a few years ago, the housing market has turned decidedly less so.

It’s now considered misunderstood by most: Will the market crash? Will interest rates ever go down? What’s causing the supply and demand issues? Look no further than below to find out what’s going on in the Fox Cities housing market:

Our experts: Karen Cain, GRI, SRES, SRS, Senior Associate at Coldwell Homes; Heather Gossen, Realtor with Berkshire Hathaway Home Services; Barb Merry, CRS, GRI, ABR, Senior Broker Associate at Coldwell Homes; and Karl Volkman, Realtor with First Weber Group.

What’s most notably different about the market now than five years ago?

Cain: Right now the issue is inventory. We just don’t have enough inventory. We have more buyers than we have homes that are available… above $500,000 is balanced, under $500,000 it’s not balanced.
I think a big part of it, and this does relate to the COVID days, but interest rates were so low a couple of years ago that a lot of people refinanced their homes. And it’s difficult for them to justify buying a new home because if they refinanced at 3% and now it’s 7.5% you can have much more home at 3% than 7.5%. They’re staying put. That’s what we’re seeing.

Gossen: Our elderly demographic is not downsizing like they used to. So if you think about in the last couple of years, less and less people are going into assisted living. And you’ve seen the news where assisted living facilities are shutting down, there are staff shortages, etc.

Volkman: It’s the imbalance of inventory… I’ve seen 18% interest rates, I’ve seen foreclosure markets, I’ve seen all kinds of stuff, but I’ve never seen this.

What do you recommend the process be for those looking to buy in 2024? Is there a step-by-step process you recommend?

Merry: There are so many requirements it takes to sell a house. What needs to be disclosed, the inspection process. In general, it makes sense to bring an agent in. We can bring some kind of general middle of the road knowledge. You have to trust your realtor. You need to know that they have your interest at heart.
It has always been about how to best help–whether it’s a buyer or seller–how to best help them. Do what’s best for them.

Cain: The first thing is always pre-approval. That’s been the case for a couple of years. No seller’s agent should take an offer seriously unless it companies the offer. If you don’t have a relationship with a realtor, interview somebody and get a sense of how much you like working with them, how much you trust them. 
We no longer have the luxury of seeing a home twice in most situations. It might be on the market for a day, two days. A good realtor is going to price the home appropriately. Do the legal paperwork, do everything that needs to be done and bring a lot of buyers to the table via the MLS.

Gossen: Number one, first and foremost, if somebody’s wanting to buy or sell or just get the true story about what the market is doing, meet with a professional. Meet with a realtor and talk with a lender who understands creative financing.

Volkman: Align yourself with a really good agent because people like myself who’ve been doing this for a long time, we either find or hear about homes coming on the market and may get a little edge.

What are some questions buyers/sellers should ask a realtor before securing a realtor to work with?

Gossen: “How are you going to educate me?” “What are the expectations?” “How are you going to advocate for me?” It is more important than ever to hire a real estate agent that’s going to advocate for you.

Volkman: Well, number one, “Do you work with buyers?” “What’s your process?” “What are you comfortable with?”

Do you think the housing market is going to crash?

Merry: All of the economic indicators we are seeing, they are saying no. It’s not.

Gossen: For a handful of years now, people have been saying, ‘this is going to crash.’ It’s not. This is not what happened back in 2007 and 2008.

What’s one thing you think would surprise readers about the market right now/into 2024 and/or buying/selling a home in general?

Gossen: I think it would surprise people that it is still a great time to sell or buy, that there’s still opportunity out there. Don’t wait. Values are only going to continue to go up. We don’t know what rates are going to do, but we know that values are going to go up.

Merry: There’s a myth about when to buy or list a house. Any time! It’s the right time to sell when you’re ready. You don’t have to wait for spring.

Cain: There’s a change on the horizon a little bit… The rate is higher than what it was before, and in the fourth quarter the rates are expected to go up a little bit and then go down in 2024. Do it now. We know what the rates are, what the prices are now.

Volkman: There’s kind of a myth that the market is crazy. It is, but sales for Outagamie County recorded home sales for Outagamie County year to date were down 54% from the previous year.

What do you recommend the process be for those looking to buy in 2024? Is there a step-by-step process you recommend?

Merry: There are so many requirements it takes to sell a house. What needs to be disclosed, the inspection process. In general, it makes sense to bring an agent in. We can bring some kind of general middle of the road knowledge. You have to trust your realtor. You need to know that they have your interest at heart.
It has always been about how to best help–whether it’s a buyer or seller–how to best help them. Do what’s best for them.

Cain: The first thing is always pre-approval. That’s been the case for a couple of years. No seller’s agent should take an offer seriously unless it companies the offer. If you don’t have a relationship with a realtor, interview somebody and get a sense of how much you like working with them, how much you trust them. 
We no longer have the luxury of seeing a home twice in most situations. It might be on the market for a day, two days. A good realtor is going to price the home appropriately. Do the legal paperwork, do everything that needs to be done and bring a lot of buyers to the table via the MLS.