Last month, I attended a Housing Wire seminar in Dallas, and the key takeaway? The housing market seems to have adjusted to the new normal and inventory should be picking up this year.
As of early March many major sources are tempering that sentiment as January and February were pretty quiet across the country. A combination of major winter storms, political uncertainty, and low inventory kept things quiet. And while some buyers are still hoping for home prices to drop, the reality is they likely will not—prices are holding steady and will likely continue to rise although not as rapidly as recent years. Prices across the country remain strong and stable. Broke record I know but…Inventory levels need to rise. It would be great if the predictions of more inventory in 2025 hold true.
One of the major segments by Redfin was on home ownership and the millennials. It was very interesting as it was so brutally honest. This group has had a lot happen at key times in their short lives which has led to some challenging financial realities. Historically, each generation has owned more homes than the one before, but for the first time, that trend is reversing. Unless interest rates change and costs of everything settle down, many millennials may never own a home. At least not without financial help. Wow. That is still resonating with me.
Another really interesting session was the insurance segment. We talked about this at our local event. Their speaker verified what we are seeing locally. Insurance policies are tightening. Previously, if a roof was past half of its life expectancy, it had to be replaced for insurance renewal. They are saying if a roof is over ten years old, most insurance companies will require it to be replaced. So many natural disasters in high-risk areas like California and Florida as well as increased replacement costs are two of the primary drivers of increased costs. Nationally insurance rates are up 38% since 2019. In Wisconsin they are up 31%. This is leveling out. Thank heavens. The insurance industry is seeing a consolidation of companies as smaller companies are struggling to be profitable.
The seminar was fantastic. Like everyone’s world, real estate is changing quickly. Keeping up to speed with the brightest minds in the industry is exhilarating!
On another exciting note, our brokerage is featuring new video content, including drone footage highlighting the market, local businesses, and some incredible properties. Our last video hit 10 million views, and the one before that reached over 1 million—so there’s definitely an appetite for more! People seem to be very curious about Green Bay. Keep an eye on our social media for the latest. We love working together with Dronehub. They do video content all over the world…If you enjoy looking at gorgeous properties you should check them out on Instagram. They are incredibly talented. We are so thrilled that they are working together with us to help us better share our story and what we have to offer our clients. A new, fresh and fun way to communicate with you. Love it!!!
We’re also keeping a close watch on what’s happening with the NFL draft. People keep asking what we’re seeing, and truthfully, things are still pretty quiet. There’s still plenty of rental home and hotel (Appleton & South/Door County) availability. So far as far as ‘draft experiences’ go it looks like there is the celebrity level and then everyone else level available. You can check out the latest updates here. No matter what it will be an experience to check out!
