Madeline Island Home Sellers - Five Things to Watch if you Want to Sell Now
Sellers of Madeline Island homes and other properties need to watch these five crucial factors if they hope to sell their vacation home in 2015:
Watch the Calendar. Labor Day weekend is less than ten days away. After that, kids return to school (if they haven't already) and symbolically speaking, autumn returns to the Apostle Islands area. Tourist traffic begins to slow, although weekend tourist traffic should remain lively on Madeline Island until early to mid-October.
Like it or not, we are primarily a seasonal real estate marketplace, although the volume of winter and early spring home sales in our market has improved, particularly over the past four to five years. Autumn can be a great time of year to sell your Madeline Island home, but these optimal selling days don't last forever.
Watch the Competition. Prices in our area (and elsewhere) are dropping now and you'll notice that fact by browsing real estate listings and comparing list prices to those you've seen since May or June. Like it or not, price adjustments in late summer and early fall are a fact of life for those who haven't sold already this season.
Watching your competing sellers is a learning experience. By paying close attention to pricing and other behaviors, you will acquire a more realistic view of the pathway to success in the selling process.
Watch the Madeline Island Ferry Line Schedule. This is one of the most telling reliable signs of autumn in our little corner of northwest Wisconsin. Starting on September 8th, the Madeline Island Ferry Line changes over to a slightly abbreviated schedule. The summer schedule of trips every half-hour between 10 am and 6 pm is reduced to eleven trips in the same time frame, instead of sixteen trips. The 10 pm trip to the Island runs only on Thursday through Saturday. Midnight trips to the Island end on September 8th and the 11 pm trip to the Island runs Friday and Saturday nights only.
By October 6th, following "Bayfield Apple Festival", the ferry schedule is down to a dozen regular trips per day, And the trip schedule shrinks again on October 19th. In November, there are just eight trips per day (with some of those trips on weekdays only).
Fewer daily ferry runs between Bayfield and LaPointe, Wisconsin means that it becomes less convenient for buyers to get here. The reduced ferry schedule as autumn progresses unquestionably affects buyer traffic to Madeline Island. To conclude, you don't see a whole lot of property showings on Madeline Island when the ferry isn't running.
Watch the Real Estate Market. If you're home or property is on the market and you want to sell this year, you should be tracking local pending and closed sales at least once a week. Daily monitoring of pending and sold listings would be better still.
You need to be aware of what's selling and why it's selling. As they say, knowledge is power.
Watch the Economy. I'm not necessarily talking about the global economy here, although factors like the stock market correction we have experienced over the past five days can have an effect on the Federal Reserve's interest rate policy (which may, in turn, make a difference to prospective buyers). I do recommend that sellers, as well as buyers, watch the online published indexes for thirty and fifteen year mortgage rates, as well as adjustable rates. When mortgage lending rates finally do rise (and they will), it will have an inevitable effect on affordability.
Timing is Everything. What you learn from watching the above factors may help you to make better and more timely decisions about pricing and other factors. Wouldn't you rather know the odds than be engaging in guesswork?
Call us for Information on Homes & Real Estate For Sale in Bayfield Wisconsin
Eric Kodner, CRS
Real Estate Broker in Wisconsin & Minnesota
Madeline Island Realty (La Pointe. Wisconsin)
Wayzata Lakes Realty (Minneapolis & Saint Paul, MN)
Our Listings Appear on NorthstarMLS in Wisconsin & Minnesota
Phone or Text Message 612.670.2539