Wisconsin Real Estate Market Outlook

The Wisconsin economy is remarkably on a good note as the national financial crisis clobbers major metropolitan areas down to the smallest businesses. Thanks to the lower-than-national-average unemployment rate. Many employees can sustain their mortgage payments though in most cities, the problem still lies in the high cost of goods that take a bite of one’s monthly earnings.

The state’s capital, Madison is on the losing side. The city was forecasted to withstand the pressures of recession much better than other areas. But the shakeup in Wall Street proved a hard blow to the economy and brought the city’s commercial landscape along with it. The worst damage came on the technology and financial services industries.

Home sales remain in a slump as buyers zipped their purses amidst falling mortgage rates. There’s only a seller’s market in Madison and nothing else that can be pleasing to an investor’s eye. As home sales slide, RealtyOutlook.com expects values to plunge by 12 percent.

Milwaukee is home to four large breweries that provide a significant number of jobs to its residents. It also has advanced healthcare industries and large-scale manufacturing plants. Last year’s listless home sales may very well continue this year as demand has not picked up due to weaker consumer confidence. The year will be a more sluggish period for the city as home prices will be pounded further by falling 11.5 percent.

In Kenosha, home sales have doubled during the boom but immediately lost balance when the crisis left hundreds of borrowers in trouble with their mortgage payments. It’s evident in the loss of buyer confidence that has left manufacturing and business services companies on a drought. Home sales are sensing a lack of demand throughout the year and will swell into a double-digit depreciation of 10.5 percent in 2009.

Green Bay was off to a running start as the property boom occurred. After a rise in home purchases, the city eventually found itself in the same plight with the other markets that collapsed during the crisis. RealtyOutlook.com expects an 8.5 percent fall in home values in 2009.

Brokers are trying to lure buyers into looking at the possibilities of home ownership in Lake Geneva. Some are still bullish about the fast growing market of condominium complexes and single-family units. The truth however remains in the weak sales figures that are generated. There’s no buyer activity in the Hamptons of the Midwest and home values will be down by a dismal 13 percent.