The Door County real estate market in 2021 was fast, furious and sometimes downright aggressive. 2022 may bring more of the same and you wonder how you can compete to get the Door County home, condo, or piece of land you want. Read some sage advice here and begin your search for all the Door County listings at www.HomeInDoorCounty.com

What do data and statistics have to do with it?

Market AnalysisCharts and data can be informational, they tell a story and don’t lie.  Still, you need to understand the story behind all that data.  You need a Realtor who is experienced in the complexities of this Door County real estate market–whose seen all the ups and the downs–I can help you understand the data and how it might help you in your Door County real estate purchase.

In a day or two I’ll have all the 2021 statistics and update you here.  In the meantime, let’s talk about the market and how you can be successful in getting your Door County dream.

Inventory shortages and service delays

There was a time we heard about, in other parts of the world, stores with low inventory and empty shelves, increased construction costs and delays that can last months, delayed medical supplies and services, and a lack of adequate housing.  We are still hearing it.

Well over the past year we’ve experienced those things right here in Door County.  

Some might say the market will slow, the fast and furious market cannot last forever, it will correct itself.  We don’t know, we don’t have a crystal ball.  When I can analyze the stats there may some telling signs–and I’ll have those in a day or two, in the meantime…

Buyers but the shelves are empty

Here in Door County we have buyers, lots of buyers, but nothing to sell.  If a home, condo or piece of land does come to market that’s right for a buyer and they need to finance the purchase they may just lose it to someone who can pay cash, and who also may pay over the listing price. Sometimes sight-unseen.
So we find ourselves in the position of services and industries throughout the country—lack of inventory and service delays because our surveyors, appraisers, lenders, attorneys, and title companies are backed-up with orders and more work than it seems they’ve ever experienced.

What can a buyer do

If you are a buyer I’ll help educate you on the Door County market and set proper expectations.  Today, January 1, 2022, it seems the  Door County real estate market will remain fast, furious, and sometimes very aggressive in the dollars sellers are getting for their properties.  As a buyer, be prepared with a good loan preapproval letter and cash if possible.  I tell you that listings are still sparse and that seems it will continue well into 2022.  Prices are not going to fall.  Hard truths.

The hard truths

Those are some hard truths but there are things we can do to to help you succeed in buying your Door County property!!
—There are new listings every day and you have to watch the market closely.  Your best chance is to have me set you on a Market Watch.  Just as soon as the property hits the market I’ll send it to you —you won’t need to wait for it to show up on third-party search sites such as Zillow, Trulia, etc.  Email me here to request your personalized Market Watch.
Pay attention to the Market Watch updates I send you.  You may only have a day, maybe even hours, to make a decision on a home that seems right for you.  Be prepared to make that quick trip to Door County because the new listings, the good ones, are priced right and getting offers right away.
Comps?  No such thing in this market.  If you want to compare a home, condo, or piece of land to something that sold to justify the list price of the property you have interest in—it won’t work.  You have to be resolved to be aggressive in your offer—best price and best terms.
–For some properties you should be prepared to pay more than list price. 

–Days on market may seem long, and in most cases that’s because our MLS does not feed out the pending and under contract statuses.  Chances are if you see a good property appearing available on line, it is already under contract.  Call me anytime to check status.

–Cash, as they say, is king.  Basic loan prequalifications will not fly.  A loan preapproval letter may, but make sure you have all of your paperwork in with the lender.
 
pastedGraphic.png–If you are having a home inspection be prepared to understand the true intent of the home inspection-looking for “defects” of a structural, mechanical, or safety related condition that if not repaired or replaced immediately would have a detrimental effect on the integrity of the property or the health and safety of the occupant.  In short, you cannot nickel-and-dime the seller for repairs that are not truly defects or they will move on to another offer.
–Shoulda, woulda, coulda.  We should’ve, could’ve bought last year or five years ago.  Hind sight is always 20/20.  Today is today.  Builders are booked out, and sellers who might sell to buy something else don’t because there isn’t anything else for them to buy.  Cash sales are prevalent.  Door County does seem the place to be, and there is a waiting list to get in.

The takeaways

pastedGraphic_1.png Get on my Market Watch so you get immediate notification of all the new listings.
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  You  may have only hours to make a decision, not days. Be prepared for that quick trip to Door County to view the property.

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 There is no such thing as comps in this market.  If you want to compare one property to another that sold to justify your purchase price, good luck.  Comparable property sales cannot keep up.  Be prepared to know at what price you’ll be willing to let the property go.

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 If things go as they did in 2021, be willing to pay list or more to compete.   Demand is greater than supply, so someone will pay at least list price in many cases.

You can’t see days on market in the sites you search on, but I can on my system.  The days between the time a property is listed and it falls under contract are telling.  A majority of listings do not make it more than 7 days before going under contract with contingencies or pending (contingency free). If a property  has more than say 14-20 days on the market it’s safe to say it comes with lots of deferred maintenance or may be over-priced.

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 Cash is king. If you are getting financing, have all your paperwork submitted, and see if your  will give a conditional approval.

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 Home inspections.  Expect sellers to reject requests for repairs that are not true defects.   They will walk away and turn to another offer (and there may likely be a backup offer) if they feel you are nickel & diming them.

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 There are no tried and true solutions to the lack of inventory and what is driving the prices.    Hind sight is 2020, and 2022 may most likely be a repeat of 2021.

pastedGraphic_8.pngYour do have opportunities in the Door County real estate market.  There will be new listings.   You have to be prepared. Most importantly, work with an agent that understands the complexities of navigating this market.  I understand those complexities, I’ve seen the ups and the downs, and almost everything that can make an offer successful and result in a successful purchase.

Call me at 920-493-5472 and let’s get started at positioning you for real estate success in 2022.

Search all the Door County Listings

Search all the Door County listings at www.HomeInDoorCounty.com.

To search by your town or property choice of interest visit DoorCountyListingsBy Location.

Good luck out there.

Your real estate agent is the best source of information about the local community and real estate topics. Give Lisa Bieri a call today at 920-493-5472 to learn more about local areas, discuss selling a house, or tour available homes for sale.
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2022 Door County Real Estate How to Compete
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2022 Door County Real Estate How to Compete
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The Door County real estate market in 2021 was fast, furious and sometimes downright aggressive. 2022 may bring more of the same and you wonder how you can compete to get the Door County home, condo, or piece of land you want. Read some sage advice here and being your search for all the Door County listings at www.HomeInDoorCounty.com
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Lisa Bieri at Shorewest Realtors
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