James Riccaboni BROKER AND VICE PRESIDENT, PATTON/BITTERBERG GROUP OF SHOREWEST REALTORS
The State of Real Estate
For 16 years, James Riccaboni has been helping people buy and sell homes in Wisconsin. We asked him what buyers and sellers need to know now. What does the local market look like today?
Demand remains steady, and inventory stubbornly low. For the last five years, it was such a seller’s market that people were buying anything and everything. We referred to it as the wild west. We would draft the most strategic offer you could imagine, and then get a call that you still didn’t garner and acceptance and think, “You have got to be kidding me.” In the past three to six months, we’ve seen a shift. It’s still a seller’s market, but buyers are now more discerning and are pushing back a bit. We are seeing more price reductions. Do you anticipate those low inventory levels changing?
We are seeing an upswing in inventory, but we’re not seeing a return to pre-pandemic levels. So, yes, it’s increasing, but not enough to feed the market – or feed the beast, as I like to say. I think we’ll see interest rates come down, and I’m hopeful that if they drop far enough, it’ll help with the inventory shortage. We have potential sellers sitting on the sidelines saying to themselves, “I don’t want to give up my 4% interest rate.” But hopefully, if the rate drops to 5.5%, say, it’ll get more sellers back into the market.
What advice do you have for buyers and sellers?
For the last five years, sellers have really been able to get away with whatever they want. You had sellers saying, “I know that window is broken, but I don’t want to fix it.” That’s changing. Making those improvements is increasingly necessary. Pricing strategy is going to be key in 2026. From a buyer’s standpoint, being patient and cautious is important. For the last five years, I wouldn’t draft offers without a home inspection contingency unless my client demanded it. Removing contingencies is removing your protection.
Most important, I think, is selecting a real estate broker who will be a resource to you, somebody who has your best interest in mind. We’ve been blessed to have a great track record. 2025 marked another record-setting year for our group with over $80 million of homes sold for our clients. We’re going to work with you every step of the way.
