The Gooden Report: Luxury & Lakeshore Real Estate
November 2, 2026
By David Gooden
As November begins, buyers and sellers across Minnesota and Wisconsin are navigating a market with more choices, slower transaction activity, and a modest improvement in mortgage rates.
For anyone considering a luxury home or lake property, these conditions deserve a closer look. More inventory can create opportunities for buyers, while sellers need to understand exactly how their property compares with the alternatives available today.
This week, I am watching three things closely: whether lower borrowing costs bring buyers back, how sellers respond to slower demand, and how upcoming changes in Wisconsin will affect property marketing.
Twin Cities Buyers Continue to Have More Options
The Minneapolis Area Realtors report released October 26, covering the week ending October 17, showed pending sales down 19.2% compared with the same week last year. Inventory increased 12.7% to 12,600 properties, while new listings declined 4.9%.
Pending sales represent signed purchase agreements. They provide an early indication of buyer activity, often before that activity appears in closed-sale statistics.
These figures cover the broader Twin Cities market. They do not tell us that every luxury neighborhood or lake is moving in the same direction. However, they do show that buyers are signing fewer contracts while having more homes to consider.
My advice to sellers is to pay attention to the properties competing directly with yours. Which ones are attracting offers? Which have reduced their prices? What can a buyer purchase for a similar amount of money?
For buyers, additional choice can mean more time to compare properties and negotiate terms. Exceptional homes can still attract competition, so preparation remains important.
Mortgage Rates Improved for a Second Consecutive Week
Freddie Mac reported an average 30-year fixed mortgage rate of 7.24% on October 29, down from 7.32% the previous week and 7.40% two weeks earlier.
That is a modest improvement, but it gives buyers who recently paused their search a reason to revisit their financing.
Actual rates depend on the borrower, lender, loan amount, and property. Jumbo mortgages and second-home financing may differ from the national benchmark, making a current lender quote especially important for luxury and lakeshore purchases.
If you are considering a purchase, I recommend updating your payment estimate before deciding whether to move forward or wait. Include property taxes, insurance, maintenance, and any seasonal expenses in your planning.
For sellers, financing conditions can influence the structure of an offer. A price adjustment, closing-cost contribution, or lender-approved rate buydown may affect different buyers in different ways. The best approach depends on the property, the buyer, and the seller’s goals.
What This Means for Luxury and Lakeshore Properties
A broader market slowdown does not establish the value of an individual waterfront home.
On Lake Minnetonka, the Whitefish Chain, and Wisconsin’s lake markets, buyers weigh factors that statewide statistics cannot fully capture: shoreline quality, water depth, privacy, lake access, condition, and the availability of comparable properties.
A home with a desirable setting and thoughtful pricing may compete very differently from a property that requires significant updates or carries an asking price above its alternatives.
I believe the most useful strategy is to combine recent comparable sales with current competition and newly signed purchase agreements. Closed sales help explain where the market has been. Active and pending listings help show what buyers are choosing now.
Wisconsin Sellers Should Review Their Marketing Options
New guidance from the Wisconsin Realtors Association explains how property-marketing requirements will work under changes taking effect January 1, 2027.
For residential properties containing one to four dwelling units, public marketing will be the default, while sellers will retain the ability to choose a more limited marketing approach through documented instructions.
The guidance also explains that choosing to limit public marketing does not eliminate the listing firm’s cooperation obligations. The firm must still share property information with licensees working with prospective buyers or tenants, respond to their inquiries, and make the property available for showings.
For luxury sellers who value privacy, the important conversation is about what a particular marketing strategy will accomplish, how it affects exposure, and how the seller’s instructions will be documented.
If you are preparing a Wisconsin property for sale around the new year, discuss these choices with your agent early in the process.
The Conversation About Listing Exposure Continues
Access to property information remains an important industry issue. On October 27, OneKey MLS announced that it had joined California Regional MLS in litigation seeking to uphold rules requiring publicly marketed listings to be shared through the MLS.
This is an ongoing legal dispute, not a final court decision, and it does not itself change Minnesota or Wisconsin requirements.
For consumers, it raises a practical question: Where will a property be marketed, and who will be able to find it?
When selling, ask your agent to explain the planned exposure, any limitations, and the reasons behind the strategy. When buying, ask how your search will identify relevant properties across the market.
My Advice Heading Into November
For sellers: Review your competition and buyer feedback regularly. If your property has been available for an extended period, consider whether the price, presentation, or marketing needs attention. Waiting until spring should be a deliberate decision that accounts for carrying costs and your personal timeline.
For buyers: Update your financing, take advantage of the available selection, and evaluate the full cost of ownership. Negotiate using property-specific evidence while remaining ready to act when the right home becomes available.
For lake-home buyers and sellers: Focus on the individual lake and price range. Broad market headlines provide context, but shoreline, setting, condition, and competing inventory are essential to a sound decision.
If you would like help understanding where your property fits, or evaluating a luxury or lakeshore purchase, I would welcome a conversation about your goals and the market relevant to you.
David Gooden
Luxury & Lakeshore Real Estate
The Dane Arthur Real Estate Agency | LakePlace.com
Learn more about David Gooden
Sources
- Minneapolis Area Realtors: Weekly Market Activity Report, released October 26, 2026, covering the week ending October 17.
- Freddie Mac: Primary Mortgage Market Survey Archive, October 29, 2026.
- Wisconsin Realtors Association: 2027 Practice Changes, October 26, 2026.
- OneKey MLS: Subscriber Update on Listing Cooperation Litigation, October 27, 2026.
Market information reflects the reporting periods identified above and may be revised. Regional statistics cover broad housing markets and do not establish the value of an individual property. Mortgage rates and loan eligibility vary by borrower, lender, and property.