The low inventory of homes for sale continued to suppress the number of home sales and put upward pressure on home prices across Wisconsin. Comparing the number of home sales in April to the respective month last year, home sales were down nearly 10% statewide according to the Wisconsin REALTORS® Association’s most recent home sales report.
In Waukesha County, home sales for the first four months of the year slightly trailed behind the number of sales during the same period last year but median home sale prices increased over 6%. There were more new listings this April, but the total number of listings were down. The combination of strong buyer demand and low supply of homes for sale has pushed up housing prices substantially. Although affordability has decreased, we would have still seen more sales if there were more homes available to purchase.
It has been a strong Seller’s market for the last couple years but Buyers can still find some good opportunities. Make sure you have your financing ready and be prepared to act quickly when you find the right home. Working with a REALTOR® that has extensive knowledge and experience in real estate contracts is key to successfully buy a home in today’s tight market.
Source for information and data: “Wisconsin REALTORS® Association: April 2019 Home Sales Report.” WRA, 20 May 2019, www.wra.org/StdContent.aspx?id=2147498345&sso=1.
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Homes for sale in Oconomowoc
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Is condo living right for you?
Tips for home buyers to win a bidding war in a hot market
Buying a condominium may be a great alternative as opposed to purchasing a home. Maybe you’re retired and wish to travel more; maybe you want to finally buy your own place to break free of renting. Whatever the reason, you should first consider what condo living entails to determine if it’s the best route for you. Here are some common benefits and drawbacks of condo living:
BENEFITS:
- Less maintenance. A major perk of condo living is that most of the chores are done for you such as mowing the lawn, snowplowing, and exterior repairs. This means you can have more free time and avoid additional expenses on maintenance equipment.
- Can be more affordable. Condominiums can have a lower purchase price than comparative single-family homes which also means a lower down payment. Understandably, the price of the condo depends on a number of factors such as location and amenities offered.
- Amenities. Frequently, condominium communities offer several amenities to residents that may be out of reach for most home buyers. Common amenities may include an elevator, fitness center, pool, and clubhouse. Some condos in Oconomowoc even offer amenities such as a dog wash station, guest suites for visitors, and shared boats for condos on a lake.
- Social life. Living close to others and sharing the common amenities can make it easier to get to know your neighbors. If you like to socialize or live alone, this could be a terrific benefit.
- Proximity to downtown. Condo developments can be near downtown areas which may allow you to walk or bike to work and to all of the downtown’s offerings. You could save money on fuel costs and steer clear of having to sit in rush hour traffic which also saves you time. The headaches of finding parking can also be averted which is especially nice during downtown events.
DRAWBACKS:
- HOA fees. Common amenities are nice to have but come at a cost. Monthly home owner association fees should be expected for any condominium. The monthly HOA fee for condos in Oconomowoc can range from $130 per month upwards to $450 per month. Neighborhoods with single family homes may also charge a HOA fee but are typically on an annual basis.
- Restrictions. Condo living can be more restrictive compared to owning a single-family home since condo associations can establish their own restrictions. Typically, condominium communities set pet policies that may limit the number, breed, and even the weight of your pets. Some condominium associations may also have age restrictions for residents and may require that the majority of owners are at least 55 years old. You may also be limited on what type of renovations you can do and likely will need permission from the association.
- Noise/Privacy. Similar to the structure of an apartment, condominium units share walls. You may even have neighbors above and/or below you. Living close to your neighbors can result in hearing more noise. If you’re looking for peace and quiet, living in a condo might not be the best option for you.
Buying a condominium can be the perfect decision for some people. If you’re looking to find a condo for sale in Oconomowoc, there are plenty of options. Follow the links below to browse condos and homes for sale in Oconomowoc.
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Condos for sale in Oconomowoc
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