October 23, 2019 - Oconomowoc Realty-Oconomowoc Real Estate

The cool weather is upon us making now a wonderful time to embrace the colder seasons by transitioning the interior of your home. Making your home feel warm, cozy, and inviting is a perfect way to create buyer appeal.

Here are some little-known ways to add comfort to your home easily, and without breaking the bank.

Warm-Toned Metals. Incorporating warm-toned metals throughout your home can add warmth. These metals include copper, rose gold, brass, and bronze which have had quite a comeback in recent years. Picture frames, mirrors, home décor, kitchen and bath fixtures, lighting and furniture are all great ways to integrate warm-toned metals into your home.

Wood. An instant way to add coziness to a room is to add wood elements. Wood floors, wooden furniture and design accessories such as wooden bowls and trays can help make your space feel cozy.

Blend New and Old. Some Home Buyers may be turned off if a home feels too new, while others may be turned off if a home feels dated. Uniting old and new pieces can aid in balancing a space and help make your home appealing to a wider range of Home Buyers. Sprinkling in some vintage and old-fashioned items can kindle the homey, lived-in feel. New pieces can prevent rooms from feeling outdated. For example, an antique side table would be nicely paired with modern lamps.

Playful Accent Piece. To encourage a welcoming and relaxed feel to a room, include a playful accent piece such as a fun wall adornment.

Have Good Lighting. A quintessential way to stimulate an inviting feeling in your home is to have good lighting throughout. Avoid fluorescent lights as they can be unflattering. Let the natural light in during the day, especially when your home is being shown to potential Home Buyers.

Create a Warm Glow. Having separate lights throughout a room can help brighten up darker corners and spaces. Adding under cabinet lighting and wall sconces are two recommendations to help create a warm glow in your home.

Mirrors. A bright way to amplify lighting in a room is to strategically place mirrors to bounce light, such as hanging one across a window to diffuse natural lighting. Mirrors can also be used to help open up spaces and reflect nature views inside, so you can adore the colorful trees in Autumn a little bit more.

Textures and Patterns. To avoid having your home feel drab and dreary, fit in textures and patterns throughout your interior to establish depth. Rugs, pillows, throws, window treatments, baskets and textured vases are cost effective ways to add depth and comfort to your home. As a bonus, these pieces can easily be swapped out, enabling you change up your décor seasonally.

Window Treatments. Hanging window curtains can soften a space which helps to provoke the sense of comfort. Layering curtains and/or using patterned fabric will help provide extra depth to a space.

Scents. Besides the visual ways you can make your home feel warm and cozy, scents can also make an impact. Scents such as sandalwood or nutmeg can prompt the feeling of warmth. Certain scents can also remind potential Home Buyers of the holidays which can awaken fond memories that warm their hearts.

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MORTGAGE RATES ARE HISTORICALLY LOW RIGHT NOW.

Mortgage rates in Oconomowoc go along with the national level trends. The average 30-year fixed mortgage rate as of October 10 of this year stood at 3.77%, according to Bankrate’s latest survey of the largest mortgage lenders in the country. The highest recorded rate for the same type of loan was 18.44% in October of 1981. Mortgage rates have fluctuated over time as the graph via Freddie Mac shows below, but as you can conclude, rates remain low by historic standards.

TAILORED MORTGAGE PROGRAMS & DOWN PAYMENT ASSISTANCE.

Whether you’re buying your first home or your next, there are loan programs out there customized to your individual needs.

– First Time Home Buyer Programs can offer benefits such as a fixed rate mortgage below the standard interest rate.

– FHA Loan Programs can offer low cost rates and a lower minimum credit score, allowing more buyers to qualify.

– Down Payment Assistance Programs can offer help with your down payment and closing costs such as by providing a 0% APR second mortgage with deferred payments, payable after your original mortgage is paid off. To help you find down payment programs that you could qualify for, check out the Down Payment Resource website.

– United States Department of Agriculture Rural Development (USDA) Loan Programs can help low-income applicants that are have trouble obtaining a loan from other resources, qualify for housing, generally in rural areas. There are eligible areas to find homes near Oconomowoc (subject to change) which can be found on the eligibility map via the USDA’s website.

A great starting place for Wisconsin home buyers is the Wisconsin Housing and Economic Development Authority (WHEDA) website which provides detailed information about their programs such as income and purchase price limits, eligible areas, and WHEDA lenders in your area.

LESS AGGRESSIVE BUYER COMPETITION

versus summer and spring real estate markets. The cooler seasons of fall and winter can give you the advantage when hunting for homes in Oconomowoc and surrounding areas due to:

– Many home Buyers with children want to close on a home before the start of the school year, which has now passed.

– Buyers with children in school may also be more occupied with school sports and activities, making them less available to attend private showings.

– Home Buyers often favor house hunting in warmer months when they don’t have to brave the cold weather.

– You have an increased chance of being at the front of the pack to see a home, and get an offer in front of the Seller.

FALL CAN PRODUCE MOTIVATED SELLERS.

Home Sellers are more likely to lower their prices and/or offer more buyer incentives in the fall and winter in order sell their home by the end of the year. Although home prices have appreciated due to the lack of homes for sale in Oconomowoc and nearby areas, buying outside of the spring and summer real estate markets can reduce the possibility from entering a stressful and intense bidding war with other interested home buyers, which would ultimately drive up the final sale price.

If you need recommendations for local lenders in the area or would like to discuss purchasing a home, we would love to help. Contact us anytime to discuss your real estate needs.

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The new Home Sales Report, released by the Wisconsin REALTORS® Association (WRA), revealed that the rate at which home prices appreciated, was more than triple the rate of inflation, in September. Comparing the first three quarters of this year to the same period in 2018, median home prices increased over 7% in Waukesha County, as you can see in the chart below. The low inventory of homes for sale and persistent buyer demand has fueled home prices to rise at a much faster rate than the rate of inflation in Wisconsin.

September housing stats helped end the third quarter of this year on an upbeat note. The number of home sales and the median prices were both greater than the respective month last year, according to the WRA’s analysis. Growth in new listings helped improve the number of home sales. The total number of sales from January through September now only trails last year’s home sales, for the same nine-month period, by 2%.

The enduring Seller’s market has limited the volume of homes for sale, and has put upward pressure on housing prices over these last few years. The tight market has made buying a home challenging for many qualified Buyers. Getting pre-approved for financing and working with an experienced REALTOR^®who knows the local market well are significant influences to get you to a successful closing.

How can we help you with your real estate needs? If you have questions about the current conditions of the local real estate market, please don’t hesitate to get in touch with us.

To hear what others have said about working with us, please visit our Testimonials page.

Source for information: “Wisconsin REALTORS® Association: September 2019 Home Sales Report.” WRA, 21 Oct. 2019, www.wra.org/HSRSep2019/.