It is a competitive market for those looking to purchase a home, especially ones under $300,0000, in the local area. With limited affordable homes available, and strong buyer demand, it can be discouraging to continuously see that Accepted Offer status on houses you’re interested in. To successfully purchase a home in Oconomowoc or neighboring area, it’s important to stay positive and persevere on achieving your home ownership goals. Try not to get easily frustrated and instead, stay focused on reaching your objective.
Being pre-approved from a reputable lender, has become a standard in today’s tight marketplace. Working with a local, trustworthy lender can give you an advantage from other buyers working with an internet based or out of state lender. Being prepared for other expenses, such as closings costs, is also imperative to successfully close on a home. For more information about closing costs, check out this article published on Nerd Wallet’s website.
Knowing your “must haves” and “wants” in a house will increase your chances of successfully buying a home in the Oconomowoc area’s low inventory market. Understanding the supply of homes for sale in your price range, can help you define if there are features you could sacrifice in order to live in your preferred location.
Having a proficient, local realtor on your team can make all the difference when it comes to purchasing a home or not, in a limited market. A competent realtor will have extensive knowledge and experience in real estate contracts, so they can help you write a competitive offer. A good buyer’s agent will also represent you with strong contract negotiating skills.
When looking for a realtor, is recommended to focus on finding a local professional, who is highly regarded. They should have a proven track record for providing excellent service to their clients instead of highlighting quantity. To learn more about our team’s approach to representing buyers, read examples of how past clients were helped with their real estate needs on our Testimonials page.
To learn more about our team members, check out our About Us page.
Oconomowoc Area Real Estate Market Conditions
4 things to know about buying or selling real estate in 2020
Upcoming Events in the Oconomowoc Area
This year is already demonstrating to be another competitive and fast-moving market for home buyers in the Oconomowoc real estate market and surrounding areas. Both mortgage rates and supply of homes for sale in Waukesha County remain low, which in return has helped uphold a strong seller’s market.
Compared to the respective month last year, the number of home sales in WI last month were nearly 9% higher. Median home sale prices rose 8.6% over the same 12-month period. The Wisconsin REALTORS® Association reported these stats in the latest Home Sales Report.
January hit a record for low inventory, since the WRA started tracking levels in December 2009. The number of Wisconsin listings last month were 14% lower, compared to January 2019. Compared to any previous January back to 2007 (when the WRA updated their data collection method), last month had the most home sales. With just over 3 months of supply (well below a balanced market of 6 months), hitting that record is impressive.
In Waukesha County, the median home sale price has been steadily increasing since 2016. The graph below illustrates the rising prices for homes in Waukesha County, over the last 3 years.
Sellers continue to have the upper hand when it comes to negotiating power, in the local Oconomowoc real estate market. Be prepared to write at least a full price offer with limited or no contingencies if you’re looking to buy a home in Oconomowoc or neighboring area.
An experienced realtor who knows the local market well on your team, is highly advised in today’s fast-moving market conditions. They can help minimize your stress and get you to a successful closing. Now is a great time to get a head start on your real estate needs. Contact us and we’ll help you start off on the right foot if you’re looking to sell at a superb price, or want to begin your new home search. Check out our Testimonials page, to hear what others have said about working with us.
Information and data were obtained from the Wisconsin REALTORS Association’s January 2020 Home Sales Report. (This hyperlink will take you away from our website to the WRA’s report).
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Sell Your Home for Top Dollar: 10 Tips.
Prepare Your Home to Sell in Spring
4 Things to Know About Buying or Selling Real Estate in 2020.
If you sell your house while the real estate market is favorable for sellers, it can be rewarding. With record low housing inventory and median prices surging in Wisconsin, many homeowners have been considering cashing in. If you have been pondering the idea of putting your house up for sale, here are 10 tips to help maximize how much money you sell for.
Things that come up in a home inspection can give buyers re-negotiation leverage and/or delay closing. The age and location of your home are a couple of factors that may help you decide if this step is necessary. It is also a good idea to consult with your realtor for their advice. (Word of caution: anything discovered by your inspector will likely need to be disclosed, regardless if you remedy the issue or not).
You only have one chance to make a great first impression to potential buyers. To make it easier on yourself when it comes time for a showing, consider:
Show potential buyers what a room could be used for, by staging furniture to give each room a purpose. Convert that room used as a dumping ground for your extra stuff, into spaces such as a:
When you sell your house, tell buyers about the extras your house offers to help you gain an advantage over your competition. Those small details can provide reassurance to buyers and perceived as added bonuses. Features such as a security system, motion-sensitive exterior lighting, reverse osmosis system, or even an extra-large garage can be unobserved or overlooked.
Another strategy to try when selling your house, is to reveal what your home’s photos don’t, such as your neighborhood’s culture. Pointing out perks such as being in close proximity to amenities and recreational trails, having easy access to major roadways for commuting, and that the neighborhood’s low traffic streets are ideal for dog walking, can all help convince buyers that your location is on target with their needs and wants.
A few budget friendly changes can help modernize your kitchen, and make it more appealing to potential buyers. Some easy updates include:
Bathrooms and kitchens are the spaces most buyers pay particular attention to in a house. If your bathroom is outdated (such as having pink or green tile still), a cost-effective way to freshen up the look is to re-glaze the tiles. If your bathroom is on the small side, re-glazing tiles white can help make the space feel more spacious. Adding a new sink faucet and updating cabinetry can also help modernize your bathroom.
Strategically price your house to get the best price. After all, multiple price reductions on an overpriced home can make potential buyers skeptical and prompt them to write low offers. An aggressively priced home can help get more buyers through your house, which can ultimately lead to a bidding war that drives up the final sales price. A comparative market analysis by a local realtor, can help determine the best list price for your home.
Selling your house is one of the most important financial transactions you will make, and involves many moving parts. Having a professional, local realtor on your team can help minimize your stress and set you up for success. A seasoned realtor will have the experience and knowledge, not to mention the resources to get you to a successful closing smoothly.
Beat the rush of more homes hitting the market in spring and summer by selling your home ahead of the spring real estate market or in early spring. Benefits of getting ahead include:
The low number of houses for sale in Oconomowoc and Lake Country area, in addition to solid buyer demand has created strong upwards pressure on housing prices. It’s still a strong seller’s market making now an excellent time to sell.
To request a complimentary comparative market analysis for your home or to speak with a realtor about starting the process, contact your local realtors at Oconomowoc Realty: 262-567-3611 or send us an email: info@oconomowocrealty.com.
To hear what others have said about working with us, check out our Testimonials page.
Prepare your home to sell in spring.
4 Things to know about buying or selling real estate in 2020.
Aerial photography as a marketing tool.
Add some lightheartedness to your home with these DIY Valentine’s Day decor ideas. These decorative items are fairly inexpensive and simple to make. Some of these ideas would also be fun crafts to do with children and a great way to get them involved.
This blog contains hyperlinks to websites operated by third parties as a convenience and for informational purposes only. These links will take you away from our website. Oconomowoc Realty bears no responsibility for the accuracy, legality or content of the external site.
While conversation hearts may not be your favorite candy to eat, use the colorful hearts to make a festive vase filler. Get the directions at Smart School House.
This cute decoration is a subtle way to convey the spirit of love in your home. Find out how to make it at Infarrantly Creative.
The heart shaped wreath made out of dyed coffee filters would be a fun project to do with the kids, and a sure way to bring Valentine’s Day cheer to your home. More info at Soccer Mom Style.
This modern string art would be the perfect decorative piece for your fireplace mantel or as art on your wall. For directions, visit Green Wedding Shoes.
Send the message of love with these fun ombre letters made of yarn. Get the tutorial at My Sister’s Suitcase.
Make your own Valentine’s Day wreath for your front door. Watch the tutorial to make this XO wreath at Southern Living.
Another type of wreath you can make are these floral heart wreaths. Using artificial flowers in pink, purple and red hues can help bring a pop of Valentine’s Day colors to your home. Find out more at Design Improvised.
Prepare Your Home to Sell in Spring.
4 Things to Know About Buying or Selling Real Estate in 2020.
Aerial Photography as a Marketing Tool.
10 Helpful Tips to Protect Your Home (and Wallet) This Winter.
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