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The real estate market started off strong to kick off 2021. January is typically the quietest month of the year in real estate, however both sales and prices improved from January 2020 in Wisconsin.
Our local southeast region had the highest number of January home sales in the state, up 4% from the respective month last year. If you have a property up north, you may be interested in hearing that home sales jumped 31% in the north region, over the same time period.
Locally, the median home sales price in Waukesha County grew an impressive 10% to $330,000 comparing last month to January 2020. Home prices may only go up from here, if housing inventory does not improve.
The Wisconsin REALTORS® Association (WRA) reported in their most recent housing report that there were roughly 2 months of homes for sale in January, worse than 3.5 months of supply a year earlier. Statewide, listings were down nearly 36% in January 2021, compared to the respective month last year.
Mortgage rates remain extremely low, helping to add more buyers to the marketplace. Home prices may increase significantly and the number of sales may slow, if the number of homes available do not improve.
Winter can be the best time of year for buyers to successfully purchase a home, before buyer competition ramps up in spring.
As a buyer, you may still be able to find some good opportunities. Working with a realtor who is experienced, and knows the local market well, can give you the best chances of scoring a home in this tight market.
To consult with one of our real estate professionals about your real estate needs, please reach out to us.
Swap out your dated hardware in the kitchen and bathrooms for a newer look. You will find that there are many styles, finishes, and colors to choose from.
Hanging decorative corbels under breakfast bars, mantels, shelves and in entryway corners can be a stylish way to add some character and charm to your home.
The use of the decorative finish can make a room more pleasing to the eye. Crown molding helps give a room a more stylish look. When used selectively, it can distinguish the more formal areas of your house from the casual areas.
Start fresh by emptying out your pantry and cleaning it. Categorize items to quickly find what you need. Make use of lazy Susans, glass or clear plastic containers, and baskets to help save space. Label items to easily locate them. Utilize door and extra wall space by hanging shelves and hooks. Being a high traffic area, an organized pantry can make a great impression on future home buyers.
Replacing your thermostat with a smart one is a modern update that can appeal to future home buyers. Many of the devices can be controlled by your phone and voice, to easily adjust your heating and cooling settings.
Save space by mounting your TVs on your wall. For an even more sleek look, you can run the cords behind the drywall. Mounting your TV can make a room feel larger, and eliminates the need for a bulky T.V. stand.
Transform your laundry room from bleak to charming. Add some cabinets, shelving, and hooks to organize. If your laundry area is in the basement, put down a rug to warm up the space and add color. Utilizing liquid dispensers for laundry detergent and softener adds convenience, and gives a cleaner look. Throw in some decorative items on the shelves or walls to complete your space.
Upgrading your kitchen and bathroom faucets to more modern and stylish ones can instantly make the room feel more contemporary.
An inviting entryway can help your home feel more welcoming. A statement rug can add personality. Hooks, shelves, a bench and a small table can all add function to the space.
For your backdoor entrance, create an organized drop zone for items such keys, dog leashes, backpacks, and winter accessories. Hooks and baskets are a great way to contain items, while making them easily accessible. Designating a drop zone in your home can help reduce a cluttered feel.
An old ceiling fan can make the whole room feel outdated. Trade your old ceiling fan for a more modern style or replace with a lighting fixture. Lighting fixtures can dramatically change the look and style of a room.
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