If you love to entertain or often host holiday parties, check out our list of some of the best home features to look for when purchasing or renovating your home.
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Kick off the Christmas season by attending the much-loved event which takes place downtown Oconomowoc during Thanksgiving Weekend. The German Christmas Market celebrates Wisconsin’s hearty German community and promises that no matter if you are German or not, you will feel like you are. Enjoy unique shopping, authentic German cuisine, the indoor bier garten, live polka bands, and fun activities for the kids. You will also have the opportunity to take a picture with Santa. Visiting the German Christmas Market of Oconomowoc is a terrific way to get into the Christmas spirit!
One of the most spirited parades of the year in the community, the Oconomowoc Kiwanis Christmas Parade lights up downtown. Watch parade floats decked out with music and lights roll by and in true Wisconsin-like-fashion, see Santa and Mrs. Claus get pulled in their sleigh by Harley Davidson motorcycles instead of reindeers. The theme for this year’s parade is “Christmas Dreams” and will take place on December 1, 2018.
The Canadian Pacific Train brings holiday cheer to the community on December 7, 2018. The festively lit train will be making a stop in Oconomowoc for attendees to watch performances and to donate food and money for the local food banks.
Warm up your taste buds at the annual winter festival that takes place in January, downtown Oconomowoc. You’ll have the chance to sample different chilis from local businesses and organizations. The festival also has a beer tent, live ice sculpting around downtown, a pond hockey tournament, open family ice skating and an ice fishing clinic on Fowler Lake. Save the date to bring your whole family to the next Chili Fest, coming up January 26, 2019.
Your chance to sample beer, wine, spirits and food while helping out the local community and the world! The event helps to raise funds for the Oconomowoc Rotary Foundation which provides funds for worthy causes such as the International Polio Plus program, local charities and student scholarships. The fest will be held at a new location this year at the Bertrand Family Pavilion at Okauchee Lions Park on March 2, 2019.
Eat local and fresh by picking up local produce, specialty meats, cheese, baked goods, and more at the Oconomowoc Winter Farmers’ Market. The market is held on Sunday mornings at the Oconomowoc High School.
While the real estate season generally abides by the seasonal temperature changes, heating up in summer and cooling off in winter, the remarkably low inventory of homes on the market has impelled buyers to continue their house hunt through the winter months. Here is a summary of six advantages to selling during winter that points out in a recent article published on Realtor.com®. 
1) Less Competition. Inventory of homes on the market is commonly lower in winter making it a supreme time to sell. With less competition, your home can generate more attention from buyers.
Furthermore, it is likely that you will have less competition for contractors such as painters, carpenters, and inspectors during their slower season. As a result, you may be able to reap the benefits of better selection and availability, quicker results, and better rates.
2) Demonstrate your home is equipped for winter. The snowy season is a great opportunity to show off your home’s features that are beneficial during winter. Examples include having a short driveway denoting less shoveling, having a south facing driveway that expediates snow melting, or your cozy fireplace perfect for those chilly nights.
3) New parents need more space. September has the most birthdays of the year according to statistics. After a baby is settled at home, expanding families may want to search for more spacious family homes.
4) Serious Buyers. Typically, those “window shopper” buyers who are considering moving just want to see what homes are out there and don’t intend to buy just yet. These types of shoppers tend to surface during the spring and fall when more homes are on the market. Buyers looking during the winter tend to be serious about purchasing and don’t want to chance losing out on a great home by waiting until spring.
5) End of year bonuses and retirees. People that have year-end performance reviews could secure bonuses, allowing them the opportunity to upgrade their home or enable first time buyers to enter the market place. End of year retirees may also start their search for a new home they can settle down in.
6) Job relocation. The beginning of the year is a popular time for corporate relocation which motivates those buyers to act quickly to find a new home. Due to their urgency, it is likely that they won’t waste any time writing an offer on a home that meets their requirements.
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Make your dream of owning a home in Oconomowoc or the Lake Country area a reality!
Here is a list of truths behind the most common misconceptions about purchasing a home. In a recent article, Lew Sichelman, a seasoned writer for Inman who has 50 years of experience writing about housing and mortgages, reported that 38% of renters plan to buy a home in the next two years but myths about costs are holding them back. Here is a list of three common misconceptions about purchasing a home and the truths behind them.
Truth: Some loan programs such as FHA have more flexible lending standards, qualifying buyers with lower credit scores. You can check the accuracy of your credit history for free once a year.
Truth: A 20% down payment has its perks which may include smaller monthly mortgage payments, less money spent on interest, and being able to avoid private mortgage insurance which typically costs between .5 and 1% of the entire loan amount per year according to Investopedia.com. However, there are government and some private programs such as FHA and VA loans that accept 0 to 3.5% down if you and the property qualify.
To put it in perspective, let’s say you wanted to purchase a decent starter home in Oconomowoc for $160,000. A 20% down payment would be $32,000 versus a 3.5% down payment of $5,600. Keep in mind that most loan programs that accept down payments less than 20% also require private mortgage insurance. The insurance premiums vary based on factors such as the loan amount and terms, and can be removed down the road when there is enough equity in the home.
Truth: Sellers often are more willing to negotiate the price of the home instead of waiting for a higher offer for a number of reasons. These motives could include the urgency they need to sell, if a prospect is already pre-approved for financing, and if they receive an offer that excludes the contingency of selling a different property. When the likelihood of getting to a successful closing is strong, there is a greater probability that sellers would negotiate on the price.
Information contained in this blog were gathered from reliable sources and believed to be accurate and reliable but is not guaranteed and is subject to change without notice.
The number of home sales are down but prices continue to climb as the supply of homes on the market remain sparse. The inventory of homes on the market under $350,000 lingered well below six months of supply, which marks a balanced market. The limited supply of homes for sale has directly impacted the number of home sales. Year-to-date, there were 524 less homes sold in Southeast WI compared to the same period last year. Affordability is slowly declining though as mortgage rates tick upwards, with another rate increase expected this December.
In Southeast Wisconsin, the median sales price in September increased 11% ($20,200) compared to September 2017, according to housing statistics published by the Wisconsin REALTORS® Association (WRA). This was the biggest price increase seen so far this year when comparing each month to their respective month last year. According to the WRA’s home sales report released on October 22, sellers have the advantage for homes selling under $350,000 statewide. Buyers have the advantage for homes above $500,000 as these homes are taking longer to sell, holding at 12.5 months available supply. If you’re considering upgrading to a home at that price range or above, now is an ideal time. There is a good chance you can sell your current house relatively fast and at a good price while also having the upper hand when it comes to purchasing your new home.
Due to the state of the existing real estate market, it is crucial to price a home appropriately. That is one reason why hiring a professional, local real estate agent is imperative. The housing market is continuously changing and a proficient, local realtor has their finger on the pulse of the local market. This enables them to price properties fitting to the current condition of the housing market in order to sell them at the best price on the most favorable terms for their seller. Whether you’re planning to buy or sell, working with an experienced realtor is highly advised to be successful in today’s resilient real estate market.
Here’s a summary of what the real estate market looks like in the Southeast region of the state compared to last year:
Source for data and information:
“Wisconsin Housing Statistics.” WRA: Wisconsin REALTORS Association, www.wra.org/Resources/Property/Wisconsin_Housing_statistics/.
“Wisconsin REALTORS® Association: September 2018 Home Sales Report.” WRA: Wisconsin REALTORS Association, 22 Oct. 2018, www.wra.org/HSRSep2018/.
Wisconsin home sales in the first eight months of 2018 were nearly two percent lower than the same period of 2017 due to weak housing inventories according to the Wisconsin REALTORS® Association’s (WRA) most recent home sales report. Their analysis revealed that during the same period, median home sales prices rose nearly 7 percent; over twice the annual rate of inflation which varied between 2.1 and 2.9 percent this year.
Just comparing the month of August to last August, home sales were up over three percent and median home prices increased five percent. Regions with more inventory had stronger home sales noted Peter Sveum, WRA chairman. The region with the highest growth of home sales was the North, which increased close to twenty-five percent. However, in the Southeast region of the state, home sales dropped almost one percent due to only having about four months of available supply of inventory (Less than six months of available supply signals a seller’s market).
We have seen houses for sale in Oconomowoc receive accepted offers within just days of being listed. The highly desired area to live in has amplified the interest of developers in the past couple of years. New development to the area brings a glimpse of relief from such a tight housing market. For now, buyers can still find good value in the existing real estate market but need to have financing aligned and be prepared to move forward quickly on the home they want to purchase. Hiring an experienced realtor that knows the area well is the best choice to guide you through today’s competitive real estate market.
If you’re curious to know what your home is worth in today’s market or would like to discuss your other real estate needs, please contact us.
Source for information: “Wisconsin REALTORS® Association: August 2018 Home Sales Report.” WRA: Wisconsin REALTORS Association, 17 Sept. 2018, www.wra.org/HSRAug2018/.
Gather up your friends and family and host a Labor Day cookout in your backyard! To ensure your summer bash is a hit, here are some ideas and tips to throw a terrific Labor Day party.
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Whether your home office is for running a business, telecommuting, or just for paying bills and organizing personal papers, you deserve an inviting home office that you will want to work in instead of just having a desk shoved in the corner. Here are some great ways to create an appealing and practical home office.
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Over the last two months, the inventory of houses for sale in Wisconsin has expanded but the enduring seller’s market remains. The unbalanced real estate market is indicated by the available housing supply standing well below six months which is what signals a balanced market. The number of listings in July were up 3.4% compared to last July but the number of home sales were 3% lower over the same time period, according to the Wisconsin REALTORS® Association’s latest analysis of Wisconsin’s current home market.
The tight housing supply, especially in southeastern Wisconsin, has impelled housing prices to increase. It was revealed in the WRA’s latest analysis that the median sales price in July was up 7.5% compared to last July. The number of days on the market dropped in every region over the last twelve months, with the southeast region having the lowest in the state with an average of just 71 days. The WRA reported that in the last 12 months, mortgage rates were up a ½ percent but remained favorable at 4.53% in July. To be successful in today’s constrained housing market, the WRA recommends to have financing aligned, write clean offers without contingencies, and be prepared to act quickly when your realtor finds the right home for you.
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Source for information: “Wisconsin REALTORS® Association: July 2018 Home Sales Report.” WRA: Wisconsin REALTORS Association, www.wra.org/HSRJuly2018/.
For the first 6 months of 2018, home sales were only 3.7% lower than the first half of last year, primarily due to having strong sales over the winter months according to the most recent market analysis from the Wisconsin REALTORS® Association (WRA). Their analysis went on to report that the number of home sales were down nearly 12% in June compared to last June, however the median price of homes grew 5.4% over the same time frame. Low inventory of homes on the market has restricted the number of home sales and continues to influence the increase in home prices. Demand for homes has been fueled by the state’s strong economy and low mortgage rates, which inched up to just 4.57% in June from 3.9% from last June for a 30-year fixed mortgage.
After reviewing home sales in the last 12 months, the WRA noted that the tightest housing market right now is homes below $200,000. WRA President and CEO, Michael Theo described, “the ideal situation is for those buyers trading up, since they can sell in a seller’s market, and buy in a market with more supply. Regardless of the price point, using a REALTOR® who is experienced is still the key to success in this hot market”.
When you’re ready to take the next step, we’re here for your real estate needs. Contact us to find out what your home could sell for in today’s hot market or to start your home search.
Source for information and data:
“Wisconsin REALTORS® Association: June 2018 Home Sales Report.” WRA: Wisconsin REALTORS Association, 22 July 2018, www.wra.org/HSRJune2018/
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