If you’re thinking about listing your home in the next few months, here are some ways to prepare your home to sell in spring.
Winter Image by James DeMers
4 Things to know about buying or selling real estate in 2020.
Aerial photography as a marketing tool.
Conquer 2020. Tips to achieve your new years home resolution.
Spring is just a couple of months away, and soon the spring real estate market will be in full swing once again. Have you been considering making 2020 the year to downsize, trade up, or buy your first or next home? If so, there are things you can do now to remain competitive in another anticipated, lively real estate season. Continue reading to learn how you can prepare to reach your home buying or selling objectives this year.
If you’re thinking about buying or selling this year, now is a great time to start planning for the upcoming spring real estate market. Contact us if you have questions about the current market conditions, or if you would like to discuss the next steps to start the home buying or selling process.
Aerial photography from a drone can be a great marketing tool to sell your property, if you have a unique setting or desirable location for instance. Here are some great examples of aerial photography from our archive.
The aerial photo shows this special property’s gorgeous vistas over the countryside and rivers running through it.
The shot below shows the privacy this hilltop home offers as it is located on nearly 7 wooded acres. View the full listing HERE.
This aerial photo shows off the unique location of a land development site for sale in Oconomowoc, just south of the Oconomowoc River. Check out the listing HERE.
Homes in the Watertown Country Club Neighborhood are located in close proximity to the picturesque Watertown Country Club Golf Course.
This Lake La Belle home is located on a quiet, dead end street with a great lake frontage.
From this above ground angle, viewers can see the layout of this commercial lot and shows the site is visually screened with landscaping. View this listing HERE.
Looking for an Oconomowoc lot for sale to build your home or duplex? This aerial view shows the layout of the neighborhood along with Lake La Belle, located just North of the subdivision. For availability or to reserve your lot, visit the Weston Meadows website.
The pictures below show two different inlets on Okauchee Lake, which provides a more complete view of the immediate area these lakefront homes can enjoy.
This Oconomowoc home has a spacious front yard and private backyard.
As you can see, aerial photography can be an excellent marketing tool to help tell the full story of your property.
Thinking of selling in the Lake Country area or want to know more about current market conditions? Contact us anytime to discuss your real estate needs at 262-567-3611 or submit an inquiry online HERE.
As 2019 comes to a close, it is a great time to start creating goals for the new year and fresh decade ahead. Your new year’s resolution may include buying your first home, or perhaps selling your existing home to buy your next. Your real estate ambitions may seem overwhelming, but are achievable if you stay organized and keep your finances on track. Here are some advisable tips to put you on a clear path to achieve your home ownership resolutions.
– Determine how much of a down payment you can afford and what you will be able to pay for a monthly mortgage payment. To calculate your estimated monthly mortgage payment, try using our mortgage calculator. If you currently rent, you may be pleasantly surprised to find that your monthly payment may be less than your rent.
– Talk to your local lender about interest rates, loan programs, and even down payment assistance programs. Once approved for a loan, ask your lender for a pre-approval letter. The letter is valuable because when you submit an offer on a home, you can show the Seller that you are a serious buyer that can afford to purchase the home.
– Look at your monthly bills and expenses to determine what items you could cut back on. Sacrificing or curtailing expenditures on subscriptions and restaurants are two easy ways to save money.
In general, there is less home buyer competition during the winter due to kids being in school and wintry weather. Historically, home prices also start to rise around March, as it is the time of year when the real estate market gains momentum. The Oconomowoc real estate market tends to follow this national trend. The graph below illustrates the seasonal pattern of median housing prices in the entire Southeast Region of WI. The tight housing market reiterates the idea that beating the spring rush can help reduce intense buyer competition and tall prices, as much as possible.
Make a list of what you need and want in a home. It is recommended to keep an open mind and consider making compromises on your wants, as housing inventory for the most part, remain limited. For example, houses in Oconomowoc for sale, priced below $300,000, have not been staying on the market for long due to solid demand. Things to take in account is the area you would like to live in, local school ratings, local amenities, and commute times. Even if you don’t have school-age children, school ratings can highly influence demand and resale value of your home.
Be one of the first to know when a new listing that meets your criteria, hits the market. Our team of realtors can sign you up directly with the MLS system to be notified, instead of you having to rely on third-party websites that may have delayed or less detailed housing data.
By decluttering now, you will not feel rushed when the time comes to relocate. It will also reduce how many boxes and/or furniture you will have to transfer on moving-day. In addition, if you are planning to sell your current home, decluttering can amplify buyer appeal.
When a buyer walks into your home, you want them to focus on the attractive features your home offers, instead of having them be distracted by minor flaws and exceedingly personalized spaces. Making a few small fixes can help allure potential buyers. Things such as burnt out light bulbs, outdated lighting fixtures, running toilets, old carpeting, and bright or dark painted walls are a few things that can be easily changed. Your REALTOR® should be able to tell you what repairs and replacements are worthwhile. If you don’t want to make changes, consider offering a credit to Buyers such as a flooring credit.
Talk to a REALTOR® to get a ballpark of what your home could sell for. They will be able to tell you what similar homes in your area sold for, the average number of days on the market, and the amount of competition for similar homes in your area. Contact us to request your complimentary market analysis, at no obligation.
Starter homes especially are in high demand, so it is best to have your home ready to show immediately after is goes active on the market. One strategy to maximize showings, is to have your REALTOR® hold an open house shortly after listing your home.
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Please note, event information provided is believed to be accurate and reliable but is not guaranteed and subject to change. Please make sure to verify dates/times for the corresponding event.
Every Sunday through March 15, 2020 (Except Dec. 29 and Jan. 19)
The Oconomowoc Winter Farmers Market takes place in Oconomowoc High School’s main cafeteria from 9 AM-1 PM. Shop for meats, micro greens, bake goods, soaps, honey and more.
5 PM daily through December 31, 2019
Annually, the Ingleside Hotel in Pewaukee transforms into a winter wonderland called Country Christmas. Take a drive on their illuminated, mile-long trail to see a beautiful holiday lights display. Tickets also include admission to two festive buildings located at the end of the trail featuring holiday displays and a concession area.
January 1, 2020 from 1 PM-5 PM
Start off the new year by skiing at beautiful Lapham Peak State Park. Lapham Ski Fest will have ski rental discounts, lessons, bonfire, hot cocoa and snacks along with a scavenger hunt.
January 11, 2020
The 2nd annual DelaFREEZE will take place downtown Delafield. Come see over a dozen ice sculptures being carved starting at 10 AM, along with many other activities and menu specials. Nagawicka Ice Skating will also have free ice skating from 3-5 PM.
January 11, 2020 from 12 PM–4 PM
Bask in the magic of winter and take part in some outdoor fun at the OutWIGo Snow event at Lapham Peak. Enjoy an active afternoon cross country skiing, snow shoeing, fat tire biking, sledding, and making smores.
January 25, 2020 from 9 AM- 5 PM
The much-loved Chili Fest in Oconomowoc is one of the annual Oconomowoc events that you don’t want to miss! This winter festival is great for the whole family and a sure way to beat the winter blues. Taste chili from around downtown Oconomowoc, if you buy tickets, or buy a bowl at the Chili Cook-Off Tent on the Village Green. Fowler lake will have a pond hockey tournament, ice skating, an ice fishing clinic, and giant kite flying. Warm up in the beer tent/warming house.
January 25, 2020 from 6 PM-7 PM
Ski, hike or snowshoe on a 1-mile trail at Lapham Peak at their annual Candlelight Hike and Ski event. Warm up by the campfire afterwards where hot beverages and treats will be available. The very popular event will require participants to have tickets, that must be obtained beforehand.
January 17-26, 2020
Get outside and enjoy winter at Wisconsin’s premier winter festival: Waukesha Janboree. The family friendly event offers ten days of winter activities throughout the Waukesha area, with nearly all of them free to participate. Ice sculpting demos, toboggan run sledding, Frozen FootGolf, Frosty 5K, a Janboree Beer Garden, and a fireworks extravaganza to name a few offerings. Don’t miss out on free public ice skating at Eble Park Ice Arena on January 18 from 2-4 PM and at Naga-Waukee Park Ice Arena on January 25 from 3-5 PM.
January 18-19, 2020
Take advantage of the Free Winter Fishing Weekend in WI to introduce your friends and family to fishing. A great opportunity to get out on one of many beautiful lakes the Lake County Area has to offer.
While you may not have been able to complete your fall clean-up before the first snowfall, it is not too late to protect your home and wallet from the harsh winter elements. Here are some helpful tips to help safeguard your home and money during the winter season.
In Southeast Wisconsin, homes sales improved 5.7% over the past year, according to the most recent home sales report by the Wisconsin REALTORS® Association (WRA). The southeast region had the highest sales growth in the state, and the weakest inventory of homes for sale over the same time period. Housing inventory in the region stood at merely 3.7 months of supply over the last 12 months, which indicates a strong Seller’s market prevailed in the local area. Statewide, housing inventory had 4.6 months of supply over the respective time frame.
According to the WRA’s report, the statewide average days on the market shortened 5.2% over the last 12 months, to an average of 91 days. The marginal supply of homes for sale continues to dictate the local housing market conditions. Home prices will consistently rise and the number of home sales will be restrained, if the volume of homes available to purchase do not improve. The growth in new listings within the last two months may be a clue that housing supply will start to recover at last.
Current mortgage rates are only slightly higher than the all-time low rates seen at the end of 2012, which is encouraging Buyers to enter the market. In addition to new Buyers, existing demand for housing has extended beyond the peak real estate season of Spring and Summer due to the lack of homes available. For the time being, it is still an advantageous time to sell. On average, the winter season yields more serious Buyers and less competition with other Sellers. Buyers should continue to get per-approved for financing and be ready to act quickly, especially for homes priced under $300,000.
If you have questions about the current conditions of the local real estate market, please don’t hesitate to contact us.
Oconomowoc Realty is family owned and has been servicing all of Oconomowoc and the entire Lake Country area since 1959. Learn more about our story HERE and check out our Testimonials page to hear what others have said about working with us.
Source for data and information: “Wisconsin REALTORS® Association: October 2019 Home Sales Report.” WRA, 18 Nov. 2019, www.wra.org/HSROct2019/.
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.
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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.
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.
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.
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/.
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