For the first quarter of 2019, the number of home sales in Wisconsin were behind over 7% relative to last year’s first quarter, according to the most recent home sales report from the Wisconsin REALTORS® Association (WRA). Over the same time period, the quarterly median price increased 5.5%. Lack of inventory was the major contributing factor for sales to cool off and home prices to heat up, especially in urban localities.
Homes have appreciated considerably over the past seven years. To put it in perspective, Wisconsin’s median home sales price in March 2019 ($185,000) was over 50% higher than in March 2012 ($123,000). Generally, the real estate market becomes more active in spring, with an increase in new listings and more home sales. In Waukesha County, the number of home sales grew less than 25% from February to March compared to the 54% growth of home sales for the respective months last year.
Sellers definitely have the advantage in most markets but there are still some good opportunities for Buyers. If you’re looking to buy a home this year, make sure you have your financing ready, be prepared to act quickly, and work with an experienced REALTOR® that can guide you to a successful closing.
Sources for data and information:
“Market Summary.” Flexmls.com, Metro Multiple Listing Service, Inc. , met.flexmls.com/.
“Wisconsin REALTORS® Association: March 2019 Home Sales Report.” WRA, 22 Apr. 2019, www.wra.org/HSRMar2019/.
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If you’re ready to find homes for sale in Oconomowoc or the Lake Country area, raise your chances of getting the home that you really want by following these tips. It has been a competitive housing market for homes in the Oconomowoc Area priced below $350,000 due to low inventory. These tips can help you win a bidding war on a great home in a hot housing market.
By following these tips, you can increase your chances of beating out the competition when bidding on a home in a tight housing market. First and foremost, make sure you are working with a realtor that you can trust and who will give you good advice.
If you’re looking to find a realtor in Oconomowoc, contact Oconomowoc Realty. Our team of realtors have extensive knowledge and experience in real estate contracts and strong contract negotiating skills. Learn what others have to say about working with us by visiting our Testimonials page.
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Spring is a beautiful time in Oconomowoc! Being both a Tree City and Bird City, Oconomowoc offers plenty of opportunities to see and hear the signs of Spring. The season is the perfect time of year to get out of the house and enjoy the natural beauty and fun happenings that take place this time of year. Check out our list of 10 things to do this Spring in Oconomowoc.
Please make sure to visit the corresponding business or organizations’ websites that are hosting an event to confirm and view event details.
– Bike or Hike the Lake Country Recreational Trail
A great way to get out and enjoy the sights and sounds of spring in Lake Country is to bike or hike the scenic Lake Country Recreational Trail. Stretching 15 miles, the paved trail runs from Pewaukee, through Delafield, and ends at Roosevelt Park in Oconomowoc.
– Relax out on the boardwalk Downtown Oconomowc.
Grab lunch or a good book and relax out on the boardwalk situated on the shoreline of Fowler Lake.
– Ladies Night Out Downtown Oconomowoc: April 4
Sip and shop through Downtown Oconomowoc and enjoy specials, fun and prizes. One of the many events sponsored by the Downtown Oconomowoc Business Association.
– Beer Tapping at Brewfinity Brewing: April 6
Join Brewfinity and Charitable Hops as they celebrate the 2018 Charitable Hops Contest Winner, Mark Dufek and his American Pale Ale “Da Crusher”. Proceeds from the sale of his ale and $1 from all other Brewfinity tap beer sold that night will be donated to Silver Streak, a nonprofit transportation service.
– Hit up a HUGE Rummage Sale: April 13
The annual HUGE Rummage Sale at First Congregational UCC in Oconomowoc takes place mid April. From furniture to collectables, you’ll be able to find something for everyone there.
– Take the Historic Walking Tour around Fowler Lake
Pick up a brochure at the Oconomowoc Realty office or at City Hall which has a map and brief history about each landmark. Glimpse into the history of Oconomowoc when it was known as the “Newport of the West”.
– Oconomowoc Chamber Orchestra Spring Concert: April 14
With the 2019 Chatfield Award Presentation, the Oconomowoc Community Choir, and the Silver Lake Singers taking place at the Oconomowoc Arts Center.
– Eat at the Kiltie Drive-In
Once their flags are flying high, you will know that the Kiltie is open for the season! The classic Oconomowoc drive-in is a staple in the community and the perfect place to enjoy a burger and a shake.
– Spring Gallery Night Downtown Oconomowoc: May 3
An Oconomowoc tradition! Enjoy art and music throughout downtown and the downtown stores. Another great event put on by the Downtown Oconomowoc Business Association.
– Visit the animals at Concord Zoo- Free admission!
Stop by Concord General Store (Exit 275 off I-94) in Oconomowoc and visit the animals at Concord Zoo.
Admission is free but donations are appreciated.
Despite the frigid weather we had in February, home sales in Wisconsin surpassed last February’s sales record. The real estate market generally follows a seasonal pattern with the market picking up in Spring. As you can see from the home sales chart below, the busy real estate season is upon us.
Homes sales for the first two months of the year were still off nearly 3.5% statewide, compared to the respective months last year, as reported in the Wisconsin REALTORS® Association’s most recent home sales report. More real estate listings in Oconomowoc and the surrounding area have been popping up on the market. Demand for housing remains high in the local area and is only expected to increase as warmer weather moves in. If you are planning to buy a home this year, being decisive and working with an experienced, local realtor can help set you up for success in this competitive real estate market.
Sources for data and information:
“Wisconsin REALTORS® Association: February 2019 Home Sales Report.” WRA, 17 Mar. 2019, www.wra.org/HSRFeb2019/
“Wisconsin Housing Statistics.” WRA, www.wra.org/HousingStatistics/.
Demand for homes in Oconomowoc and the Lake Country area have been in high demand. Since 2017, it has been a strong Seller’s market due to high demand for housing and limited supply. It is still a Seller’s market, but not the red-hot Seller’s market you saw over the last couple years. If you’re thinking about selling, it may be better to do so sooner than later before the housing market shifts more in Buyer’s favor.
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Home sales in January are off nearly 9% in Wisconsin compared to last January’s strong start to 2018, as reported in the most recent Home Sales Report released by the Wisconsin REALTORS® Association (WRA). It has been slim pickings for home buyers as housing inventories remain tight, especially for homes priced under $300,000 due to high demand. Housing inventory in Wisconsin stalled at just 3.5 months of supply, well below 6 months of supply which marks a balanced market. The limited housing supply has not only suppressed the number of home sales but has propelled housing prices. The median home sales price increased 3.5% from last January.
Since 2017, the state has had a strong Seller’s market according to WRA president and CEO, Michael Theo. If you’re thinking about selling, 2019 may be the year to do so or it may get more challenging and less rewarding. Home prices are not increasing at the same velocity they did a year ago and more new construction homes and condominium developments in the area are anticipated to be completed this year. More housing supply will help offset the high demand for homes in Oconomowoc and the Lake Country area, helping to moderate home prices. Generally, winter is a good time for buyers to find good values as demand tends to be lower during the colder season. As we move closer to the spring and summer months however, expect more competition and higher prices. In today’s vigorous real estate market, an experienced Realtor working on your behalf is indispensable. Hiring an experienced Realtor with strong contract negotiating skills along with extensive knowledge and experience in crafting offers greatly increases your likelihood of getting to a successful closing on the most favorable terms.
Sources for data and information:
“Wisconsin Housing Statistics.” WRA: Wisconsin REALTORS Association, 18 Feb. 2019 www.wra.org/HousingStatistics/
“Wisconsin REALTORS® Association: January 2019 Home Sales Report.” WRA: Wisconsin REALTORS Association, www.wra.org/HSRJan2019/.
Buying your first home is exciting but also a big decision. Check out these recommendations to help prepare you for buying your first home.
A healthy down payment is 20% of the purchase price but some first-time home buyer programs accept as little as 3.5% of the purchase price if you meet the eligibility requirements. Set a goal amount and track your savings for a down payment to visually see your progress which will help motivate you.
Although there are loan programs that accept lower credit scores, your score can still affect your loan terms and interest rate. Before applying for a loan, make sure there are no errors that could be affecting your credit score and try to pay down any debts. After you apply for a mortgage, do not open any new credit accounts such as a credit card or car loan until your home loan closes.
There are multiple types of mortgage options and down payment assistance programs to help first time home buyers. Below are a few resources to check out:
Wisconsin Housing & Economic Development Authority (WHEDA)
Jefferson County Home Buyer Program
United States Department of Agriculture & Rural Development
When you’re close to buying a home, request a pre-approval letter from your lender showing how much they are willing to lend you. Having the letter will make you look like a serious buyer which can better your chances of the seller accepting your offer.
Owning a home requires maintenance such as snowplowing and yard care. If you’re looking for less maintenance and more amenities, buying a condo may be a better fit for you.
When buying your first home, working with professional real estate agent to guide you through the home buying processes is indispensable. You will want to hire someone that is knowledgeable about the area and is highly skilled. If you’re looking to buy a home in Oconomowoc or the Lake Country Area, our team of agents have the expertise to help you purchase your first home with confidence. Check out what others have to say about working with us.
In today’s market, there is high competition for homes under $300,000. Homes for sale in Oconomowoc and the Lake Country area in this price range are exceedingly limited, so it is common for sellers in these localities to receive multiple offers. By shopping for homes under budget, you can leave wiggle room for bidding.
Besides the purchase price, there are additional closing cost expenses. Examples of these expenses include homeowner’s insurance, home inspections, title fees, and closing fees. Closing costs typically range between 2-5% of the purchase price.
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Statewide, the total number of home sales in 2018 came in just short of 2017’s record year for home sales, down 2.2% as announced in the Wisconsin REALTORS® Association’s (WRA) December Home Sales Report. Sellers have had the advantage in most real estate markets across the state due to low supply of homes for sale.
The association’s report revealed that it is a strong Sellers’ market for homes selling below $350,000, which had inventory levels of only 2.9 to 4 months of supply last year. Having 6 months of supply indicates a balanced housing market. Homes priced between $350,000 and under $500,000 had roughly 5.1 months of supply. Homes priced $500,000 or more had 9.7 months of supply which indicates a Buyers’ market.
The tight housing supply has put upward pressure on home prices yet again. Last year, the median home sales price rose over 6% compared to 2017. For 2019, the WRA predicts that demand for housing will moderate as a result of the recent decrease in affordability and slowing of economic growth. The report goes on to say, “Assuming no recession, the WRA predicts the combination of solid but moderating demand and flat or slightly improving supply should keep housing sales in the vicinity of the last three years. This should also keep prices from going up as quickly as they did in 2018.” (December 2018 Home Sales Report)
If you would like to find out what your home is worth in today’s market or to discuss your other real estate needs, please contact us.
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4 Noteworthy Reasons to Sell Your Home in 2019
Winter in Wisconsin is well underway but each day, the long nights are gradually getting shorter reminding us that Spring is on its way. For most real estate markets, the spring season is when it starts to get busier with new homes listed and more buyers in the marketplace. The Oconomowoc real estate market is certainly no exception. You may have been thinking about downsizing or capitalizing on the low inventory of homes for sale in Oconomowoc and the surrounding areas. If you’re considering selling your home in 2019, winter is the time to begin preparing your home before it hits the market. Here are some improvements you can start doing now, to ensure you will get the best price for your home.
These minor improvements to your home can help make a good lasting impression on potential buyers and could help sway them to write higher offers. Starting to prepare your home now before putting in on the market is a good way to ease in to the home selling process. Despite the fact that inventory of homes for sale in Oconomowoc and the Lake Country Area are currently limited, Spring is generally the time when we start seeing new listings pop up on the real estate market. A good way to get ahead of the competition for buyers is to list your home earlier (within the first quarter of the year), when there are fewer competing homes for sale.
If you would like advice on what improvements would be recommended for your home or would like to discuss what your home is worth in today’s market, we would be happy to help. Please contact us or request a complimentary home market analysis today!
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