In October, statewide home sales were up nearly 25%, compared to last October according to the Wisconsin REALTORS® Association (WRA) latest home sales report. Over the same time period, the median home sale price increased more than 16%.
Mortgage rates have been lingering below 3%, which has supported such strong home sales and prices. Comparing the first 10 months of this year compared to 2019, Wisconsin home sales were up 4.5% and the median price was up double digits- over 11%.
Home prices in Waukesha County have held steady so far, rather than declining, as we historically see towards the end of the third quarter of the year. As winter weather moves closer, home prices and buyer competition are expected to ease. Buyers may find good opportunities this winter season, and be able to take advantage of the low mortgage rates.
To discuss your real estate needs, please don’t hesitate to reach out to us to discuss your home buying or selling goals.
Champion local artists and give the gift of art such as paintings, ceramics, photographs, jewelry, and stained-glass pieces.
Gifting a book from your local book store is like sending them on a mental vacation, something we could all use a little bit of this year.
A gift card to a local salon may be the perfect gift for those essential workers that are on your list.
Shop at a local greenhouse or florist to brighten up your gift recipient’s home.
Give a gift with history, such as an item from your local antiques store. They can be excellent decorative pieces and add warmth to a home, especially if the item is sentimental to the inheritor.
Gift certificates to a local class to learn something new, like cycling, Tae kwon do, or a dance class. Many businesses also offer virtual class options.
The Oconomowoc area offers many opportunities for outdoor recreation in winter. Those on your list who enjoy the outdoors may appreciate winter gear from your local sporting goods store. Gifts such as ice fishing tackle, snowshoes, or winter attire can be good options.
A gift card to a local restaurant or eatery can help free up a night of cooking for your gift card recipient.
Giving the gift of local beer or coffee can make brilliant gifts for those aficionados that enjoy a craft cup of brew. Purchase at your local brewery, coffee shop, or roaster.
Locally baked goods and hand-crafted confections are enjoyable treats that many would appreciate.
These two Wisconsin classics can make up the perfect gift basket.
Donate to a local non-profit in the name of your recipient. Choose a non-profit that aligns with the recipient’s values and interests.
Purchase a local memorial or honor gift in the name of your gift recipient. These gifts could include a park bench, a piece of boardwalk at a nature center, or a brick at the Veterans Memorial Park.
Support your local pet supply store and buy a special gift for your pets, such as handmade treats.
If you’re still not sure what to get someone, you can support local businesses by purchasing a gift card from them. The Oconomowoc Chamber of Commerce also offers Oconomowoc gift certificates, which can be redeemed at any of the local participating businesses.
For your real estate needs, consider using a local boutique real estate firm like Oconomowoc Realty. Proudly serving the community since 1959. Feel free to contact us if you have questions about the local real estate market conditions or to discuss your real estate goals.
Little-Known Ways to Make Your Home Feel Warm, Cozy and Inviting.
10 Helpful Tips to Protect Your Home (and Wallet) this winter.
Fall Home Maintenance Reminders.
With colder weather just around the corner, now is the time to prepare your home for winter. Here are some helpful fall home maintenance reminders to prep your home.
Radon: If you haven’t already, test your home for radon. It is more likely to get trapped in your home when windows and doors stay shut more often. High levels of radon are harmful.
Dryer vents: Fall is a good time to clean the dryer vents of built up lint. Since static electricity increases in the cooler/dryer months, cleaning the vents can help reduce the risk of a fire.
Pipes: Insulate pipes in unheated interior spaces such as attics and basements. A burst pipe can cost you thousands of dollars in water damage.
Oven: Run the self-cleaning cycle on your oven before it gets too cold. That way you can open windows and air out your kitchen.
Ceiling fans: Change direction to clockwise to create an updraft, that circulates rising heat.
Heating system: Have your HVAC system inspected and serviced. Change the furnace filter.
Fireplace and chimney: Clean and prepare your fireplace and chimney. Add a chimney cap to avoid critters from crawling down the chimney.
Windows and doors: Reseal/caulk drafty windows and doors. Add a door sweep to help keep the cold air out.
Smoke and CO monitors: Change the batteries and test your smoke/CO monitors.
Water heater: If you have an older hot water heater, insulating it can help prevent heat loss and save energy and money.
Acrylic and latex paint/caulk: Bring these items in from the garage to store, since freezing will ruin any acrylic or latex paint/caulk.
Cracks: Check your outdoor steps, walkways and driveway for cracks to fill to prevent freezing water from expanding them.
Exterior faucets and drain hoses: Prevent damage and drain all outdoor pipes such as sprinkler systems and outdoor hoses.
Grass: At the last cutting, at the end of the growing season in late fall prior to winter, cut grass to 2″. Aerate and fertilize your lawn. Perforating small holes in the soil can help alleviate compaction and allow grass roots to attain more air, nutrients and water. Fertilize before 1st freeze to replace nutrients lost from soil during the hot summer. It will remain in soil and feed roots all winter.
Trees: After the leaves fall off and before the first freeze, generously water your trees. Trim any dead branches or limbs over your roof that could fall during a snowstorm.
Gaps and holes: Inspect the exterior of your house for any gaps and holes to seal. Critters will be looking for a warm place to stay during winter.
Gutters: As Autumn leaves begin to fall, keep the gutters and downspouts cleaned.
Rake leaves: Too many leaves in an area can inhibit spring growth.
Little-Known Ways to Make Your Home Feel Warm, Cozy and Inviting
10 Helpful Tips to Protect Your Home (and Wallet) this Winter
Purchasing a Home in Oconomowoc: How Buyers Can Succeed in a Constricted Market
This summer had a housing heatwave during the June-August period. Home sales in Wisconsin were the strongest they have ever been during the summer season, topping off at 27,795 sales according to the Wisconsin REALTORS® Association’s (WRA) most recent home sales report. In Waukesha County, home sales between January and August were slightly below the number of sales during the same time period last year. The hindered spring real estate season, due to COVID-19, is presumed to be the primary culprit for the tremendous number of home sales this summer.
The median home sales price was up nearly $34,000 in Waukesha County. In August, the median home sales price was $349,799, compared to $315,900 in August 2019 according to housing stats provided by the WRA. As shown in the graph below, home prices have been higher than previous years, mainly due to buyer demand heavily outweighing the supply of homes for sale.
Record low mortgage rates are fueling buyer demand and has prompted many home owners to refinance. The lowest mortgage rates as of today’s date, are at 2.5%, according to bankrate.com. If you’re in the market to purchase a home using financing, it is advised to consult with your banker prior to committing to any financing and appraisal contingency deadlines and/or a closing date in a real estate offer contract. Due to the high volume of people getting mortgages or refinancing, financing and appraisals may need to be scheduled out farther than usual.
If you have questions about the current market conditions to sell or buy your first or next home, please don’t hesitate to reach out to us for more information.
In the current local real estate market, sellers often have the upper hand when it comes to negotiating. Here are some strategies for negotiating the best offer for the sale of your home.
Secondary Offers. As a seller, you can accept secondary offers that act as a backup, if the first offer (primary) falls through. Even better, you can accept several secondary offers and then choose the best one if the need arises.
Countering other offers for the secondary position is a good strategy to secure a closing and get the best price. Employing an experienced and well-educated REALTOR®, can help guide you through the secondary offer process.
Multiple Counter Offers. It is a rewarding time if you are selling your home in Oconomowoc, or surrounding Lake Country area. It is common to see sellers receive multiple offers on their home, especially if it is listed under $300,000.
Instead of accepting or countering the best offer, one strategy is to multiple counter a few of the best offers. This tactic can help you negotiate the best price and terms with the interested buyers for your home.
A multiple counter offer also alerts buyers that others have also submitted an offer. Knowing this may encourage interested parties to offer more money, eliminate contingencies, and/or offer other favorable terms for the seller.
Set a realistic asking price. Pricing your home correctly can attract a bigger pool of buyers and lead to a bidding war. A well informed, local realtor will be able to provide you a comparative market analysis for your home, to determine a realistic asking price.
Houses that stay on the market longer can lead to buyers offering lower prices and may try to negotiate terms of the contract. A correct listing price from the start can lead to a higher sale price, more favorable terms, and a quicker sale.
Offer a Home Warranty. One approach to maintain your asking price is to include a home warranty with your home. Providing a home warranty is a great buyer incentive and can help boost a buyer’s confidence.
Offering a home warranty can help reduce or eliminate the buyer trying to negotiate. It can also help avoid you avoid a closing delay, due to an unexpected failure of an appliance or system.
You can receive a FREE one year home warranty when you sell your home with Oconomowoc Realty, up to a $500 value. Check out our promotion page to learn more.
If you have been thinking about selling, feel free to contact us for a consultation. Our team can provide you insight on the local market conditions, along with providing you a free comparative market analysis for your property.
4 Recommendations for sellers in this unusual market
Future home buyers will likely prioritize these home features because of quarantine.
Home sales last month hit a new record for the month of July. Sales were up 7.6% compared to the previous record set in July 2019, according to the Wisconsin REALTORS® Association’s (WRA) latest home sales report. Median home prices increased over 10% in July, compared to the respective month last year.
On an annual basis, home prices in Wisconsin have been appreciating quickly. Luckily for buyers, record low mortgage rates have helped offset the high home sale prices. Last month, the 30-year fixed mortgage rate was 3.02%, compared to 3.77% just a year ago.
Homes and condos are selling quickly, often at or above the listing price. Since the usual busy spring real estate market was disrupted this year, it is expected that demand will remain consistent through the fall season.
Home values are up, so if you’re thinking about selling now is the time. The rise of new construction in the local area, and the unpredictable effects of the looming economic recession could result in a swell of homes on the market in 2021. As a result, we could see a more balanced market.
To find out the value of your home in today’s market or to start searching for your new home, our team can help. To discuss your real estate needs, please don’t hesitate to contact us.
We have extended our promotion for a FREE 1 year home warranty, up to a $500 value, when you purchase or sell a home with Oconomowoc Realty. Learn more about our promotion HERE.
Resilient demand for houses in Waukesha County, especially priced below $350,000, has created a tough environment for buyers in 2020. With demand outweighing the available supply of homes, multiple offers on properties has become common.
To help your offer stand out from the crowd, below are some things to consider. Since all situations are different, the strategies you employ will be determined by the level of competition, the type and condition of the property, your level of motivation, and other factors.
Composing a personalized letter to the seller is your chance to make yourself memorable, explain why their house would be perfect for you, and persuade the seller to accept your offer. Find a connection between you and the seller and fit it in your letter. Include a family photo, especially if you have cute kids or pets, to help the seller visualize you and your family living there.
To make your offer more appealing to the seller, be flexible on closing and communicate that in your personal letter. If the home is vacant, you could propose to close quickly. If a seller recently listed and is still occupying the property, you could extend the courtesy to push back the closing date or offer a rent-back option which may give them a sense of relief.
When writing an offer, match the inclusions and exclusions (commonly appliances and fixtures) outlined in the listing. Going against what the seller wants to include or exclude in the sale can turn them off, as it could dig into their profits or create complications on their end.
After acceptance of your offer, you could always ask your realtor to check-in and see if the seller is open to negotiation about the inclusions and exclusions.
Instead, ask us! Receive a FREE, one-year home warranty when you purchase a home with Oconomowoc Realty. Up to a $500 value! This promotion expires December 31, 2020. Chances are, a seller would move on to the next buyer’s offer that did not ask for a home warranty, in order to make the most profit as possible on the sale of their home.
A pre-approval from a local, reputable lender can give sellers more confidence that you can obtain financing.
If a seller receives multiple offers on their home, they may ignore offers that are contingent on financing but do not include a mortgage pre-approval letter.
The uncertainty of selling your current home could scare sellers. If the seller does accept your offer with this contingency, a bump clause will typically be included in the contract. This clause allows the seller to “bump” the original offer (yours), if they receive a better offer.
Offering the seller the right to cure any defect(s) your home inspector may find, that you object to, will give them the option to cure the defect(s). This will give the seller more confidence that you will not back out of the deal.
Typically, within 5 days of an accepted offer, a buyer must put down earnest money (1-2% of purchase price). Putting a bigger deposit down can help show that you are a serious buyer.
In the current fast paced market, make an offer quickly on the home you like, to get your offer on top of the pile.
If you can prove you have sufficient funds, you could consider making an all cash offer. After your offer is accepted, you could decide to finance with a mortgage instead. Showing you have available funds will build the seller’s confidence that you can afford to purchase.
Homes in Oconomowoc and Waukesha County are suspect to high radon levels, according to the Wisconsin Department of Health Services. While radon inspections are recommended, you may choose to leave out this contingency in a highly competitive market.
After closing on a home, you could have your own radon inspection and install a radon mitigation system if needed. The sacrifice could make the difference in getting the winning offer or not.
Discuss with your realtor about the appropriate deadlines for the contingencies in your offer.
This clause allows you to disclose to a seller that you are willing to increase the amount offered, if another buyer makes a higher offer than your original.
To appeal to a seller’s finances, you could offer to pay some or all of their closing costs.
Often, sellers will consider the offer as a whole, not just the offer price, to make their decision. Our team of realtors can discuss what options would be recommended for your unique situation, and help you craft a great offer.
As mentioned earlier, the best offer strategies to implement will vary depending on each individual circumstance and factors involved. These pointers are proposed for a highly competitive buyer market. This blog is not intended to be legal advice and you should consult with your realtor or attorney about your options when writing an offer.
4 Recommendations for sellers in this unusual market
May home sales plunge in wake of the national emergency and stay at home order
The Wisconsin REALTORS® Association (WRA) announced that statewide home sales in May plunged nearly 26% compared to last May, in wake of the national emergency and stay at home order in Wisconsin.
The local real estate market was on track to have a strong spring season, but as you can see in the graph below, home sales in April and May were significantly lower compared to the same months last year.
Taking a glance at the first five months of the year compared to the respective time period last year, WI home sales were behind by 5.5% but prices surged nearly 8%.
Many home sellers shifted their priorities when the national emergency hit, and justifiably deferred listing their home or withdrew their home that was active on the market. As a result, housing inventory deteriorated in an already tight market.
Despite the pandemic and officially entering a recession, buyer demand in Waukesha County has remained intact. Mortgage rates are at a record low, standing at 3.23% in May, for a 30 year fixed-rate mortgage.
Pent up buyer demand, especially for homes under $350,000, has created an extremely competitive market for buyers, and a strong seller’s market. Many seller’s are seeing multiple offers on their homes, allowing them to sell quickly and make a profitable sale.
Marquette University economist and consultant to the WRA, David Clark points out in the WRA’s housing report that “We could be returning to a more balanced market,” as low mortgage rates will keep buyer demand steady, and the ageing baby-boomer population may help improve supply conditions in the next one to two years.
If you have questions about buying or selling your home this year, your local real estate agents at Oconomowoc Realty can answer your questions and help you plan your next steps to reach your real estate goals.
4 Recommendations For Sellers in This Unusual Market
New Ways of Buying or Selling Real Estate Amid the Days of COVID-19
Data and market information from the Wisconsin REALTORS® Association May 2020 Home Sales Report.
You may have placed your plans to sell on hold, due to the COVID-19 pandemic. The local real estate market remains highly favorable for sellers, as pent up buyer demand remains intact, despite officially entering a recession.
There is still time for you to make a profitable home sale this year, but there are some details to consider in order to keep your household and the public safe. Continue reading for some recommendations on how to have a successful sale in this unusual market.
If you would like to discuss which option may be best for your situation, please reach out to us and our team would be happy to help.
In the era of social distancing, more buyers are house hunting online and depending on listing photos and video to come to a decision. To showcase your home the best, clean and declutter rooms. Consider removing extra furniture and clearing countertops to limit distractions in the photos. A fresh coat of paint may also be appropriate.
Offering a virtual tour has become the new normal in real estate amid the days of COVID-19. Video tours can help buyers decide if the home will work for them, without doing an in-person showing. It will also help limit the amount of foot traffic through your home. Virtual tours are great for non-local buyers who are unable to travel to the area for showings.
Charm buyers by highlighting recent updates to the home, neighborhood and location information, and points of interest in the local community. Your realtor can add these details in the listing description. With less physical visits to your home, potential buyers may fail to see the other benefits your home offers
New Ways of Selling or Purchasing a Home Amid the Day of Covid-19
Future Home Buyers Will Likely Prioritize These Home Features Because of Quarantine
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