The supply of homes for sale in Wisconsin decreased substantially over the last month, which is continuing to push up home prices. According to the latest home sales report from the Wisconsin REALTORS® Association (WRA), comparing last month to April 2019:
April’s drop in home sales can be attributed to the COVID-19 pandemic, as the general public shifted their priorities, and policy makers locked down the economy to control the virus. In Waukesha County, the number of home sales increased slightly from the month of March to April. The county saw a much bigger jump in home sales between the respective months in 2019.
The shrink in supply of homes for sale, in an already slim market, has caused home prices to rise quickly. As illustrated in the graph below, the median home sales price grew significantly more between March and April this year, compared to the same months last year. In just the last 12 months, the median home sales price in the state increased close to 10%.
In Wisconsin, approximately 43% of annual home sales transpire between May and August. Given the fact that the spring real estate market has been delayed, we may see the busy real estate season extended through fall. As more sellers begin to put their home back on the market, or list for the first time, the summer real estate season is expected to heat up considerably.
Pent up buyer demand has created a tough and competitive market for buyers, particularly for homes under $300,000. In the popular Lake Country real estate market, sellers consistently remain in control when it comes to negotiating. It has become common to see multiple offers on properties, that can ultimately drive up the final sales price and enrich other sale conditions favorable for the seller.
If you have been considering selling, it will be worthwhile to do so this summer. While the real estate market is expected to weather the storm better this time around versus 2008, there are a lot of unknowns ahead. If high unemployment levels continue after the mortgage forbearance period, we may see more homes listed for sale. If you’re looking to purchase, now is a great time to take advantage of historically low interest rates that can help offset purchasing costs.
When you’re ready to take advantage of the great opportunities in today’s market, we can help. Contact us and we will advise you on the new real estate safety precautions to keep home buyers and sellers safe, and can help craft a plan for your next move that you are comfortable with.
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What better way to reduce stress than to spend some quality time outside? The Oconomowoc and entire Lake Country area offers plenty of opportunities to embrace the warm weather outdoors. It’s no wonder the Oconomowoc Area has been a popular summer destination for decades. The local community is full of local gems to discover. Here is a list of recommendations to enjoy the warm weather.
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Enjoy the charming lakefront park, located on the shores of Fowler Lake. Pick up a to-go order from one of the many eateries downtown Oconomowoc, or pack your own lunch. The park has picnic tables and plenty of grassy areas to lay out your blanket.
Take advantage of Wisconsin’s Free Fishing weekend. Relax and soak up the serene nature setting that the tranquil waters in Oconomowoc and Lake Country area has to offer.
If you don’t have your own watercraft, rent one from a local business that offer rentals such as Sherpers, Paddle Board Specialists, Nomad Board Sports, or City Beach.
Explore Oconomowoc’s rich history and take a stroll through downtown Oconomowoc and then around Fowler Lake. On your way to the 2nd historic site on the tour, stop in front of our office to check out the site of the 1st Motion Picture Theater in Oconomowoc. Get the tour map on the Oconomowoc Historical Society’s website.
Try something new, and rent an electric bike from Moboevo, located downtown Oconomowoc.
Located on the shores of Lake La Belle in Downtown Oconomowoc, the site serves as a tribute to all service members. Take some time to read the honor wall, which features the names of service members who served our country.
Tread through one of the many beautiful nature trails the area has to offer. Some local favorites include Kettle Moraine State Forest, Nature Hill Trail, and Nashotah Park.
Head to the woods to go on a morel mushroom hunt. The distinctive looking mushrooms are easy to spot and can be a delicious ingredient to use in a recipe.
The local farmers market takes place on Saturday mornings, on the east side of Downtown.
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Being in quarantine and spending more time at home may have brought to light the features of your house you appreciate, and the qualities you wish it had. If you are planning to move this year, here are a few areas around the house to look for in your next home.
If you stocked up on groceries and other essential items, like toilet paper, you may have realized that your current home lacks adequate storage space. Home features, such as a large pantry, ample cabinets, and generous sized closets can come in handy for your stockpile needs.
With the stay at home order, you may have been cooking and baking more than usual. After spending extra time in the kitchen, you might have recognized what kitchen features you really want, such as:
Having a designated office space (with a door), can help improve your working- from-home situation. The versatile space could also be used as a guest bedroom or hobby room.
An outdoor space may now be in your top requirements for your next home. Having a place to relax and get some fresh air, without having to leave your home, can help ease your stress and anxiety.
If you have your own exercise area at home, you don’t have to skip a workout if the gyms are closed. Having a dedicated space in your home to exercise can make working out less of a hassle.
An inviting space in the home that encourages gathering, can be the ideal spot for family game or movie night. A family room that can accommodate seating for the whole family comfortably, can help create a welcoming setting.
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The real estate market in Wisconsin had a solid first quarter of the year. Compared to Q1 in 2019, statewide:
The graphs below give insight to how the local real estate market performed.
March racked up some impressive housing stats. Compared to the respective month last year, statewide:
Thanks to the severe shortage of homes for sale, last month was the first time the median home sales price in March exceeded $200,000 in WI. It’s important to keep in mind that closings that took place in March, likely had signed contracts a month prior, before the virus hit and the stay at home order was issued in Wisconsin.
Since real estate is classified as an essential service, real estate firms, banks, and title companies are able to continue operating. Fortunately, that means you will likely still be able to close on your home during this ambiguous period.
The shortage of homes for sale, seen pre-pandemic, has intensified as a result of a spike in withdrawn listings. Understandably, many sellers have chosen to wait to sell their homes until the stay at home order is over in their area.
Despite everything going on due to the outbreak of COVID-19, a strong seller’s market is anticipated to persist for the time being. It may be surprising, but we are still seeing competing offers on properties, even during a pandemic. The combination of pent up buyer demand, historically low mortgage rates, the shortage of homes on the market, and moving into the busy real estate season all point to the likelihood of sellers remaining in control when it comes to negotiating.
Home prices are expected to continue to rise, possibly at a slower rate, until inventory improves, as buyer demand remains strong.
Due to the conditions of the housing market over recent years, many home owners have been able to build home equity. Move-up buyers, those looking to sell their lower priced homes and buying a higher priced home, may find excellent opportunities to sell high, and negotiate a good deal when purchasing.
The bottom line is that there are still people that need to sell or buy a home. Temporary interruptions are expected, as some buyers and sellers decide to put their plans on hold. However, the housing market is expected to pick up where it left off, as things begin to normalize again.
The good news is that technology has offered ways to market or shop for homes virtually, establishing a safe way for buyers and sellers to remain engaged. The Covid-19 pandemic has also spurred new ways of selling or purchasing a home during this time.
Source for information and data: Wisconsin REALTORS® Association (WRA) March 2020 Home Sales Report.
We understand you may have questions or need help putting a plan together for your next move.
Contact us and we can address your unique real estate needs and concerns, and help you craft a plan that you are comfortable with to reach your goals.
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With the stay at home order extended another month in Wisconsin, you may find yourself looking for new projects to occupy your time. In honor of Earth Day, here is a list of eco-friendly projects you can do at home.
Vegetable gardening is a great reason to get outside and enjoy the outdoors. Growing your own produce means spending less at the grocery store, and you can re-grow many vegetables from kitchen scraps. If you are limited on space, building a raised garden bed may be a good option for you.
Composting is a great way to reduce what you put in a landfill. Food scraps from produce, coffee grounds, and tea bags are a few examples of what you can put in a compost bin. It is a great way to add nutrients to soil, that can be used in your garden or houseplants.
Using a rain barrel can help conserve water. The captured rainwater can be used to water your lawn, garden and plants.
Planting trees in specific places on your property can help conserve energy and lower your heating and cooling expenses. Trees can provide shade in the summer, and can break the chilly wind in the winter. Planting trees to shade your air conditioner can help it run more efficiently. To find out the best places to plant, visit the Arbor Day Foundation’s website.
Attracting birds to your yard can help control pests and increase flower pollination among other benefits.
Re-purpose items such as old glassware, teacups, an empty wine bottle, or old plant pots and create your own feeders and bird baths.
Make your yard pollinator friendly by leaving a natural area for native plants to grow, plant flowers that attract butterflies and bees, choose a mix of plants that will bloom from early spring to late fall, and stop using pesticides.
Help save paper and unsubscribe your address from receiving junk mail. There are online tools you can use to remove your name and address from mailing lists. Return mail intended for previous residents. Cross out all barcodes on the envelope and write “return to sender: recipient moved” in an effort to stop the sender from mailing items to your address.
Switch your bills to paperless to save paper. Set a reminder on your phone and/or write your bills on your calendar as a reminder to pay them. Going paperless will also help you cut back on the amount of personal papers to shred.
Since the City of Oconomowoc is a Public Power community, there are seasonal incentive programs you may qualify for. Learn more on the City of Oconomowoc’s website.
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The COVID-19 pandemic has commanded change for many things, including the ways to purchase and sell a home safely. It is important to know that real estate is classified as an essential service, and that real estate firms, banks, and title companies will continue to operate, as they are considered essential businesses in Wisconsin. Fortunately, that means you will still likely be able to close on your home during this ambiguous period.
We are learning that there are still many people that need to purchase or sell a home in the Oconomowoc area. Here is an overview of how home buyers and sellers can adapt during this time of change.
With more people sheltering in place, many home buyers are relying on viewing houses online. With that said, virtual tours have grown in popularity to help showcase homes and boost buyer interest. Some realtors are even offering virtual open houses through Facebook Live.
The newer technology for virtual showings is impressive. Check out an example, and tour a home by Franco-Swiss architect Daniel Grataloup HERE.
For the most part, open houses have come to a halt, however serious buyers often still want to view the house in person before making an offer. Some safety protocols you can implement include:
As of today, houses are still closing but you need to be prepared for potential delays, which may trigger the need to extend the closing date. It’s important to understand that banks are struggling to keep up right now due to low interest rates provoking more people to refinance or obtain mortgages, along with adjusting to new procedures attributable to the spread of COVID-19.
If you or someone you know needs to purchase or sell a home in the Oconomowoc area, please reach out to us. Our team is here for you, to help answer questions and customize an approach that you are comfortable with.
Thank you for putting your trust in us for your real estate needs. We value the opportunity to serve you during this time of persistent change.
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7 Ways To Support Your Local Small Businesses During the Coronavirus Crisis
Although you can’t visit your favorite local boutiques and eateries like usual, there are still multiple ways you can help support small businesses during this challenging time. As always, make sure to do so safely, and follow all CDC precautions.
With the Safer at Home order in full effect in Wisconsin, many small businesses have added an online shopping option to their website.
Support your local restaurants, cafes and bakeries and order curbside pickup or delivery. Downtown Oconomowoc now has designated parking zones for curbside pick-up or carry out. Some local restaurants are promoting deals or special menu items on their websites.
If you are able to, tip service workers a little more than usual. If a local business is offering a deal or free delivery, you can use the money saved, and add it to the tip.
An excellent way to support small businesses is to purchase gift certificates or cards. Doing so not only helps the small businesses, but also allows you to stock up on gifts for future occasions such as graduations or birthdays.
Check out your favorite local spots and see if there are new ways you can engage with them. Some gyms have been offering online video work out sessions for their members. Some bars are even offering live streaming events.
Another way to support your local businesses is to leave good ratings and reviews on online review sites such as Google, Yelp and Facebook. It is free to do and can be done from the comfort of your own home.
Support your favorite local businesses by sharing their social content and recommend them when people are looking for referrals.
As we all adjust to a new way of living, so are the small businesses in our community. Consider helping out your favorite small businesses by implementing a few of these ideas.
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Encourage positive energy, happiness, health, and good fortune by enriching the good Feng Shui in your home. Here are a few simple changes recommended by Feng Shui consultants.
Try out these Feng Shui tips for yourself, and see if it helps invite positive vibes to your home!
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It is a competitive market for those looking to purchase a home, especially ones under $300,0000, in the local area. With limited affordable homes available, and strong buyer demand, it can be discouraging to continuously see that Accepted Offer status on houses you’re interested in. To successfully purchase a home in Oconomowoc or neighboring area, it’s important to stay positive and persevere on achieving your home ownership goals. Try not to get easily frustrated and instead, stay focused on reaching your objective.
Being pre-approved from a reputable lender, has become a standard in today’s tight marketplace. Working with a local, trustworthy lender can give you an advantage from other buyers working with an internet based or out of state lender. Being prepared for other expenses, such as closings costs, is also imperative to successfully close on a home. For more information about closing costs, check out this article published on Nerd Wallet’s website.
Knowing your “must haves” and “wants” in a house will increase your chances of successfully buying a home in the Oconomowoc area’s low inventory market. Understanding the supply of homes for sale in your price range, can help you define if there are features you could sacrifice in order to live in your preferred location.
Having a proficient, local realtor on your team can make all the difference when it comes to purchasing a home or not, in a limited market. A competent realtor will have extensive knowledge and experience in real estate contracts, so they can help you write a competitive offer. A good buyer’s agent will also represent you with strong contract negotiating skills.
When looking for a realtor, is recommended to focus on finding a local professional, who is highly regarded. They should have a proven track record for providing excellent service to their clients instead of highlighting quantity. To learn more about our team’s approach to representing buyers, read examples of how past clients were helped with their real estate needs on our Testimonials page.
To learn more about our team members, check out our About Us page.
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