This year is already demonstrating to be another competitive and fast-moving market for home buyers in the Oconomowoc real estate market and surrounding areas. Both mortgage rates and supply of homes for sale in Waukesha County remain low, which in return has helped uphold a strong seller’s market.
Compared to the respective month last year, the number of home sales in WI last month were nearly 9% higher. Median home sale prices rose 8.6% over the same 12-month period. The Wisconsin REALTORS® Association reported these stats in the latest Home Sales Report.
January hit a record for low inventory, since the WRA started tracking levels in December 2009. The number of Wisconsin listings last month were 14% lower, compared to January 2019. Compared to any previous January back to 2007 (when the WRA updated their data collection method), last month had the most home sales. With just over 3 months of supply (well below a balanced market of 6 months), hitting that record is impressive.
In Waukesha County, the median home sale price has been steadily increasing since 2016. The graph below illustrates the rising prices for homes in Waukesha County, over the last 3 years.
Sellers continue to have the upper hand when it comes to negotiating power, in the local Oconomowoc real estate market. Be prepared to write at least a full price offer with limited or no contingencies if you’re looking to buy a home in Oconomowoc or neighboring area.
An experienced realtor who knows the local market well on your team, is highly advised in today’s fast-moving market conditions. They can help minimize your stress and get you to a successful closing. Now is a great time to get a head start on your real estate needs. Contact us and we’ll help you start off on the right foot if you’re looking to sell at a superb price, or want to begin your new home search. Check out our Testimonials page, to hear what others have said about working with us.
Information and data were obtained from the Wisconsin REALTORS Association’s January 2020 Home Sales Report. (This hyperlink will take you away from our website to the WRA’s report).
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Sell Your Home for Top Dollar: 10 Tips.
Prepare Your Home to Sell in Spring
4 Things to Know About Buying or Selling Real Estate in 2020.
If you sell your house while the real estate market is favorable for sellers, it can be rewarding. With record low housing inventory and median prices surging in Wisconsin, many homeowners have been considering cashing in. If you have been pondering the idea of putting your house up for sale, here are 10 tips to help maximize how much money you sell for.
Things that come up in a home inspection can give buyers re-negotiation leverage and/or delay closing. The age and location of your home are a couple of factors that may help you decide if this step is necessary. It is also a good idea to consult with your realtor for their advice. (Word of caution: anything discovered by your inspector will likely need to be disclosed, regardless if you remedy the issue or not).
You only have one chance to make a great first impression to potential buyers. To make it easier on yourself when it comes time for a showing, consider:
Show potential buyers what a room could be used for, by staging furniture to give each room a purpose. Convert that room used as a dumping ground for your extra stuff, into spaces such as a:
When you sell your house, tell buyers about the extras your house offers to help you gain an advantage over your competition. Those small details can provide reassurance to buyers and perceived as added bonuses. Features such as a security system, motion-sensitive exterior lighting, reverse osmosis system, or even an extra-large garage can be unobserved or overlooked.
Another strategy to try when selling your house, is to reveal what your home’s photos don’t, such as your neighborhood’s culture. Pointing out perks such as being in close proximity to amenities and recreational trails, having easy access to major roadways for commuting, and that the neighborhood’s low traffic streets are ideal for dog walking, can all help convince buyers that your location is on target with their needs and wants.
A few budget friendly changes can help modernize your kitchen, and make it more appealing to potential buyers. Some easy updates include:
Bathrooms and kitchens are the spaces most buyers pay particular attention to in a house. If your bathroom is outdated (such as having pink or green tile still), a cost-effective way to freshen up the look is to re-glaze the tiles. If your bathroom is on the small side, re-glazing tiles white can help make the space feel more spacious. Adding a new sink faucet and updating cabinetry can also help modernize your bathroom.
Strategically price your house to get the best price. After all, multiple price reductions on an overpriced home can make potential buyers skeptical and prompt them to write low offers. An aggressively priced home can help get more buyers through your house, which can ultimately lead to a bidding war that drives up the final sales price. A comparative market analysis by a local realtor, can help determine the best list price for your home.
Selling your house is one of the most important financial transactions you will make, and involves many moving parts. Having a professional, local realtor on your team can help minimize your stress and set you up for success. A seasoned realtor will have the experience and knowledge, not to mention the resources to get you to a successful closing smoothly.
Beat the rush of more homes hitting the market in spring and summer by selling your home ahead of the spring real estate market or in early spring. Benefits of getting ahead include:
The low number of houses for sale in Oconomowoc and Lake Country area, in addition to solid buyer demand has created strong upwards pressure on housing prices. It’s still a strong seller’s market making now an excellent time to sell.
To request a complimentary comparative market analysis for your home or to speak with a realtor about starting the process, contact your local realtors at Oconomowoc Realty: 262-567-3611 or send us an email: info@oconomowocrealty.com.
To hear what others have said about working with us, check out our Testimonials page.
Prepare your home to sell in spring.
4 Things to know about buying or selling real estate in 2020.
Aerial photography as a marketing tool.
Add some lightheartedness to your home with these DIY Valentine’s Day decor ideas. These decorative items are fairly inexpensive and simple to make. Some of these ideas would also be fun crafts to do with children and a great way to get them involved.
This blog contains hyperlinks to websites operated by third parties as a convenience and for informational purposes only. These links will take you away from our website. Oconomowoc Realty bears no responsibility for the accuracy, legality or content of the external site.
While conversation hearts may not be your favorite candy to eat, use the colorful hearts to make a festive vase filler. Get the directions at Smart School House.
This cute decoration is a subtle way to convey the spirit of love in your home. Find out how to make it at Infarrantly Creative.
The heart shaped wreath made out of dyed coffee filters would be a fun project to do with the kids, and a sure way to bring Valentine’s Day cheer to your home. More info at Soccer Mom Style.
This modern string art would be the perfect decorative piece for your fireplace mantel or as art on your wall. For directions, visit Green Wedding Shoes.
Send the message of love with these fun ombre letters made of yarn. Get the tutorial at My Sister’s Suitcase.
Make your own Valentine’s Day wreath for your front door. Watch the tutorial to make this XO wreath at Southern Living.
Another type of wreath you can make are these floral heart wreaths. Using artificial flowers in pink, purple and red hues can help bring a pop of Valentine’s Day colors to your home. Find out more at Design Improvised.
Prepare Your Home to Sell in Spring.
4 Things to Know About Buying or Selling Real Estate in 2020.
Aerial Photography as a Marketing Tool.
10 Helpful Tips to Protect Your Home (and Wallet) This Winter.
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.
10 Helpful Tips to Protect Your Home (and Wallet) This Winter
Southeast WI had the Highest Growth in Home Sales and Weakest Inventory in the State
Little Known Ways to Make your Home Feel Warm, Cozy and Inviting
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/.
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