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.
- Warm-Toned Metals. Incorporating warm-toned metals throughout your home can add warmth. These metals include copper, rose gold, brass, and bronze which have had quite a comeback in recent years. Picture frames, mirrors, home décor, kitchen and bath fixtures, lighting and furniture are all great ways to integrate warm-toned metals into your home.
- Wood. An instant way to add coziness to a room is to add wood elements. Wood floors, wooden furniture and design accessories such as wooden bowls and trays can help make your space feel cozy.
- Blend New and Old. Some Home Buyers may be turned off if a home feels too new, while others may be turned off if a home feels dated. Uniting old and new pieces can aid in balancing a space and help make your home appealing to a wider range of Home Buyers. Sprinkling in some vintage and old-fashioned items can kindle the homey, lived-in feel. New pieces can prevent rooms from feeling outdated. For example, an antique side table would be nicely paired with modern lamps.
- Playful Accent Piece. To encourage a welcoming and relaxed feel to a room, include a playful accent piece such as a fun wall adornment.
- Have Good Lighting. A quintessential way to stimulate an inviting feeling in your home is to have good lighting throughout. Avoid fluorescent lights as they can be unflattering. Let the natural light in during the day, especially when your home is being shown to potential Home Buyers.
- Create a Warm Glow. Having separate lights throughout a room can help brighten up darker corners and spaces. Adding under cabinet lighting and wall sconces are two recommendations to help create a warm glow in your home.
- Mirrors. A bright way to amplify lighting in a room is to strategically place mirrors to bounce light, such as hanging one across a window to diffuse natural lighting. Mirrors can also be used to help open up spaces and reflect nature views inside, so you can adore the colorful trees in Autumn a little bit more.
- Textures and Patterns. To avoid having your home feel drab and dreary, fit in textures and patterns throughout your interior to establish depth. Rugs, pillows, throws, window treatments, baskets and textured vases are cost effective ways to add depth and comfort to your home. As a bonus, these pieces can easily be swapped out, enabling you change up your décor seasonally.
- Window Treatments. Hanging window curtains can soften a space which helps to provoke the sense of comfort. Layering curtains and/or using patterned fabric will help provide extra depth to a space.
- Scents. Besides the visual ways you can make your home feel warm and cozy, scents can also make an impact. Scents such as sandalwood or nutmeg can prompt the feeling of warmth. Certain scents can also remind potential Home Buyers of the holidays which can awaken fond memories that warm their hearts.
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MORTGAGE RATES ARE HISTORICALLY LOW RIGHT NOW.
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.
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TAILORED MORTGAGE PROGRAMS & DOWN PAYMENT ASSISTANCE.
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.
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LESS AGGRESSIVE BUYER COMPETITION
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.
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FALL CAN PRODUCE MOTIVATED SELLERS.
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/.
Now that all of your kids flew the nest and beginning the next chapter of their lives, it’s time for you to start the next exciting chapter of yours. By “rightsizing” your home, you could save time and money that could be better spent on things such as traveling, hobbies, and your retirement fund. After all, bigger houses tend to mean more expenses and maintenance.
If you are an Empty Nester and have been considering finding a new home to settle down for retirement, one that you could age in place, here are some things to consider:
- Ranch style home or master suite on first floor. Accessibility is key when looking for a place you can stay in throughout your golden years. Having all the rooms on one level, or at least the rooms your use the most, will prevent you from having to climb up and down stairs frequently.
- First floor laundry. In addition to the points made above, having convenient first floor access to your washer and dryer will prevent the need to haul loads of laundry up and down stairs.
- Sufficient lighting. Having adequate lighting, especially in the kitchen, bathrooms and by any stairs is important to have. Homes with overhead lighting fixtures and plenty of natural lighting are ideal.
- Stand-up shower. A walk-in shower that does not have a curb and is large enough to accommodate a shower chair or bench will be valuable to have as you get older.
- More spacious floor plan. Having rooms with more open space can make it easier to maneuver with a wheelchair or walker.
- Nicer finishes. Having a home with less square footage doesn’t mean you need to sacrifice having nicer finishes such as granite counter tops. By now, you know what you like and it is the perfect time to get those luxurious finishes you always wanted.
- Spaces for hobbies and guests. After retirement, you will have a lot more time for your hobbies. Consider finding a home that has space to accommodate your hobbies such as workshop space or an additional bedroom. The extra bedroom could also double as a room for overnight visitors.
- Location. When choosing where to live, consider what you want to live by such as closer to your family, downtown area or local recreational trails.
- Yard space. If you don’t want to do a lot of yard-work at your new place, consider finding a home with a smaller yard or one with more hardscaping that is easier to maintain.
If you have been thinking about finding a new home to age in place, now is a wise time to do so. Interest rates remain low and the strong Seller’s market continues to dominate the housing market in Oconomowoc and surrounding Lake Country areas. The equity you built could be used towards your retirement fund or for that dream vacation of yours. To find out what your home could sell for in today’s market, request a complimentary home market analysis or call us directly at 262-567-3611.
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IT’S A BEAUTIFUL DAY IN THE NEIGHBORHOOD…
According to the National Good Neighbor Day website, “the spirit of a great neighborhood starts with good neighbors.” Here are 7 ways you can be a good neighbor:
- Make your neighborhood a friendlier place simply by greeting or waving to your neighbors. It might inspire them to do the same.
- Host a tailgate party at home and invite your neighbors over to watch the game. Go Badgers!
- Invite your neighbors over for a cookout or bonfire.
- Help out an older neighbor with a chore such as raking the lawn.
- Do you have extra vegetables from your garden? Share them with your neighbors.
- Join Nextdoor, a free private social network for neighborhoods to stay connected with neighbors and informed about what is going on in your neighborhood.
- Pay attention to the safety and security of your neighbors and their homes.
Together, we can strengthen our communities by being a good neighbor. Show others how you celebrate National Good Neighbor Day by using #goodneighborday.
Besides the purchase price of a home, there are other significant expenses that buyers should be prepared for. From closing costs to expenditures associated with home ownership, here is a breakdown of some of the most common costs to buy and own a home.
CLOSING COSTS:
Closing costs typically range from 2-5% of the purchase price and are due at the closing of a real estate transaction. To put it in perspective, the closing costs on a $200,000 home could cost from $4,000 to $10,000. These one-time fees may include:
- Appraisal Fee: Estimated value of a home by a professional.
- Survey Fee: To verify property lines.
- Wire Transfer Fee: To transfer funds electronically.
- Loan Fees: Charges associated with your loan such as an origination fee for processing a new application for a loan, credit report fee…etc.
- Title Fees: Charges for title insurance and settlement fees.
- Recording Fees: Fees for the government to enter new records such as for the deed and mortgage.
OTHER EXPENSES:
Besides the monthly mortgage payment, there are other expenses that many first-time home buyers may overlook such as:
- Property Taxes: Your realtor should be able to provide you with the tax bill information before you purchase a home.
- Home Owners Association Fees
- Garbage & Recycling Fees
- Home Owners Insurance
- Private Mortgage Insurance: PMI usually costs up to 2% of your loan amount annually, if you put less than a 20% down payment.
- Utilities: If you’re moving from an apartment to a single-family home, you should be prepared for a bigger utility bill. In addition, you will likely have to pay for water and sewer if the property has municipal utilities. You can usually find out the average utility costs by calling the provider, but it is important to remember that the average may be significantly lower if the home has been vacant for a while.
- Maintenance: As a homeowner, you will encounter additional expenses to maintain their home, such as repairing or replacing appliances or home systems. Having a home warranty can help you avoid major out of the pocket expenses and give you peace of mind.
Historically, summer is the peak real estate season in Wisconsin. Although there were less WI home sales in June, median home prices increased significantly compared to the respective month last year. Here are some quick stats from the June 2019 Wisconsin REALTORS® Association’s Home Sales Report. If you’re thinking about selling, now is an ideal time. Find out how much your home could sell for by requesting a complimentary comparative home market analysis.
When choosing what home improvements to complete, it is important to consider what upgrades will increase your home’s value and have the highest ROI when it comes time to sell. Here are 7 recommendations to make a better decision on where to spend your money.
- Finish your basement. A great way to add value to your home is to increase the amount of living space. A finished basement helps homes feel more spacious and can be used for a variety of purposes. Refinishing your basement will make your home more appealing to future home buyers that may need space for a children’s play area, rec. room, exercise area, hobby/craft space, and/or an additional bedroom.
- Create or improve an outdoor living area. Another way to increase the amount of living space, which adds value to your home, is to establish or improve an outdoor living area. Having a defined outdoor space for seating, grilling, and entertaining guests is a great way to bump up the amount of living space your home has. Check out these 6 design tips for your outdoor living spaces.
- Make your laundry room more accessible. A laundry area that does not require stairs to get to adds convenience, which ultimately adds value to your home. Consider adding a first-floor laundry area that could also be used as a mud room.
- Add an additional bathroom. It will increase the functionality of your home and therefore add value.
- Complete a minor remodel to the kitchen and bathrooms. Cosmetic updates to the bathrooms and kitchen are cost effective ways to add value to your home. Sanding and painting existing cabinets and drawers, updating fixtures, and adding new flooring can help transform the spaces.
- Upgrade flooring. Besides adding new flooring in the kitchen and bathrooms, the other rooms in your home may also need some updating. Old carpet can be a major turnoff for buyers looking for a move-in ready home. There are many options these days to replace old flooring. If you have hard wood floors, sanding and re-staining them may be all that is needed.
- Replace old windows. Energy efficient windows can help you save money on your utility costs and can be a major selling point to future home buyers.
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Statewide, the median home sales price in May increased over 9% compared to the respective month last year, according to the most recent analysis of the existing home market by the Wisconsin REALTORS® Association. Comparing the same two months, the number of home sales increased just over 3%. Price appreciation for homes has been well above the rate of inflation due to low inventory of homes for sale and demand pressure continuing to build. Affordability has declined but would have much more if mortgage rates did not also drop about a half percent over the last twelve months according to WRA President & CEO Michael Theo. If you’re looking to buy, you can still find some deals but it is crucial to act quickly as they will not stay on the market for long. Working with an experienced REALTOR® who is proficient at writing a real estate offer is highly advised to find success in this tight real estate market.
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Sources for information and data
“Wisconsin REALTORS® Association: May 2019 Home Sales Report.” WRA, 17 June 2019, www.wra.org/HSRMAY2019/.
“Wisconsin REALTORS® Association: Wisconsin Housing Statistics.” WRA, www.wra.org/HousingStatistics/.
Home ownership may be more affordable and rewarding than you think! There are many advantages to buying a home and can be a better financial decision in the long run compared to renting. Here are some common advantages when you buy a home.
- Build equity and credit. When you buy a home, a primary financial benefit is that you are able to build equity and your credit. You can build equity in two ways: when the property value increases and when the amount of debt you owe on your home decreases.
Besides home improvements and routine maintenance, property values can increase due to rising prices in real estate markets. In the Oconomowoc real estate market for example, prices of houses for sale in Oconomowoc and the Lake Country area have been on the rise. This is mainly due to demand for homes in the area outweighing the supply of homes on the market.
Some benefits of building equity include:
- Receive it as cash after you sell your home
- Borrow against it with a home equity loan or line of credit
- Use it as a down payment for your next home
Some benefits of building your credit include:
- Better chance of credit card/loan approval
- Higher lines of credit
- Lower interest rates on loans/credit cards
- Fixed payments. When you have a mortgage, typically you have a fixed monthly payment. In contrast you can expect annual rent increases when you rent. Furthermore, rental rates are rising faster, especially in areas where there is a shortage of houses for sale such as the Oconomowoc real estate market.
- Tax advantages. If you rent, your Landlord is getting the tax benefits while you pay the rent. Homeowners can receive tax benefits such as deducting mortgage interest, property tax payments, and even other expenses from their federal taxable income.
- Stability. In most circumstances, you decide when to move. When you rent, your Landlord could force you to move unexpectedly such as if they no longer want to rent the property or if they want to put it up for sale.
- Freedom to personalize. When you buy a home, you can personalize it without having Landlord restrictions or having to get permission first. Owning your home gives you the freedom to do things such as paint walls and replace appliances and fixtures.
If you think you can afford monthly mortgage payments but not the initial down payment on a home, there are down payment assistance programs that you may qualify for. Check out some of the helpful resources below to learn more.
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