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Thursday, January 31. 2008
We were made aware of a new Wisconsin artwork site yesterday that may be of interest to those who enjoy the visual arts and like to support Wisconsin artists. Visit ArtMailMilwaukee.com to see some great local art and consider joining their site to get a weekly email which will include a fresh peice or art - be it sculpture, painting, mixed media etc. Thought we'd pass this along for those who may be interested. Maybe you'll finally find that perfect piece for your home!
Wednesday, January 30. 2008
According to Realty Trac, The US Foreclosure activity is up 75% in 2007. This is a scary number and a scary way to use the statistic. A different way of relaying the same story is that 1.033% of the nations' households is experiencing foreclosure. 1%. Makes you think a little differently, doesn't it. While the increase in foreclosures is not a pretty story and a very real problem, looking at the numbers a different way can do away with much of the sensationalism, doom and gloom reporting you see everyday. We need more positive news. Foreclosure is affecting a very small percentage of the population. While it is true there has been a 75% increase, looking at the big picture provides a better perspective. | Rank | State | Total properties with filing | % of total homes | | 1 | Nevada | 34,417 | 3.376 | | 2 | Florida | 165,291 | 2.002 | | 3 | Michigan | 87,210 | 1.947 | | 4 | California | 249,513 | 1.921 | | 5 | Colorado | 39,403 | 1.919 | | 6 | Ohio | 89,979 | 1.797 | | 7 | Georgia | 59,057 | 1.566 | | 8 | Arizona | 38,568 | 1.516 | | 9 | Illinois | 64,310 | 1.25 | | 10 | Indiana | 27,980 | 1.02 | | | | | | 21 | WISCONSIN | 12,133 | .486, LESS than 1% |
Wisconsin is faring considerably better than the nation and many of our midwest neighbors. A really interesting statistic is that Utah, one of the few states that has seen a decrease in foreclosures, still has a higher foreclosure rate than Wisconsin's at .852% of households.
Tuesday, January 29. 2008
More Year end 2007 Metro Milwaukee MLS stats are in. Look at these stats comparing 2003 and 2007 year end stats. Interesting... Milwaukee County 2003: Homes sold 11,381. Ave sales price $145,094. Ave Days on Market 63 Milwaukee County 2007: Homes sold 9580. Ave sales price $192,844. Ave Days on Market 91 Racine County 2003: Homes sold 2454. Ave sales price $150,884. Ave Days on market 57 Racine County 2007: Homes sold 2249. Ave sales price $183,651. Ave Days on market 95 Just wanted to share some postive real estate news... you'll note average sales prices increased nicely since 2003! Have a question? We can get you an answer. Please subscribe to our RSS feed if you like what you read. First Weber Group Realtors.
Tuesday, January 29. 2008
Homes are selling. The way the news reads, you'd think not a home has sold in 2007. The facts tell a different story. Dane County MLS Homes sold: January - December 2006 = 7,143 January - December 2007 = 6,672 Sale Price to asking price: 2006 = 98.1% 2007 = 97.3% Average annual home appreciation: Last 3 years: 5.8 Last 5 years: 5.2% Last 10 years: 5.6% All facts are for Dane County, Wisconsin. If you like what you read, please subscibe to our RSS feed.
Thursday, January 17. 2008
 Year end 2007 Metro Milwaukee MLS stats are in. We'll do a few counties at a time. Not better than 2006, but not as bad as the news reports! There are ways to look at the positive side - such as 2007 is one of the top 10 years in Wisconsin real estate history in terms of the number of homes sold. Can you believe that? It is true, homes are still selling.
Look at these stats comparing 2003 and 2007 year end stats. Interesting... Kenosha County 2003: Homes sold 7. Ave sales price $326,486 Ave Days on Market 136 Kenosha County 2007: Homes sold 12. Ave sales price $445,750 Ave Days on Market 101 Ozaukee County 2003: Homes sold 1277. Ave sales price $183,390 Ave Days on market 92 Ozaukee County 2007: Homes sold 1127. Ave sales price $310,535 Ave Days on market 103 Just wanted to share some postive real estate news... you'll note average sales prices increased nicely since 2003! Have a question? We can get you an answer. Thanks for reading - First Weber Group Realtors.
Thursday, January 17. 2008
Lord knows there are real estate sites out there on the web, some local, some national, some good and some really worthless. National web sites are going to aggregation where they include the most listings they can find. Have you ever used one of these national giants (Trulia, Zilow or realtor.com for example) to find local Wisconsin real estate? If so, how was your experience? Local brokers like First Weber work very hard at keeping individual websites on the cutting edge. A good customer experience and returning customers is what we are after. How are we doing there? There are many options on most real estate web sites. I think a lot of people are in a hurry when they look. That's why I ask -did you know that for a few moments of your time you can set up a "My First Weber" account? When you do that, you have the ability to receive emails on properties that match YOUR criteria. Whether they are new listings, open houses or even price changes, My First Weber can send you email updates, keeping you informed even if you are not seriously looking. It is a service, free. You can sign up here - and you can unsubscribe at any time. This is not hard sell - that doesn't work on a blog, or anywhere really, and it is not what we are about. It is just a useful tip. If you are serious about buying or selling Wisconsin real estate, you should sign up. If you don't like it, unsubscribe easily. We hope you stay around because We're here to help! Go Packers!
Thursday, January 10. 2008
We'd probably all heard of the word subprime before, but maybe we didn't know exactly what it meant... until is was in the news daily in 2007...until the affects of subprime mortgages touched the lives of so many, weakened the real estate market, brought about increases in foreclosures and prompted change in the mortgage industry. (Change is often a good thing.) So Subprime seems to be a logical choice for word of the year as reported by the article on Subprime word of the year over at the Inman News blog. By the way, did you know that the word of the year for 2006 was "Plutoed"? Never heard of it, had you? It means to "Demote or devalue someone or something as happened to the former planet Pluto when it was determined to no longer meet the definition of a planet." So does that mean school text books and school solar system models all have to be redone now?? Here's hoping the word of the year for 2008 has something to do with an incredible resurgance in the real estate market in Wisconsin and everywhere else combined with the accompanying euphoria of buyers, sellers, brokers and agents. Maybe Realphoria? Have an idea for word of the year, 2008? Send it on over in a comment and thanks for reading
Thursday, January 10. 2008
If your home has a mold problem, or any other defect, do not hide this fact! It is unconscionable what this seller tried to hide. See the story of the Secret Room that I found over at the Sellsius blog REALTORS are obligated to provide notice of defects that they are aware of through a visual inspection of the property, even in seller did not disclose the defect. And, even if a mold inspection was requested in the offer it is not a guarantee that a Home Inspector would have even discovered such deception of the "secret room". Full disclosure is the best practice. For buyers, inspections are yours for the asking. But these must be requested in writing in the offer to purchase.
Wednesday, January 9. 2008
Short sales have been in the news these days, and have been a topic of conversation in First Weber offices lately. They are unfortunately becoming more common. Maybe you know what one is, maybe you don't. If you DO know what one is I bet you wish you didn't... What is a short sale? (and may you never be in this predicament...) A short sale is a term most commonly used to describe a situation where the proceeds of the sale of a home will not be enough to satisfy all liens on the peoprty, including mortgage payoff, closing expenses, and possibly including an agent commission. The seller often has to BRING money to the closing. THAT is just NOT what people have come to expect when selling real estate. Short sales may occur when the seller is in bancrputcy, or the mortgagee is foreclosing on the property or when the total of all liens on the property exceed what the property brings in today's market. If you absorb the news, you may have heard that if you are having trouble meeting your mortgage payment, it is best to contact your lender right away to work out a possible solution. If you are currently selling, it is also imperative for your to provide your First Weber agent with as much information as possible about whatever liens and encumbrances may exist against your property.
Wednesday, January 9. 2008
I've heard before "Consumers don't know what REALTORS do". That's probably true - how could a member of the general public, or even an involved seller, ever really know what it takes to get a home to a successful close? So much is behind the scenes and rarely is a transaction a simple one. If you could be a fly on the wall of the technical side of your home sale, or sit in at the required continuing education REALTORS in Wisconsin must complete every 2 years you'd be amazed at the legalities, disclosures, addendums, policies, and deadlines that an agent better have down pat - or else. The entire list of tasks a REALTOR needs to complete would bore you. One list I know of has 167 items on it. Granted not all 167 things need to be done in every home sale, but anything is possible. But just as an FYI, to prepare for a listing presentation for a home seller, an agent may complete almost 10 steps prior to that first meeting, some of which may include: 1. Research all comparable currently listed properties 2. Research sales activity for past 6-12 months from MLS 3. Research "Days on Market" for this propetry type, price range and location. 4. Review property tax roll information 5. Prepare Comparable Market Analysis (CMA) to establish fair market value 6. Research public records for lot size & dimensions 7. Verify legal description of property 8. Research property's land use/zoning 9. Prepare to make the best presentation they possibly can, pulling from past eperience and local knowledge. ...All done before they are even hired. More on the "what REALTORS do" topic bit by bit.
Thursday, January 3. 2008
First time home buyers accounted for 40% of homes purchased in 2007 in the Metro Milwaukee area. 65% of those first time home buyers were between the ages of 25 and 34. Their income is higher than the national average, too. $61,300 vs $58,600. With interest rates at a low level and plenty of property to choose from it will be interesting to see the results for 2008 (yes, I know it is only January 3rd and we have a long way to go!) Most first time home buyers take this first purchase extra seriously, and well they should. It is a lot different than renting but much better monitarily for the new homeowner's pocketbook. I remember being told what I could afford after talking with a loan officer way back when as a single female purchaser with a pretty small income..."You say I can afford that?? That is $500 more than I pay in rent right now! I don't think so." So I bought cautiously, with a monthly payment I felt comfortable with, not maxed out to where the little unexpected things became really troublesome. It enabled me to live my life the way I was used to, and become a homeowner as well. First time home buyers are also unencombered with the "offer to purchase contingent on existing home selling" problem. There is little to hold you back. I hope first time buyer out there take the leap soon and wish you luck! Let us know if we can recommend a first time home buyer specialist. There is a mortgage calculator on each and every property on firstweber.com. Check it out and see how the numbers sound to you! Source of statistics: 2007 Profile of Home Buyers & Sellers, Milwaukee Wisconsin, from NAR
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