First Weber Group REALTORS®: Wisconsin Real Estate

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.

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.

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!

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

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