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Tuesday, December 29. 2009
This graph above and data below shows the number of listings for sale/ number of sales and the length of time in months that it would take for the current inventory to be absorbed or sold under current market conditions. These numbers show Wausau, Wisconsin Single family homes priced from $100,000-$150,000. You can see the number of months of inventory is declining and homes are selling faster than they have in recent years. The lower the months of inventory go, the more it becomes a seller's market. | Year/Quarter | 2008- 1st | 2008- 2nd | 2008- 3rd | 2008- 4th | 2009- 1st | 2009- 2nd | 2009- 3rd | | On Market | 98 | 131 | 143 | 121 | 116 | 144 | 132 | | Sales | 29 | 42 | 48 | 32 | 25 | 30 | 53 | | Months of Inventory | 10.1 | 9.3 | 8.9 | 11.3 | 13.9 | 14.4 | 7.4 |
We hope you found this information useful. If there is a Wisconsin city you would like information on, please leave a comment and we will do our best to provide the information. Thank you for reading the First Weber Blog.
Tuesday, December 29. 2009
The Wisconsin Realtors Association released third quarter 2009 data showing a statewide gain in home sales of 5.8% over last year. If the pace holds, the WRA estimates more than 90,000 homes will be sold in Wisconsin this year - an increase of approximately 5,000 from a year ago. The wellness of the Wisconsin housing market affects all Wisconsin homeowners, even if they are not in the market right now. What your neighbor's house sells for may have an effect on what yours sells for. While more homes are being sold is good news, prices are still on the low side in most cases. You can sign up to receive emails on homes similar to your own with a MyFirstWeber account if you'd like to keep track of the market just for informational purposes. If you are a buyer, ou may also use the same link to sign up to be notified via email of new listings matching your criteria. First Weber has been reporting positive news here for the last five months to drive interest in home buying at this historical time... if more first time home buyers enter the market, move-up buyers also can do just that, move up. Despite the trend to increased sales, sellers should realize that the market is certainly not "back to normal" or a seller's market. Yes, you may sell your home for less now. However, you may also buy for less as well. We hope you enjoy receiving these updates on the Wisconsin real estate market. For information on specific cities in Wisconsin, please make a request as a comment. Happy New Year!
Tuesday, December 29. 2009
The new year is fast approaching and we sure hope 2010 will be a more stable year on many fronts. The extended and expanded tax credit should keep Wisconsin real estate sales going relatively strong, just like the tax credits made for a strong fall Wisconsin real estate market which we talked about for Dane County, Metro Milwaukee and Wausau. We are here to help should you want to learn more about the credits and buy or sell a home in 2010. Now on to new year resolutions.... Not personal resolutions, but "Residential Resolutions." For ten ideas on making your home more organized and more of a personal haven, please see this article from jsonline on home organization. The highlights are: 1. Be responsible: recycle 2. Be frugal: Sell unwanted gifts or unused household items. 3. Be generous: Donate unused household good to charities. 4. Be tidy: set up systems for storage and organization. 5. Be discerning: Do you REALLY need that new gadget? 6. Be inclusive: Get all household members involved with your resolutions. 7. Be mindful: Check smoke detectors, etc. 8. Be heath conscious: Choose products that have a lower impact on your home environment. 9. Be aware: Think of the environment - recylce materials, use fluorescent blubs, choose Energy Star appliances. 10. Be prepared: Plan ahead for next year by checking sales on holiday decorations now. The article, written by Nancy Herrick, may not appeal all, but it was a useful article for me and I hope you enjoy it. Thanks for reading the First Weber Wisconsin real estate blog. And Happy New Year!
Tuesday, December 29. 2009
Written by Scott Swick Did you know that, according to real estate law in Wisconsin, if you call a Realtor and ask her to show you homes…and you do not enter into a “buyer’s agent” contract with her… she is legally representing the seller? As the seller’s agent, she is obligated to help that seller get the highest price she can. If that is the case, how do you as a buyer know you are getting the best home at the best price? There is an answer to that question, and it is by asking your Realtor to be your buyer’s agent, and she will write up an agreement that obligates her to now work for you, not just “with” you. Let me ask you a question from another industry: do you want a lawyer to work WITH you or work FOR you if you were in some legal difficulty? Assuming you would say “For you,” it works the same way with a Realtor. The Realtor who shows you a home is obligated to get the best price for the seller. But if you hire her as your buyer’s agent even before she shows you homes, she is now working for YOU. And that is a big advantage when you want to get the best home at the best price. So what can a buyer’s agent do that a Realtor who just shows you homes can’t? The first thing a buyer’s agent will do for you is to find all the best homes at the best prices. She can look up how long each has been on the market. The longer it sits, the more negotiable the pricing may become. She can find out the listing history of what price the sellers started at compared to what it is now, and pull the tax assessment to see how that compares to the asking price. And she can find homes that are outside the local MLS, such as For Sale by Owners, Foreclosures, or listed in another MLS. Many of these you won’t find on websites. Once you start looking at homes with her, she can point out problems she sees: some repair needed, and background information that might affect your happiness with the home. But the best thing a buyer’s agent can do is NEGOTIATE for you. The buyer’s agent can pull market sales data to compare each home you are looking at to set the price you ought to offer. Using her expertise, your buyer’s agent can develop a strategy of offers and/or counter-offers to help you get the best deal, the best terms, and other details, such as who pays the closing costs. After you get an accepted offer, the buyer’s agent will go with you and the home inspector to the home inspection, and help negotiate any additional concessions based on the condition of the house. Your best interests are central to a buyer’s agent. And the best part of it all is that for almost every home sale, the seller will be paying the buyer’s agent’s professional fee. It almost never costs you more to hire a buyer’s agent. Ask your Realtor to be your buyer’s agent and get the best deal you can. The buyer’s market window will be closing and now is the time to act.
You can search for a buyer's agent here on our Find a First Weber agent page
Tuesday, December 22. 2009
We've talked a lot about the First Time Buyer tax credit and the newly expanded tax credit available to current homeowners. This credit expires in April of 2010. When you run the numbers and look at the low property prices these days, making a move now could really make sense for you whether you are moving up to a larger home, or downsizing. This article from Realty Times reminds us that the tax credit can be used for those downsizing . Is a move in your future? Are you tempted to move? Even if you are not in the market, checking out firstweber.com is a good way to see what homes like yours are going for these days. We hope to assist you when the time to move comes.
Friday, December 18. 2009
"Dane County Home Sales More Than Doubled in November From Year Ago"
Madison Capital Times (WI) (12/16/09) Novak, Bill
South Central Wisconsin MLS data shows that Dane County home sales soared 111 percent last month compared to November 2008 as buyers scrambled to get their homes purchased before the federal tax credit incentive was to have expired. The year-over-year sales gain marked the fifth consecutive month in which Dane home sales were better in 2009 than in 2008. As a region, South Central Wisconsin home sales jumped 81.7 percent in November versus the same month a year earlier. Nevertheless, the number of homes for sale lags behind 2008, with 4,336 homes on the selling block as of Nov. 30 in Dane County -- an 11.8 percent decrease. It should be noted that almost 60 percent of the residences available for sale in south central Wisconsin were priced under the $200,000 mark. Taken from the Realtor Newswire Weekly put out by The Wisconsin Realtors Association.
Wednesday, December 16. 2009
How big does a house really need to be? Some of us are fortunate to live in spacious houses with 10 rooms, multiple bathrooms and closets that are large enough to be considered a room (I am not included in the "some" here). Others live in more modest homes under 2,000 square feet. Whatever your situation, Wisconsin has a huge variety of housing styles, sizes and price ranges to fit all needs. I am not sure if there are any "Tiny Houses" in Wisconsin, but I think they are excellent. Check out the pictures and floorplans of some Tiny Houses from the Tumbleweed Tiny House company. Could you ever live in one of these homes? Does anyone know anybody who has built one of these small homes in Wisconsin or elsewhere? I would love to put one of these on our land in Wisconsin Dells. I like them all - from the log cabins to the ultra modern. Check out this website and tell us your favorite. And please comment if you know of a tiny house in Wisconsin like these examples. Thanks for reading and appreciate your Wisconsin home, no matter what its size!
Wednesday, December 16. 2009
First Weber has talked about the extended and expanded home buyer tax credit. We hope you are aware there is now a credit available to current homeowners. Of course, a credit is also available to first time home buyers. But "first time" in this case does not mean "first ever". You may qualify even if you have owned a home before. The following is off the HUD website and describes, for the purpose of this credit, what a first time home buyer is. "A first-time homebuyer is an individual who meets any one of the following criteria: - An individual who has had no ownership in a principal residence during the 3-year period ending on the date of purchase of the property. This includes a spouse (if either meets the above test, they are considered first-time homebuyers.
- A single parent who has only owned with a former spouse while married.
- An individual who is a displaced homemaker and has only owned with a spouse.
- An individual who has only owned a principal residence not permanently affixed to a permanent foundation in accordance with applicable regulations.
- An individual who has only owned a property that was not in compliance with State, local or model building codes and which cannot be brought into compliance for less than the cost of constructing a permanent structure. "
Thanks, HUD, for that information! My guess is that there are many who did not know that "first time buyer" was such a flexible term in the case. Did you know? Are you thinking of taking advantage of the credit? It expires April 2010. More info at firstweber.com
Wednesday, December 9. 2009
Impressive! First Weber Group's 2009 United Way campaign raised $29,247 in total agent/employee/corporate donations with an additional $3,484 coming from Oshkosh, Prairie du Sac, Rome Lakes, Wisconsin Rapids, Wausau Grand Avenue, Wisconsin Dells and Metro South for a statewide total of $32,731. That is fantastic, especially in this economy. That participation won First Weber some awards, too: Red Feather (largest increase in employee giving) 3rd place in organizations with 100+ employees Community Chest Award (largest increase in employee and corporate giving) #10 in organizations with 100+ employees Best Practices Award (given to organizations that execute all of the 10 best practice strategies and have an overall increase in giving) Award of Distinction (campaigns that increased 25% this year) The United Way of Dane County met their 2009 campaign goal of $16.5 million to help those in Dane County. We're happy to be a part of that goal.
Thursday, December 3. 2009
Travis, a reader of the First Weber blog, asked us a question on December 2, 2009: "I closed on a home in May of 2008. I received a 10% first time homebuyers tax credit. Since this they have released a tax credit that states it does not have to be payed back in any way. I have not found any information on mine to see if they had different terms applied. Do you know anything about this?" Thank you for this excellent question. An article updated on November 24, 2009 on irs.gov states: "For 2008 Home Purchases The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year." There is no mention of any change to the repayment requirement. You can read the entire rules straight from irs.gov here. The repayment is explained here, also from irs.gov You should also consult with your tax advisor. If you have a real estate question, please let us know.
Wednesday, December 2. 2009
Do you decorate the outside of your house/your yard for the holidays? White lights or colored? Less is more - or the more glare the better? Are you one of theose people who plan ahead and put the lights up when it is actually warm(ish) out, or do you always end up in the cold? Our Wisconsin neighborhoods look so pretty lit up on a dark snowy night, in my opinion. Whatever your opinion, enjoy this holiday season and maybe enjoy a new house next year. Looking now and in January means closing before the April deadline should be no problem. There's more information on the extended tax credit here. It's not for first time buyers only anymore! But, that is a post in itself so stay tuned. Thanks for reading.
Wednesday, December 2. 2009
Oshkosh was chosen as the best place in Wisconsin to raise children according to a Business Week study. Eau Claire and West Allis, Wi were runners up. Municipalities with populations of 45,000 residents minimum were considered. These are some of the factors used to determine the winners: School, crime, air quality, diverstity and more. The entire article listing each state can be found here. There are lots of great places in live in Wisconsin and a ton of great Wisconsin communities too small to be considered in this study. I live in Waukesha and revitalization of the downtown area to include an artist community is one thing I really like. They have Art Crawls to draw people downtown to the art galleries and shops. There is an Art Crawl this Saturday, December 5th. I'll be there...What do you like about your Wisconsin community?
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