Your First Showing is Now Online!

The information available on the world wide web has given Buyers the ability to research the local real estate market, gather community information and practically tour homes without even stepping foot into them.  Buyer’s first impression is made when they view a Seller’s home on the internet.  Because of that, it has never been more important for Sellers to have the following three advantages: 

1.  A dominant web presence so that the Seller’s listing is visible on the most popular real estate websites.  Keller Williams web presence is much more vast that the local firms.  CLICK HERE to learn more. 

2.  Curb Appeal from the street and the internet!  Staging, tidying the yard, clearing out closets are just part of it.  Your listing needs to look its best on line in order to catch the attention of Buyers.  If you aren’t getting showings you have to question if your web appeal is strong enough.  The market is flooded with listings so Sellers need their home to stand out like a shiny penny.

3.  When internet Buyers surf the web, they are typically on for less than 30 minutes.  Because of this, you need quick response to all internet hits.  Keller Williams Agents receive all internet inquiries directly and in real time.  This isn’t the case for most firms.  CLICK HERE to learn more about our lead router.

4. If you are curious what your home would sell for in today’s real estate market, CLICK HERE  for a free Pricing Analysis.

Middleton, WI Real Estate – Sale Prices Remain Steady

Middleton, Wisconsin home values are generally higher than West Madison – and the average sale prices only declined about 1% from 2007 – 2008. Here are some interesting statistics straight off of the South Central Wisconsin MLS:
2008 MIDDLETON                              2007 MIDDLETON
Avg sale price $345,505                        Avg sale price $349,148
296 single family homes listed            (2008 was down about 1%)
128 sold (43.24%)
2008 WEST MADISON                     2007 WEST MADISON
Avg sale price $288,551                        Avg sale price $304,566
1785 single family homes listed         (2008 was down about 5%)
976 sold (54.68%)

Encouragement for the Housing Market

What should we be encouraged by in today’s real estate market? The basics. Houses are more affordable than they have been in years. The percentage of the median family income required to make mortgage payments on the median home price was 24% in 1989. In 2003, it was 19% – houses were very affordable. By 2006, it was back up to 24%, and in 2008 it fell to 19% again. Combine that with affordable mortgages and a return to responsible lending practices, and we have some key critical ingredients for an active market.

New Premier Condo Development in Middleton

Coming soon! Crane’s Nest Condominiums is a brand new 16-unit ranch-style condominium development bordering the Graber Pond Conservancy in the northernmost area of Middleton.  Great sales activity and model to open soon. Directions: Century Ave to north on High Road, take High Road north to left on Caneel Trail, Right on Misty Valley to 7242 Lily Lane - the new model. Open Sundays from 1-3.

Impressive Middleton Chamber of Commerce

Attended my first Middleton Chamber of Commerce meeting this morning as a guest with brother John who owns The Business Source, LLC. www.thebusinesssourcellc.com.   I was so impressed with the number of attendees and the group vitality.  They have an incredible core of volunteers and are working hard to accomplish good things for our community. Congratulations to the Harbor Athletic Club for their many years in business and service to the community.  They have experienced phenomenal growth!

New Year’s resolution:  quit sending my husband to Fitness Together to take my appointments.  I really need to go instead!

The Best Restaurant in Middleton

You must visit Villa Dolce on Parmenter Street in downtown Middleton.  They have the best lunch and light dinner menu featuring pizzettes, delightful sandwiches, salads, desserts, gelato – and a great wine list.  www.villadolcecafe.com

What’s Up With Misty Valley?

There are a lot of questions about this great new development in the northwest area of the city of Middleton.

Here’s the scoop:  We are marketing our first phase of lots at the south end of the site.  To-date there are 3 single family lots sold – and in various stages of planning homes and construction, and 1 condo site (Crane’s Nest).  Brian and Jaime Stoltenberg (Fitness Together, www.ftmiddleton.com, ) will be the first residents!  Thanks to Chris at Revival Homes, www.revival-homes.com, for making this happen for Brian and Jaime.  We also have accepted offers on three more lots and 1 condo/multi-family site.  Pretty good for a supposedly “down” new construction market. 

Crane’s Nest condominiums are also under construction in phase I.  This is a 16-unit ranch-style condo development with prices starting around $350,000.

Many more lots are reserved in the second and third phases of Misty Valley.  The current plan is to begin road construction for those phases later this Fall or Spring, 2009.  Check us out at www.mistyvalleyhomes.com.

Financing Availability for Housing

Here is an interesting article on credit availability in today’s housing market. We are selling a lot of property in this supposedly “down” market and even have affordable lots and house plans ready to build in Misty Valley, a brand new neighborhood we are developing in Middleton, www.mistyvalleyhomes.com. Check it out!

 

Financing Solutions with David Reed

Overcoming the misconceptions about the “credit crisis”

You’ve watched the news and read about it in the papers. You know, the “credit crisis” and how buyers need 20 percent down in order to buy a home? And even if you found a buyer with 20 percent down, lenders aren’t making loans anyway. So, why bother, right? Wrong!We’re right smack in the middle of what just might be the biggest disservice ever perpetrated on potential home buyers.  It seems the press just can’t get enough of all the gloom and doom in the housing industry.  The fact is that mortgage money is as available today as it was a year ago and loans are being made this very moment with little or no money down. And, no, platinum credit isn’t required.  You just need to know where to look.  Who are these lenders? They’re right down the street.

 

Federal Housing Administration (FHA) loans are exploding onto the mortgage scene; recent estimates are that one out of five mortgages are FHA loans. FHA loans never went away, their reemergence is a result of the collapse of the sub-prime market. FHA doesn’t technically have a minimum credit score, although, in practice, lenders won’t approve an FHA loan with a credit score below 500. But that’s a far cry from the notion that an 800 score is the only thing lenders care about.

The best part?  FHA only requires 3 percent down. 3 percent. And that 3 percent can come in the form of a gift or grant.  FHA borrowers only need to have $500 in a transaction.  All the while, FHA mortgage rates are as good or better than their conventional counterparts.

Low or no down payment, extremely competitive rates and easier qualifying.  No wonder FHA is moving up the charts!

Please contact me if you would like more information about FHA loans or help getting into your first home.

How’s Local Real Estate Selling?

Everyone loves to talk about real estate.  Recently my real estate partner, Jason Kratochwill, put together this synopsis of the area real estate market:  

First, we all read the media and while most articles are focusing on how bad things are, there are some good stories out there – interest rates are low, the inventory of unsold properties has been steadily declining, and sales prices in the Midwest, and importantly in South Central Wisconsin are battling and holding their own.

 

We will admit it is tough to keep the chin up when you struggle with a tougher market and put so much time, money, and emotion into the sale of your clients’ homes and then read the daily barrage of negativity about the market.  But, admittedly, it is tough for anyone…yes, including the media…to get a handle on the “market” because there are so many ways to look at it and sources and all information is subject to interpretation.  

 

Recently someone said…”it isn’t a bad market, it is what it is.”  And so what is it?  A little bit of everything right now. 

 

While the total number of home sales is down from 2006, we are outpacing the nation and Midwest.  For instance, the U.S. is down about 10.8% and the Midwest about 8.4%.  Many figures show South Central WI down just 5.8% in total sales.

 

Looking back and comparing 2006 to 2007 through three quarters in the South Central MLS, we find sort of a mixed bag.  Inventory is dropping (good thing), 19,703 homes went on the market in 2006 vs. 18,948 in 2007.  And, during those same time periods the average sales price in 2006 was $199,556 and in 2007 it is $201,160 – a modest increase.  Days on the market has increased about 2 weeks longer to 86 days (much better than the U.S.).

 

Now the 3^rd Quarter is really mixed!  On the plus side of things, the inventory is dropping steadily and there were just 5400 homes listed in 2007 compared to 6442 in 2006 and the average sales price is up from $202,122 to $209,405 (a 3.5% increase from 2006) and days on  market is flattening a little to just 10 days more or 81 days.  However, the number of homes sold declined quite a bit from 3592 in 2006 to just 2761 in 2007.  Also, 46.91% of homes listed expired during the 3^rd quarter.

 

So, the market is what it is….there are great buying opportunities out there right now and if you are selling, be patient and realistic in your price and you will be fine.   

~ Jason Kratochwill, Broker Associate, Keller Williams Realty

  

Quick Market Update*     (January 1 – Sept 10, 2007)                                                      # Homes Sold                                            Avg Sale Price         City                                2006             2007            (+/-)            2006                         2007                   (+/-) Madison 2185 2064 -6% $267,512 $266,279 -.05%  *Source:  South Central Wisconsin MLS