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Ott Realty Group
Senior Real Estate Specialist SRES
Accredited Buyer's Representative ABR
Mobile: 414-405-5200 (Chris), Other: 262-894-0142 (Jean)
[email protected]
https://chrisott.firstweber.com
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Hi There!
The market is hot and inventory is low – which means your home may be worth a lot more than you think.
Contact me any time if you have questions or real estate needs.
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WISCONSIN’S REAL ESTATE OUTLOOK
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Home Sales and Prices Up Significantly Compared to COVID Lock Down Levels
SALES
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Home sales increased across all regions of the state by a solid margin, including up to two or three times as much as the rest of the state in the North and Central regions. This bounce in closed sales for April was expected since we are comparing to a depressed level of sales last April when the economy was in full lock down as a result of the pandemic.
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INVENTORY
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Although new listings are up compared to April 2020, total listings fell 29.5% across the state. The months of home supply fell to 2.5 months statewide with the average days on market being 85, down from 99 days just a year earlier.
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AFFORDABILITY
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Average sale prices have been rising quickly due to strong demand and have increased at an annual pace of 9.7% or higher since July 2020.
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Source: https://www.wra.org/HSRapr2021/
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“Demand for housing is at an all-time high and is causing unprecedented leaps in value. Now is the time to reach out to a Realtor and discover how you can benefit from today’s real estate market.”
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Shawna Alt
First Weber President
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“Compared to prior years, there is definitely a lack of inventory ‘sitting on the shelf’. The truth is the inventory is there, it’s just moving faster than ever before. More homes are going through the selling process, and ultimately to closing, all over Wisconsin compared to last year… up over 9%. Agents are doing a fantastic job to serve their clients to navigate this complex market.”
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Bob Weber
First Weber Senior Vice President of Operations
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MORTGAGE NEWS
Mortgage applications fell for three consecutive weeks, according to data from the Mortgage Bankers Association. Historically low housing supply and high home prices are spurring this lull in buying. Mortgage interest rates, however, unexpectedly fell for the first time since February with the average rate for a 30-year fixed mortgage sitting at 2.96%.
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Source: https://www.phmloans.com/blog/2021/04/22/expert-update-04232021
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3 Tips to Protect Your Home for the Long Haul
Buying a home is the largest investment you will ever make, so you’re going to want to do everything you can to protect it for the long run. Here are a few great tips on what you can do to preserve the condition and comfort of your home for the coming years.
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Invest in Upkeep and Preventative Maintenance
Your home requires regular upkeep and care to prevent any issues from getting out of hand, which may be a new process to you if you’re a first-time homebuyer. A good first step is to create a property maintenance checklist where you break down all of the tasks and projects that need to be completed throughout the year (for example, complete HVAC maintenance before the cold Wisconsin winter months).
Items related to the roof, structure, HVAC systems and plumbing should be top priorities, no matter what time of the year, as these are critical to the infrastructure of your home. Preventative maintenance is key to avoid causing bigger problems down the road, so it’s wise to schedule things like HVAC maintenance and roof inspections to reduce your risk of breakdown. It is recommended that you follow the 1% rule, which is budgeting 1% of your home’s purchase price for month-to-month maintenance.
Build an Emergency Fund
Regardless of age, location or condition, all homes will inevitably need some form of unexpected or emergency repair—it comes with the territory of being a homeowner. It’s better to set up a savings account now that you can contribute to over time and pull from as needed.
Depending on the scope of the issue, you could be looking at thousands of dollars in repairs or equipment replacement costs. Some tasks can wait, like a busted washer and dryer or damage to flooring, but problems with the roof, foundation, plumbing, electrical or HVAC systems generally need to be assessed immediately. Putting extra money aside each month for an emergency fund can help alleviate the headache and cost that comes with these kinds of issues.
Don’t Ignore the Small Stuff
Don’t let a small issue snowball into a big problem—when you notice something is wrong, deal with it right away to save yourself time and money down the road. A leak in the water heater may not seem like an immediate problem, but this can often be a warning sign of tank failure. Be wary of seemingly small problems and investigate them right away to avoid having to dip into your emergency fund.
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Source: http://blog.rismedia.com/2021/protect-home-long-haul/
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Redecorating the Whole House? 4 Ways You Can Make the Process Easier
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Preparing to redecorate your home can be a daunting prospect. Whatever your reason, you’ll likely want to move the redecorating project along quickly so that you can be done with the mess that such a large-scale project can entail as soon as possible. Here are four ways you can make the redecorating process more efficient.
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Buy Supplies in Advance:
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Don’t buy materials as you need them for each step of the process. It may seem easier not to stock up on everything before you get started to avoid crowding your workspace or filling the garage. However, doing so will allow you to buy items in bulk, which can help save some money. It will also cut down on the number of times you have to run to the store, which can really ruin your momentum on a project.
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Rent a Dumpster:
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Even if you plan to redecorate more so than renovate your home, it’s always a good idea to rent a roll-off dumpster for at least a week or two. Discarding old wallpaper and worn carpet or linoleum is easier when you can toss the used materials into a trash bin. The added convenience of not having to bag everything up and take up additional space in your regular trash bins in another bonus.
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Hire Painters:
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If you’re looking to repaint a large portion of your home, it might be best to hire professional painters to do the job. While repainting walls can be satisfying, the professionals can do it much quicker, which can be great if you’re on a time crunch. They also take care of all the cleanup work which allows you to focus on other areas of your home while they work.
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Clean Up as You Work:
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When stocking up on materials before starting any project, make sure to include cleaning supplies. Clean up each work area as you finish instead of waiting to do it all when you’re done. This will help to prevent anyone from tracking dust, paint chips and scattered debris like screws or nails from one room to the next. It’s also a less daunting task to clean up one room right away rather than waiting until the end to clean the whole house at once.
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Source: http://blog.rismedia.com/2021/redecorating-whole-house-easier/
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Making the Most of Your Basement With Creative Floor Plans
Many homeowners do not fully utilize their basements, and some even ignore their basement altogether. Rather than being wasted space, a basement can be great for storage, working areas and recreation. Here are four ideas for making the most of your basement by changing up the floor plan.
Make a Secluded Office Space:
Thanks to their natural sound insulation, basements are often some of the best places for home offices. To create an office space, you will need to wall off part of your basement and install a door to ensure privacy while you’re working. Make sure you leave enough space for your desk, a chair, and any other furniture you want in your new office. This can be a great addition to any home, especially during the new work-from-home era.
Create a Home Movie Theater
Your basement can also be the perfect place to put a home theater! With a basic projector and a large wall to mount the screen, you can enjoy the feel of a theater in the comfort of your home. Add a few chairs, a good sound system and a fridge for snacks to create the perfect space to watch your favorite movies with friends and family.
Make a Game Room:
If you’re thinking of going for a more open floor plan, you might consider adding a game room to your basement. A pool table, dart board or foosball table will give you and your family everything you need to have fun evenings at home. You will want to make sure you take accurate measurements before buying a larger game table as it may not fit in certain parts of your basement.
Create Your Dream Workshop:
If you enjoy woodworking, crafting, metalwork, or another hobby that requires room for specialized equipment, you can turn your basement into the perfect workshop. Opening the floor plan a bit can give you lots of space for your tools and a large workbench area, or you could put up walls and make your own workshop room as well. Don’t forget to include storage space for materials so that you always have the things you need on hand for the items you love making.
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Source: http://blog.rismedia.com/2021/basement-creative-floor-plans/
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