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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!
Whether you are ready to take advantage of the strong market now or just want to know what your home is worth, I am here to help you with all of your real estate needs.
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WISCONSIN’S REAL ESTATE OUTLOOK
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Home sales continue to break records in Wisconsin and Nationwide
SALES
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Home sales in November were up more than 15% from 2019, and the active market has continued through the holiday season and into 2021. The economy is still recovering, and the pool of eligible buyers continues to grow. With interest rates predicted to stay low through the remainder of the year, this seller’s market shows no sign of slowing down.
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INVENTORY
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Inventory is low, with only a 2.8-month supply on the market in November 2020. This gives sellers an excellent opportunity to get top dollar for their properties and places an even greater importance on partnering with a real estate agent to help sift through multiple competing offers.
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AFFORDABILITY
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Prices continue to rise due to limited supply, but according to WRA Chairman Steve Beers lower interest rates present opportunities for buyers. “With lower rates, buyers can either lower their monthly payment or they can step up to a larger home for a given payment,” Beers said.
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Source: https://www.wra.org/HSRNov2020/
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Cold Weather, Hot Market “We expect rates to stay below 3% into 2021, which means that we should see an active market, even in traditionally slow months.”
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Kel Svoboda
First Weber Vice President
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Find a Partner “With such a competitive market and low inventory, it is more important than ever that buyers and sellers are prepared by partnering with a REALTOR.”
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Shawna Alt
First Weber President
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MORTGAGE NEWS
Mortgage rates were at all-time lows for 30-year fixed-rate loans near the end of 2020; expect them to creep slowly upwards in 2021, potentially reaching 3.4% in the second half of the year. While rate increases may create some affordability issues for buyers, more homes are likely to become available in the last six months of 2021.
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Source: https://www.phmloans.com/blog/2021/01/01/expert-update-01012021
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Home Trends to Watch for in 2021
As 2020 turns into 2021, we are seeing some new trends in style, color and design.
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Two New Styles: Grandmillennial and Cottagecore
These decor trends are becoming more popular and well-known in the interior design world. Cottagecore grew in popularity through social media during quarantine. The style is defined by the idea of creating a wholesome and more comfortable home no matter where a person may live.
For a Grandmillennial style, think of all the comforts of your childhood home: vintage touches, patterns, and nostalgia enhanced with a touch of modern vibes, bold colors and coordinating patterns to match. To add more to this style, display family heirlooms with a modern twist.
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Trending Colors and Designs:
The trending colors and designs of 2021 include neutrals, browns and beiges. These colors are beginning to make their way back into decor. While it may seem that neutral is the front runner, the color of the year selections by all the paint companies show a wide range of soft and bold color choices.
Rattan furniture does not appear to be going anywhere soon either. Even the trend of adding rattan elements to pieces of furniture people already have on hand is gaining popularity. This furniture style can certainly be used to stage a home that is both relaxing and on trend.
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Adapted From: https://rismedia.com/2021/01/07/home-trends-watch-2021/
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4 Ways Your Bathroom Can Impact the Value of Your Home
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Most real estate professionals agree that a home’s kitchen and bathroom are two of the biggest selling points for homebuyers. To add value to your home, or just make it more attractive and useful, here are several upgrades to consider:
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SHOWER, TUB, SINK AND TOILET
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Having an expert check your bathroom plumbing can help ensure it remains in good condition. Repair any leaks in the water lines and remove evidence of mold or mildew. Fix a dripping faucet and replace worn or rusty hardware in your shower, tub, or sink. You may want to repair or replace fixtures that appear dated or that show wear, such as a chipped bathtub finish or cracked counter.
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DECOR
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You may want to paint or add wallpaper to one wall to bring some personality to your bathroom. Add a couple plants that will thrive on the moisture and help reduce the risk of mold. A wall shelf for decorative vases, flowers, or linens adds storage space to make the bathroom more functional. Additionally, hanging framed wall art to go with a themed shower curtain can create points of interest in even a small space.
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LIGHTING & ELECTRIC
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Outdated lighting fixtures can make a room look un-stylish and boring, so install lighting to coordinate with the rest of your home decor. If the electric is not up to code, have a licensed professional upgrade problems immediately to ensure safety while using bathroom appliances like a blow dryer or electric shaver.
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FLOORING
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New flooring can immediately brighten up a bathroom to make it feel more welcoming and updated. A bathroom floor that is cracked or showing signs of age can be replaced affordably by utilizing water-resistant floor tile or linoleum. Choose a style that complements your bathroom’s color scheme and blends with the rest of your home.
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Source: Adapted from: http://blog.rismedia.com/2020/bathroom-impact-value-home/
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How to Handle a Burst Pipe and Minimize Damage
Burst pipes and the associated water damage are something you absolutely want to avoid as a property owner. The best way to deal with frozen or burst pipes is to prevent them in the first place – by insulating exposed water pipes, turning off the exterior water supply, and covering outdoor fixtures. If a pipe does burst, you need to act quickly to mitigate property damage and repair cost.
- Your very first step should be to shut off your main water supply to minimize flooding – typically the most expensive damage to address.
- Once you have shut off the water supply, make sure you identify the entire area that has been impacted by the leak. Remove as much water as possible – as quickly as possible – using a mop, sponges, towels or a wet/dry vacuum.
- To prevent long-term damage due to moisture build-up, run a dehumidifier or fan in the affected area.
- Contact a licensed plumber to ensure the pipe is correctly repaired before running any water to that section of the home again.
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Source: RISMedia’s Housecall, How to Find the Best Home for You and Your Family, By Lizzie Weakley, Sep 18 2020
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