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Chris 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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HAPPY HOLIDAYS!
If you are considering a new home in the New Year, feel free to reach out to me and explore your options. Whether you are ready to move, or just wondering what your home might be worth, put my knowledge and experience to work.
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WISCONSIN’S REAL ESTATE OUTLOOK
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Low inventories continue to hamper sales and increase home prices
SALES
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In comparison to September 2020, home sales in September of this year dropped 8.6%, yet year to date home sales from January to September are up 1.5% compared to the same period in 2020. This is also the third straight month home sales have decreased, which has dropped Q3 sales 8.2% lower compared to 2020.
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AFFORDABILITY
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Housing affordability dropped 5% across the state of Wisconsin, but these numbers have remained relatively stable all year. Median home prices have been increasing throughout the year but have stayed below a 7% increase for the past two months with the median price increasing to $240,100.
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INVENTORY
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Continued tight inventories across the state can be blamed for this decrease in home sales with numbers as low as 3.1 months of available supply in the South-Central market, and numbers only peaking at 3.9 months in the North region. All these figures indicate it is a strong seller’s market across the entire state and may continue to be for the months to come.
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Source: https://www.wra.org/HSRSep2021/
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MORTGAGE NEWS
For the fifth straight month, mortgage rates have stayed below 3% and sat at 2.90% in September which bodes extremely well for buyers. These low mortgage rates continue to be a strong factor in helping buyers get into the home of their dreams. Buyers who lock into a 30-year fixed rate mortgage and provide a 20% down payment are able to afford anywhere from 181% all the way up to 227% of the current median home price.
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Source: https://www.wra.org/HSRSep2021/
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Tips for Buying Your First Home
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It’s always an adventure when you’re ready to go house hunting. It’s even more exciting when you are ready to venture out in search of your first home. Whether you’re moving out of your parent’s house or you have been renting a place and are ready to finally own your own place, you’re taking a big step in life. Take some helpful tips about buying your first home to have a positive experience:
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KNOW YOUR BUDGET
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Far too many people make the mistake of buying a home that is beyond their means. This only adds stress to their lives and can even lead to moving out if the mortgage is too much to handle. Sit down and work out your budget. Look at all of your monthly expenses and remember that you’ll want to continue to set aside savings for a rainy day. Once you see how much is left for a mortgage payment, give yourself some wiggle room.
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CHOOSE WHERE YOU WANT TO LIVE
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If you’re going to take the plunge as a first-time homebuyer, be strategic about your search. What area calls to you? A great price or a beautiful home will not be enough if you’re unhappy with the location. Consider the school district if you have children and think about access to your favorite stores. Figure out if you want neighbors nearby or if you would prefer your own space. Perhaps most importantly, decide if you’re comfortable with the quality of the surrounding area you’re moving to. This will help you to trim down your list of potential homes.
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MAKE A LIST OF ESSENTIALS
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No two homebuyers are alike. You should pick a home that fits your needs. Take into consideration how many bedrooms you need, the number of bathrooms and if the home has a garage or parking structure. You may prefer a spacious backyard or not care about that at all. If you are going to have children, you’ll need a house with enough room to accommodate an expanding family. Bring your checklist with you when you go to an open house or speak with a REALTOR®. If you don’t find what you want, keep looking.
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LEARN ABOUT YOUR FINANCING OPTIONS
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Don’t jump at the first mortgage you see… do your homework. Your credit union may have an irresistible promotion. You could go the traditional route with a mortgage through your local bank or other mortgage brokers. You may also qualify for a variety of loan programs, including loans from the Department of Veterans Affairs, USDA loans for homes in rural settings or FHA loans. Look at the interest rate and whether or not the rate will be fixed. Don’t sign on the dotted line until you are completely satisfied. Your Realtor is a great resource for finding a trusted mortgage lender.
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Being prepared will help you to make the most of being a first-time homebuyer. Team up with a real estate agent you can trust and lay it all out on the line before you begin your quest. Being selective will help you to find the right home sooner.
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Source: http://blog.rismedia.com/2021/tips-buying-first-home/
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Remodeling Projects That Prospective Buyers Desire
Remodeling is a great way to fix, update or upgrade your home while increasing its value, but costs can add up. It’s important to prioritize the projects that will not only benefit you and your family in your daily lives, but also will attract future buyers when the time comes to sell. Here are the top three areas for remodeling projects that can appeal to potential buyers when it’s time to sell your home:
KITCHEN
Remodeling an entire kitchen can become an overwhelming process, but there are a few areas you can focus on to make a dramatic difference.
Cabinets take up a large portion of your kitchen and can look run down or get damaged over time. Sanding down your cabinetry, giving them a fresh coat of paint and adding new hardware will take a little extra effort, but is a cost-effective update that will be worth it in the long run.
If it’s within your budget, consider replacing the cabinets completely. If your countertops are starting to show their age you should think about upgrading to a material like granite or quartz that will resist heat, scratches, and stains. Stone will ultimately last longer than laminate, which will save you money in the long run.
BATHROOMS
Bathrooms are often crying out for a remodel and can be a selling point of a home. At the very least, consider redoing the caulking and updating fixtures like cabinet hardware, faucets, and shower heads. These are inexpensive upgrades that will make an immediate visual impact. Redoing or replacing the vanity to add more counter space or storage space is always a good idea as well.
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FLOORING
One of the first things a potential buyer will notice upon viewing your property is the flooring. While this isn’t typically a budget project, updated flooring will certainly add value to your home and can make a big improvement on the overall looks of your home. Laminate, tile, or wood flooring are more convenient and easier to clean than carpet, though some people do prefer to have carpet in certain rooms, like the primary bedroom. Freshening up the materials on the floor can take your home to the next level.
DON’T UNDERESTIMATE LITTLE TOUCHES
There are many easy, budget-friendly steps you can take to up the appeal of your home. A fresh coat of paint in a neutral color, updated lighting and increased curb appeal can make a world of difference.
Any project you decide to tackle in your home should be for the benefit of you and your family, but it’s a good idea to consider the return on your investment.
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Source: https://blog.rismedia.com/2021/remodeling-projects-buyers-desire/
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Five Sounds Your HVAC System Should Never Make
You probably recognize the typical low, blowing sounds your HVAC system makes. However, when it makes a sound you haven’t heard before or that doesn’t seem quite right, you may choose to ignore it. This could be a big mistake. There are at least five kinds of sounds your heating and air conditioning system could make that indicate serious problems that you must not ignore:
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RATTLING: The most common reason for rattling is a loose nut, bolt, or piece of wiring. It could also mean a buildup of debris in the outside unit. It could be a more serious problem. For example, the motor bearings might be going out. If you can’t find the problem yourself after a quick examination, it’s time to call for professional.
BANGING: You should call an air conditioning maintenance company right away if you hear a banging noise coming from any component of your HVAC system. The most common cause of banging is a bent fan blade, but this type of sound could also indicate an expensive compressor problem. In all cases of banging, professional air conditioning maintenance is required. You should turn the system off until help arrives..
HISSING: If you hear whistling or hissing that you haven’t heard before, this probably means you have a leak in your system. The worst-case scenario is a refrigerant leak, which is dangerous to the health of everyone in the home. This type of sound could also mean your heat pump is leaking air or that your ductwork is damaged. These are less serious problems than a refrigerant leak. However, they still need to be fixed.
CLICKING OR BUZZING: Clicking, buzzing or unusual mechanical hums often indicate electrical problems. Continuous clicking could mean a relay needs to be replaced, while buzzing or humming may indicate problems with electrical connections or circuit breakers. If you’re not experienced working with electricity, you should not attempt to fix these problems yourself.
SCREECHING OR SQUEALING: Just as with an automobile engine, screeching or squealing usually indicates a problem with a belt or bearing. When an HVAC system motor goes bad, this sound is often the first sign. If you’re lucky, this type of high-pitched noise could simply mean the system needs lubricating, especially if you only hear the sound when the motor turns on or off.
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Source: http://blog.rismedia.com/2021/protect-home-long-haul/
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