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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)
chrisottrealtor@gmail.com
https://chrisott.firstweber.com
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Spring Greetings!
As you know, the Spring market is the hottest selling season of the year. If you are ready to jump in as a buyer or a seller, it will be my pleasure to ensure the best results for your individual real estate needs. Let Me help. Expect a fabulous move forward!
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FIRST WEBER IS #1 AGAIN IN 2018.
Now 12 years in a row!
With $3.541 Billion in total sales volume, and 15,190 total transactions in 2018, First Weber is consistently the #1 most productive real estate firm in Wisconsin.
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Source: SCWMLS, CWMLS, RANW, Metro MLS, GNMLS, Multiple Listing Service market share by company, all property types, ranked by volume and closed transaction sides, January 1, 2018 to December 31, 2018.
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WISCONSIN’S REAL ESTATE OUTLOOK
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PLEASE NOTE: Market conditions can change rapidly across the state. Contact Ott Realty Group for the latest updates.
February Sales and Home Prices Increase as Inventories Remain Tight
SALES
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Sales of existing homes in Wisconsin were up in February despite escalating prices and winter weather. Home sales rose 1.2 percent in February relative to that same month in 2018. Given the relatively weaker showing in January, sales for the first two months of the year are still 3.4 percent below the pace set last year. “We had an excellent winter last year, so being close to that mark is a promising signal as we move into the spring and summer home markets,” said Stefaniak. The state typically sells just 5.1 percent of its annual volume in the month of February compared to more than double that percent in the peak selling months of May through August.
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INVENTORY
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Inventory continues to be a significant challenge for the state. Months of housing supply for sale fell 10.3 percent over the past year, slipping from 3.9 months in February 2018 to 3.5 months this past February. Every region of the state saw its inventories fall, with most falling by double digits.
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AFFORDABILITY
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With median prices up 6.1 percent on an annual basis in February, affordability only suffered slightly. February’s Affordability Index was at 221, down from 228 a year earlier. The overall economy remains strong with low unemployment, solid job growth and favorable mortgage rates, which bolster demand.
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BUYERS: The recent improvement in mortgage rates has helped affordability. Rates fell a half percent since Oct. 2018. Buyers should be ready to move quickly & come in with a clean offer.
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Michael Theo
WRA President & CEO
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SELLERS: Despite the winter weather, existing home sales this February surpassed the previous February sales record set in 2018. Sellers still definitely have the advantage in this market.
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Jean Stefaniak
WRA Board Chairman
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Source: Wisconsin REALTORS Association, February 2019 Home Sales Report, March 18, 2019.
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THE HOME DESIGN FORECAST FOR 2019 IS:
INDUSTRIAL CHIC MEETS RUSTIC AESTHETIC
Expect Less Focus On Organic, Farmhouse Design Elements And More Materials Like Concrete And Metal Accented With Rustic Touches
THE IDEA IS…
to pair rustic elements like barn doors with modern materials like glass or metal.
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HERE ARE THE TOP DESIGN TRENDS TO WATCH FOR THIS YEAR:
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Warm Modernism
Warm farmhouse touches offset the harshness of raw materials and stark contrasts that are common qualities of modernism.
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Industrial Vibes
Metal and concrete are forecast to be two of the most common materials used to design spaces this year.
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Organic Maker Accents
Earthy accents are going to play an especially important role in home design this year as they help to soften harshness.
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Smart Home Technology
The design of smart speakers and other voice activated products fits nicely into this projected rise in modernism.
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Space To Disconnect
Designated calm and quiet rooms with colored lights and acoustic paneling will likely see a rise in popularity this year.
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Source: RISMedia’s Housecall, Top Home Design Trends for 2019, by Jameson Doris, February 1, 2019
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HERE’S WHAT THE AVERAGE HOMEOWNER IS RAKING IN AT RESALE
With the boom in home prices in the recovery, homeowners have been profiting in the tens of thousands when they unload; and in 2018, the payout was at a peak. In the past year, the average homeowner pocketed $61,000 at resale, $11,000 more than what the average homeowner profited in 2017, and $21,500 more than the average realized in 2016, according to ATTOM Data Solutions findings.
The gains were an average 32.6 percent return. Gains haven’t been this high since 2006, before the downturn.
Nationally, the highest profits were in the West, where home prices have risen substantially. While 2018 was the most profitable time to sell a home in more than 12 years, those along the coasts reaped the most gains.
“The effects of last year’s tax cuts are wearing off as limits on homeowner tax deductions are in place and mortgage rates are ticking up ever so slowly, which could dampen the potential for home price gains in 2019,” Todd Teta, chief product officer at ATTOM Data Solutions explains.
FULL STORY
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Source: RISMedia, Here’s What the Average Homeowner is Raking In at Resale, by Suzanne De Vita, February 10, 2019.
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| THE TRUTH ABOUT DIY PROJECTS |
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IMPROVENET SURVEYED 2,000 DYI PROJECTS GONE WRONG.
Here are a handful of takeaways.
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| When a DIY project runs over budget, on average, people spend nearly two times what they projected. |
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| One in three people have called a professional to redo their failed DIY project. |
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| Fifty-five percent of people say the main reason they were disappointed with a DIY is that it doesn’t look good. |
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| Americans most regret trying to tackle installing tile floors. This task takes practice and a sharp eye. According to ImproveNet, you should leave this one to the pros unless you want to risk a shoddy-looking bathroom or kitchen floor. |
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HIGH HOPES
The Main Reasons People Decided to DIY
56%
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Save Money
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20%
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The Challenge
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14%
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For Fun
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10%
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Make Sure It’s Done Right
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On average, people hoped to save at least 60% of what they would have to pay a professional.
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Sources: RISMedia’s Housecall, blog.rismedia.com, DIY Disasters: Best and Worst Home Improvements for Weekend Warriors, by Zoe Eisenberg, January 1, 2019.
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EASY TRIED & TRUE DIYs THAT CAN GET YOU MORE MONEY FOR YOUR HOME
- Apply a fresh coat of paint to walls and ceilings.
- Replace old light fixtures.
- Replace old outlet and lightswitch plates.
- Bump up curb appeal with a freshly painted front door.
- Place potted plants on the porch to add color and a welcoming touch.
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