Madison Area Real Estate News

RIS Media,  by Marcie Geffner, March 3, 2014 An FHA loan is a mortgage insured by the Federal Housing Administration, a government agency within the U.S. Department of Housing and Urban Development. Borrowers with FHA loans pay for mortgage insurance, which protects the lender from a loss if the borrower defaults on the loan. Because of that insurance, lenders can, and do, offer FHA loans at attractive interest rates and with less stringent and more flexible qualification requirements. 1. Less-than-perfect credit is ok: The FHA doesn't mandate a minimum credit score. Instead, each borrower's creditworthiness is considered in context. Some leeway is allowed. Lenders can, however, overlay their own requirements on top of the FHA's guidelines. Some lenders might require a minimum credit score. 2. Minimum down payment is 3.5 percent: That is a fraction of the percentage typically required on most other loans. 3. Closing costs may be covered: The FHA allows home sell...

RIS Media, Top Trends in Real Estate for 2014,  by Jeff Collins, January 11, 2014 Economists predict 2014 will see more buyers putting roofs over their heads, home prices are expected to stabilize, and homebuilding will be more frenetic. "The housing market has staged a spectacular recovery over the past year," Cal State Fullerton economists Anil Puri and Mira Farka wrote in their 2014 economic forecast. "More recent data, however, point to a softening of these trends." 1. More Inventory: You can expect to see more people putting their homes up for sale this year, as rising prices bring new equity to underwater homeowners. Other property owners also may take the opportunity to get their lives off hold and take advantage of higher home prices. "I'm hoping that, since interest rates are still low, it's a better opportunity not only to sell, but to rebuy," said homeowner Donald McCray. Another factor: New home construction is expected to incre...

Statewide, year long sales were up almost 11% over last year and median prices increased 7.2% over last year.  ”Strong sales dominated 2013, which is remarkable given that this is compared to 2012, which was also a very good year for the housing market”, said Steve Lane, chairman of the WRA Board of Directors. Lane noted that housing sales were strong despite rising interest rates and prices. “Mortgage rates have increased a full percentage point since January, and median prices have grown consistently throughout the year,” Lane said.  While they have risen lately, rates remain affordable historically. Wisconsin Home Affordability index is currently at 227. This is a big decrease in affordability since an index of 274 seen last December. HOWEVER, to put things into perspective, the National Home Affordability index is 170. Regionally, here the real estate sales recap comparing 2013 to 2012: (Source WRA) Southeast Wisconsin/Metro Milwaukee real estate statistics ...

Identity theft is a growing crime in America and can do much damage to your credit as well as take much effort on your part to undo the damage. Here are some quick tips to follow to protect your identity: Always check your bills and bank statements for unauthorized charges Check your browser security settings and make sure they are not too low Be sure to have a virus protection program installed on your devices Opt-out of preapproved credit card offers by calling 888-567-8688 or visit www.optoutprescreen.com SHRED anything with personal financial info on it Never give out your personal information via phone or internet unless YOU initiated the contact Make your passwords strong – a mix of letters, numbers and symbols. Home Inventory If disaster strikes, how can you recover your possessions through an insurance company? A home inventory is the answer. It can be anything from a spreadsheet with pictures or one made with an app.   It is suggested you go room by room to organize your i...

RIS Media, Today's eNews,  by Kathleen Lynn, October 12, 2013 After riding a swift updraft earlier this year, mortgage rates have steadied. But there's a good chance they'll resume their upward path. That's one of a number of things borrowers need to know now to get the best loan. 1. Do your homework a.  Check your credit report with the three credit reporting agencies. You can do it for free at AnnualCreditReport.com. If there are any errors, correct them. Then do what you can to improve your credit rating by paying down your debt. b.  Avoid borrowing to buy a car or other big-ticket item in the months before you apply for a mortgage—and, for that matter, up to the date you finally close on your new home. c.  Then shop around among several lenders for the best rate. 2. Get preapproved Even before you start looking for a house, you should get preapproved for a mortgage. This will make you a stronger buyer, because sellers will know you have the financing in p...

Allow us to provide you with our professional services to help you move on, move up, move out and reach your real estate goals. Studies show that homes sold using a Realtor sell for a higher price. That and having the hassle, negotiation, marketing and legalities handled by your Realtor while you go about your business… well worth it. Less FSBOS, even with internet Real estate has changed dramatically since the internet came about, with much  property info available on sites such as firstweber.com.  Yet, studies also show that people are using Realtors more, not less.  The information on a house is now readily available and just the very tip of the iceberg in terms of a real estate transaction.  It is our job to interpret data and guide you through a complicated series of deadlines and events that lead to a home sale. First Weber is the Human Side of Real Estate. Your guide and trusted advisor. The See Team is the premiere real estate team in the g...

Wisconsin REALTORS® Association, 2013 August Home Sales Report,  September 23, 2013 Home sales and median prices both grew at a healthy pace in August, continuing the hot real estate market in Wisconsin, according to the most recent housing report from the Wisconsin REALTORS® Association (WRA). Existing home sales were up 13.7 percent in August compared to last August, closing out a very strong summer for home sales and 26 straight months of sales growth. Home prices showed similar strength with the median price rising 6.3 percent to $152,000 in August. Median prices have been up 17 of the last 18 months. "This has been a very strong summer for home sales, which is important for a state like Wisconsin where there are strong seasonal sales patterns," said Steve Lane, broker with First Weber Group REALTORS® in Stevens Point and the new Chairman of the WRA board of directors. He noted that in a typical year, about 42 percent of home sales in the state take place between ...

RIS Media, by Jack Guttentag,  September 4, 2013 It is easier to sell a house that is attractive to potential buyers, which means that you spend a little time and money on cosmetics. This is partly just a matter of making sure the house is clean, the yard is neat, the driveway is swept, bushes pruned and so on. Easily fixed structural defects, like a loose shingle, should be fixed. Houses almost always look better when furnished than when empty—and they also look larger. If you are moving to another residence and plan to take your furnishings with you, try to arrange to show the house before you move out of it. But if your house also has structural defects that are costly to fix, the challenge is in deciding whether or not to fix them before sale. Every house has defects, some obvious and others hidden. Both types will affect the price a buyer is willing to pay. It is a mistake to think that a potential buyer will assume that the only defects that exist are those that are ...

The months supply of single family homes and condominiums for sale in Dane County is down to 4.81 months –  6 months generally indicating a balanced market – and is down from 7.75 months of inventory last August. Source SCWMLS ( http://www.scwmls.com/ public/stats/ stat_search/ monthly_co... ) Elsewhere in the South Central Wisconsin real estate market, August sales met or exceeded last August’s sales in these counties: Columbia, Iowa, Rock and Sauk. Median sales price increased everywhere during August except in Iowa County.  Year to to date, median sale prices are up in all counties but Grant which is down 4%. South Central Wisconsin real estate remains very affordable. Of the almost 10,000 properties currently for sale, the price category with the most homes for sale – 1,096 – is $200,000-$249,999.  There are over 2,000 homes for sale priced below $100,000.  And, for those with more to spend, there are over 2,500 listings for sale in South Central Wisconsin pric...

Existing home sales were up almost 14% compared to last August, closing out a very strong summer for Wisconsin real estate sales. Median prices also gained traction with a 6.3% rise during the past year. This is the 26th month of home sale gains in Wisconsin. “This has been a very strong summer for home sales, which is important for states like Wisconsin where there are strong seasonal sales patterns,” said Steve Lane, broker with First Weber Group and the new Chairman of the WRA board of Directors. All regions of the state were up. Southeast Wisconsin/Metro Milwaukee real estate statistics Sales up 14.5%, Median sales price up 6.6% South Central Wisconsin/Madison area real estate statistics Sales up 18.4%, Median sales price  up 10.2% Northeast Wisconsin/Fond du Lac/Appleton area real estate statistics Sales up 9.9%, Median sales price up 1.9% Central Wisconsin/Wausau  area real estate statistics Sales up 23.2%, Median sales price down 3.8% Northwoods Wisconsin real estate...

Wisconsin REALTORS® Association, News,  July 22, 2013 Wisconsin home sales rose an impressive 11.4 percent in the first six months of 2013 compared to last year, according to recent statistics compiled by the Wisconsin REALTORS® Association (WRA). In June alone, Wisconsin home sales were up 3.1 percent relative to last June, posting the 24th straight month of positive sales growth in the state. Median prices also continued to increase year-to-date, rising 7.7 percent to $140,000 compared to the first half of 2012. In June, prices were up 12.3 percent to $159,500 compared to June 2012. According to WRA numbers, sales for the most recent six-month period are up 33.1 percent over the first half of 2011—an increase of more than 8,700 additional home sales. Moreover, construction of new homes is showing signs of solid improvement as well. "The rebound in building is a very positive sign for our markets in Wisconsin," said Renny Diedrich, WRA board chairman. Unique foreclosu...

Here are a few important things sellers should know when it comes to working with current homebuyers. 1. Price is king.  Buyers are still wary about the market and overpaying for a home. They know many buyers overpaid in the mid 2000s and then found themselves underwater when home prices dropped. They also know others who have bought foreclosure or short sale properties more recently. Yes, neighborhoods and school districts matter greatly, but the ultimate filter will be price. 2. Buyers begin their shopping online.  According to the 2012 Profile of Buyers and Sellers from the National Association of Realtors®, for 41% of homebuyers, their very first stop in the home buying process is the Internet. In their search, they set filters for homes they want to see, such as price, bedrooms, and garage spaces. That is wonderful news if a seller's home is priced correctly—it will come up in the initial search. However, it also means that if a property starts out overpriced to "test...

State Street in  Madison, WI , makes both a symbolic and literal connection between a university and its city. Set in the city's historic downtown, on an isthmus between two scenic lakes, the iconic street is lined with shops, galleries and restaurants, and links the University of Wisconsin to State Capitol Square. Students, residents, and tourists frequent this pathway of commerce and entertainment. State Street gives visitors a taste of the city's cultural and epicurean offerings, which include craft beer pubs,  music venues , art galleries and shopping centers. Madison's high concentration of independent restaurants helped it land on our  Top 10 Foodie Cities 2013  list. University officials strongly support a tradition known as the Wisconsin Idea, which stems from a political philosophy that education should improve people's lives beyond the classroom, and have embarked on a mission to incorporate community partnerships into course work. The university's Morg...

It is interesting to see how over the years home appreciation has been very positive, almost predictable, or even stable.  While the recent bust remains largely in the minds of buyers and sellers, taking a look at the long term paints a stable past and predicted stable future with modestly rising home values.  We’ll take that.  If we can assist you with your home buying  or selling needs in Wisconsin (or anywhere in the world), please  contact First Weber  or go ahead and search   real estate available for purchase in Wisconsin  – or what your competition may be. One thing is for certain is that the market is more balanced now… and that  rates have risen.  This has a large influence on the cost of owning a home.  Historically, they are still very good.  But higher than they were last year. For a great image on the  cost difference resulting from that change in rates, please see this KCM post . Posted by Katie Huebschen, ...

Wisconsin REALTORS® Association (WRA), Latest News, HousingWire, Real Estate, S&P/Case-Shiller: Home Prices Continue to Strengthen,  by Megan Hopkins, April 30, 2013 Home prices continued their upward trajectory according to data released in the S&P/Case-Shiller Home Price Indices. With prices appreciating throughout the country and buyers facing multiple offers on homes, many are wondering if we are in another bubble. Redfin's Chief of Real Estate Operations, Scott Nagel, says this is a question his agents are constantly asking. "The catastrophic bubble that popped five years ago was plagued with faulty loans," said Nagel. "In contrast, today's rapidly rising home prices are largely driven by the abundance of all-cash offers and a lack of inventory. And when the home purchases are financed, appraisals and other tight lending practices are keeping home prices more in check." Analysts at Econoday agree, noting that the Case-Shiller report onl...

The See Team has been named #1 out of the top #100 realtors at First Weber Group for the third straight month.  Madison, Middleton, Fitchburg, Verona, Wisconsin are all prime real estate territories that have been bucking the downward trend in the real estate market. The See Team has been the leader in sales and listings for the better part of 2011 for the south central Wisconsin First Weber market.  We specialize in single family and condo sales.   For information on finding real estate, including the perfect home in the Madison, Middleton Wisconsin areas, consult the See Team:   http://www.seemadisonrealty.com

Wisconsin Trails came up with their list of Wisconsin's best towns through an online survey of readers. Do you agree with the list below? Have other suggestions? Please let us know in the comments. And please share this post with anyone you think might be interested. 1. Best Green Town: Madison Madison has one of the best urban bicyle systems in the country. Its residents are environmentally conscious. Runner-up: Bayfield 2. Best Outdoor Activities Town: Wausau Rib Mountain skiing, Wisconsin river boating, Ice Age Trail hiking are just a few of the outdoor activities that readers mentioned.  Runner-up: Eagle River 3. Best Harbor Town: Bayfield Set on Lake Superior, Bayfield offers historic lighthouses, sea caves and Apostle Island National Lakeshore. Runner-up: Manitowoc-Two Rivers 4. Best Arts & Entertainment Town: Milwaukee Summerfest, the Milwaukee/Calatrava Art Museum, a theater district, professional baseball & basketball and so much more. Runner-u...