Here are a few different resources you can use to research Madison and Dane County neighborhoods:
Have a good day,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
Rates for 30 year fixed rate mortgages have been hovering around 5% for the last two months. According to a February 26th survey conducted by Freddie Mac, the average rate for a 30 year fixed rate loan was 5.07%. The average rate for a 15 year loan was 4.68%.
Some folks are waiting to see if rates will go lower. Whether they do or not, this graph - showing rates back to 1992 - should put things into perspective.
Rates right now are about as they've ever been. You'll find our full mortgage report and daily rate updates on the buying real estate page at DaneCountyMarket.com.
Have a good weekend,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
Both the UW Credit Union and Dane County Housing Authority have another round of first-time homebuyer seminars occurring in early March.
The next UW Credit Union seminar is Tuesday, March 10th from 6:30 to 8:00 PM. Click here for course details and registration information.
The next Dane County Housing Authority seminar is a two-part series with sessions on both Tuesday, March 3rd and Tuesday, March 10th. Both sessions run from 6:00 to 9:00 PM. Click here for more course details and registration info. Our real estate team will be assisting with the DCHA sessions, and we're very much looking forward to it.
One other quick note about both the UWCU and DCHA seminars: First and foremost they are great sources of information. You won't find any heavy marketing or sales spin at either seminar. That's not what these courses are about. Both sessions offer first-timers a great opportunity to receive information and ask questions in a casual setting. The real estate and mortgage markets have changed a ton over the last two years - making these seminars all-the-more useful right now.
We've added a local homebuyer seminar section to our buying real estate page on DaneCountyMarket.com. Feel free to check this resource for a schedule of upcoming seminars throughout the year.
Have a great day,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
Many buyers want to know a home's utility costs before they make an offer. Madison Gas & Electric has a website that will provide this info to you:
We've posted these instructions along with links to local utilities on the utilities page under buying real estate at DaneCountyMarket.com.
Co-authored by Dan Miller and Pete Macho, Keller Williams Realty and DaneCountyMarket.com
Here are some resources to help you learn more about local schools and school districts:
These links and others can be found on the school and school district page under buying real estate at DaneCountyMarket.com.
Have a good day,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
Here's a real example of someone who needs to sell. Unfortunately this person needed to sell over 3 years ago, too. That's when she used a bridge loan on her existing home to help finance the purchase of her new and more expensive home.
As you'll see from the MLS and FSBO history below (working from the bottom up), this seller first put her home on the market in November of 2005 at a price of $429,900. Now it's still on the market - at a price of $329,900. With each price reduction her listing became more competitive, but her home remained over-priced. Meanwhile the value of her home decreased as the market softened.
Mortgage rates plunged in December, and we saw a noticeable uptick in buyer activity at that time. But so far lower rates haven't translated into more sales. The 138 Dane County home and condo sales in January fell by 36% from the 215 sales in January of 2008.
Here's how last January compared to the previous 5 Januarys:
Amazingly, home and condo sales this last January were down 60% from the peak January in 2006 - and down 58% from January of 2007.
What are we seeing in the market right now? We actually are seeing a lot of buyer activity. We're working with a large number of buyers right now. We're scheduling a number of showings as well as second and third showings. But many buyers are very deliberate with their approach. They're taking their time and evaluating a large number of properties before they come to their decision. And why not? Buyers have leverage, especially during the winter months.
If you plan to buy, keep in mind the spring and summer markets are very different from the fall and winter markets. Soon you will be competing with many more buyers who are evaluating the same properties as you. A well-priced home can sell quickly at any time - especially in the spring and summer months.
If you need to sell, now is the time to price your home right and get your home sold. Mortgage rates are low, and we're entering the Spring season when more buyers will be out in the market than at any other time of the year. Given the realities of the economy, chances are your home is worth more right now than it will be at the same time next year. Your window of opportunity to get your home sold at a fair market price is right in front of you.
For more on the month of January, you can check out our preliminary report at DaneCountyMarket.com.
Have a good weekend,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
There's been a lot of confusion and a lot of debate over President Obama's mortgage relief plan. The plan aims to benefit two homeowner categories:
1) Homeowners who have been making their monthly mortgage payments, but due to the current real estate climate are unable to refinance their loans down to more attractive rates.
2) Homeowners who are at risk of foreclosure.
This graphic from the New York Times does a nice job of outlining the bill and provides some examples of qualified and non-qualified homeowners.
Have a good Friday,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
Here's how the 2008 Dane County condo market compared to the market from 2007. All data comes from the South Central Wisconsin MLS:
Here's how the 2008 Dane County single family home market fared against the market from 2007. All data comes from the South Central Wisconsin MLS:
For more information on the Dane County single family home market, you'll find the market updates below useful. All can be found on the real estate trends page at DaneCountyMarket.com:
Have a good day,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
The final version of the homebuyer tax credit going before the President is scaled back from the $15,000 tax credit recently passed by the Senate. President Obama is expected to sign the new tax credit into law as part of the American Recovery and Reinvestment Act of 2009.
Here are the basics:
Here's a chart that summarizes the differences between the old tax credit and the new tax credit. We'll share more information once the new tax credit becomes law.
Have a good Sunday,Demand for 2008 commercial real estate was consistent with many other years this decade, but supply continued to increase. In 2008, over $167M in Dane County commercial real estate ended up expiring on the South Central Wisconsin MLS.
Here's our full report on the local commercial real estate market. We update it each month on the economic trends page at DaneCountyMarket.com.
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
Foreclosures increased from 124 in January of 2008 to 154 last month - an increase of 24% and a new monthly high for Dane County.
Here's how foreclosures stack up for each of the last 5 Januarys:
In other words, January 2009 foreclosures were up 385% from the number recorded in January of 2005.
You'll find our full foreclosure report for the month of January on the economic trends page at DaneCountyMarket.com.
Have a good day,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
Dane County housing starts totaled 22 in January, down from the 66 in January of 2008. You'll see from the graph below that housing starts have been on the decline for the past several years.
Here's how housing starts have stacked up for each of the last 11 Januarys:
You can check out our full report on the real estate trends page at DaneCountyMarket.com. Thanks to Dominic Collar from MTD Marketing Services of Wisconsin for sharing his data.
Have a good day,
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
The Senate passed a provision for a $15,000 homebuyer tax credit on Wednesday, which if enacted would double the current $7,500 first-time homebuyer tax credit that is scheduled to expire July 1st.
If this legislation becomes law, it would apply to all homebuyers, not just first-timers. We'll share more information on the progress of this legislation in the next few days.
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
We have 73 listings on board for the West Side Open House Event on Sunday. The weather will be warm, so it should be a great day to get out and check out the homes and condos on this year's market. Thanks to everyone who signed up for the event.
Click here for an up-to-date list of participating homes and condos.
Dan Miller, Keller Williams Realty and DaneCountyMarket.com
The market is tending nicely for those seeking to buy and hold rental properties. The average price for a 2008 Dane County multi-family unit was $79,191 - the lowest price since the year 2000. Cash-flowing Dane County properties has been a challenge in the past. But now prices are returning to earth, and there will be opportunities in the coming year for those who have their eyes open to them.
You'll find our full multi-family report on the economic trends page at DaneCountyMarket.com. We'll also be publishing many more market updates in the coming week as we wrap up our reporting for the 2008 year.
Both the UW Credit Union and the Dane County Housing Authority are hosting informational seminars for first-time homebuyers on February 10th.
The UW Credit Union seminar is 90 minutes. It covers different lending options, the loan approval process, home inspections, and working with buyer agents.
The Dane County Housing Authority program consists of two 3-hour sessions - one on February 10th and the other on February 17th. The DCHA seminar covers the same topics as the Credit Union seminar. It also goes into personal finance, credit scores, and home insurance.
Both seminars offer plenty of opportunities for questions.
Have a good Friday.
So far we have about 65 listings on board for the February 8th open house event. Click here for an up-to-date list of participating homes and condos. We'll keep updating the list as more listings join the fun.
