Monday, March 8, 2010

The Dane County Real Estate Blog has moved

The Dane County Real Estate Blog has moved.

Due to technical issues with this blogging platform, we've moved our blog to Madison.com. You will find it here:
http://my.madison.com/MadisonRealEstate/blog

Please add our Madison.com blog to your list of internet favorites, or use our RSS feed:
http://my.madison.com/MadisonRealEstate/blog/nf/rss.xml

Thanks and have a great day!

Dan

Monday, March 1, 2010

3 home energy improvements with good returns on investment

Lee Schwartz, a home energy efficiency expert from Piping Plover Home Energy Solutions, has contributed some great articles about home energy conservation to our web site.

In this article, Lee covers the 3 home energy improvements that provide the best return on investment. You might be surprised by the results. Installing energy efficient windows did not make the list.
You can find all of Lee's articles on the buying real estate page at DaneCountyMarket.com.
Have a great day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Sunday, February 28, 2010

Choosing the right loan program for you

UW Credit Union has contributed a new article to our web site. In this article UWCU lists 5 questions you should ask yourself as you consider your mortgage options. UWCU also provides a high level overview of different loan programs, including FHA-insured mortgages, VA home loans, rural housing loans, and the new WHEDA Fannie Mae Advantage program that will be available March 1st. (The new WHEDA program offers up to 100% financing for first-time home buyers).

You can read the full article on the buying real estate page at DaneCountyMarket.com

Have a great Friday,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Tuesday, February 16, 2010

More foreclosures around the corner?

We recently reported Dane County foreclosures decreased in January - the first time foreclosures have fallen in 34 months. Is this the beginning of a new trend? Barry Ritholz from http://www.ritholz.com/ does not think so. Ritholz and others predict a huge wave of new foreclosures is just around the corner. You can read more here.

Dan Miller, Realtor, Keller Williams Realty and DaneCountyMarket.com

Sunday, February 14, 2010

Dane County home and condo sales higher in January

Dane County home and condo sales recorded via the South Central Wisconsin MLS totaled 182 in January, up 29% from last January's 141 sales. The median home and condo price was lower by 6.4%.

We are seeing very robust buyer activity right now. The extended and enhanced tax credit is certainly spurring sales - even during this cold Wisconsin winter. If you have been planning to sell but have been waiting for warmer weather, you may want to reconsider your plan. The weather may be cold but the market is heating up.

You can view our full report on the January home and condo market here. All of our statistics for the 2009 sales year have been updated, too. You will find them on the real estate trends page at www.DaneCountyMarket.com.

Have a great week,

Dan Miller, Realtor, Keller Williams Realty and DaneCountyMarket.com

Friday, February 12, 2010

Signs of a changing market?

Recently two different people with interesting profiles have asked us to assist them with their real estate purchase. These buyers are different from each other in that one is purchasing a home and the other a condo.
However they are very similar in a few different ways.

Both buyers are analytical people. They have been planning to buy for the last two years but up until this point in time they didn't feel the market had fallen enough to their liking. In the meantime they have been tracking the market and researching properties on our web site. And now we are actively assisting them with their purchase.

Neither person would have thought of buying a year or two years ago, but they've decided now is the right time to jump in.

Are stories like these signs of a new market? Time well tell, but I view it as good news for the market when analytical consumers with an investor's mentality decide now is the time to buy.

Have a good Friday,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Tuesday, February 9, 2010

Dane County foreclosures down 18% in January

For the first time in 34 months, Dane County foreclosures have decreased. A total of 127 foreclosures were filed in January, compared to 154 a year ago.

For our full foreclosure report, you can check out the economic trends page at DaneCountyMarket.com .

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

The buying season is here

We've noticed a large uptick in buyer activity over the last two weeks. Our real estate search tools are receiving a ton of page hits. Our listings are receiving a lot of showings. Our buyers are out in large numbers, viewing properties and making offers. The market feels much warmer than it did at the same time last year.

If you're planning to buy, don't be surprised if other buyers are getting ready to write an offer on the same home as you. Make sure you have your mortgage pre-approval in order, and be prepared to act quickly.

If you're planning to sell, and you haven't listed your home yet, now is a great time to get your home on the market. From our perspective, the buying season has already begun.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Saturday, February 6, 2010

Madison's Downtown Condo Event is Sunday, February 28th

If you're interested in buying a condo in Downtown Madison, mark Sunday, February 28th on your calendar. That's the day every Realtor with a Downtown Madison condo listing will be invited to participate in a coordinated open house event.





Last February we coordinated a similar event for West Side homes and condos. Last year's event featured 73 listings and was very well attended. We're expecting another great day for our Downtown Condo Event on February 28th.

Stay tuned for a list of participating listings.


Have a great day,


Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Changes in the commercial market?

Nine commercial properties totaling almost $2.7 million were sold in Dane County in December. That's almost 3 times the sold dollar amount from the 3 previous months combined. (All numbers come from the South Central Wisconsin MLS).

However, commercial sales in 2009 ended the year at just over $13 million. That's the lowest sales total of the decade.



Let's hope we see more encouraging months like the month of December in the near future. There is reason to believe so, as Dane County foreclosures decreased for the first time in 34 months in January (more on these numbers coming soon).

For more on the latest commercial real estate trends, you can check out our commercial real estate update on the economic trends page at DaneCountyMarket.com .

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Tuesday, February 2, 2010

On the market: bank-owned Northern Bay Condos

The Northern Bay Condos on Castle Rock Lake have a number of bank-owned units on the market, and by and large these units are priced hundreds of thousands of dollars below prices from just a few years ago. Recent re-sales at Northern Bay have gone for more than $200,000 below the original selling price.

This link includes a list of bank-owned Northern Bay condos. Buyers are reacting positively to current price points, as several Northern Bay units have accepted offers right now.

Have a great day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Sunday, January 31, 2010

Did the market improve in 2009?

Sales of Dane County single family homes (excluding condos) increased in 2009, but did the market for single family homes really improve? To answer this question we turn to one of our favorite statistics - total days on market experience.

For those who want the details, the total days on market experience approximates the time required to sell a home by taking into account the average days on market for listings that sell, the average days on market for listings that expire, and the overall listing success rate for homes in Dane County. In other words the total days on market experience is a measure of the effort required to sell the average Dane County home.

When we look back at the last two years, we see the total days on market experience for the average Dane County home decreased from 258 days in 2008 to 225 days in 2009.

The time required to sell the average Dane County home improved; however, the real story becomes clear when we look at this statistic by price range. Here's how the total days on market experience changed by price range from 2008 to 2009.


Last year was a tale of two markets. Low interest rates and the home buyer tax credit boosted the market in many of the lower price categories, but the market for homes priced at $500,000 and above took a clear hit.

This year several of our higher priced listings have been receiving good showing activity and good offers - thanks in large part to our clients who have embraced proper pricing, home staging, and aggressive marketing that leverages our clients' efforts to make their homes show their best.

In this market a listing's success depends a lot on how well the seller and the agent are able to work together on an aggressive, well-conceived plan. And in the highest price categories, a strong collaboration between client and agent is a requirement, not an option.

Have a good week,

Dan Miller, Keller Williams Realty and http://www.danecountymarket.com/

Friday, January 29, 2010

25 bank-owned condos in Sun Prairie

As of this post, our quick search of Sun Prairie foreclosures shows 25 bank-owned condos for sale in Sun Prairie - all of them listed for less than $200,000.

Now our quick search tools on the property search menu at DaneCountyMarket.com make it easy to find bank-owned and short sale properties in 13 different Dane County communities.

Have a good weekend,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Thursday, January 28, 2010

Madison home buyer seminars in February

UW Credit Union is offering a free home buying seminar on Tuesday, February 9th from 6:30 to 8:00 PM. For more information about this seminar, click here.

The Dane County Housing Authority is sponsoring a two-part series with sessions on both Tuesday, February 16th and Tuesday, February 23rd. Both sessions run from 6:00 to 9:00 PM. For course details and registration info, click here.

Both seminars are good sources of information. You will find there is no sales pressure whatsoever at either event. Both seminars also provide plenty of opportunities for you to ask the questions that matter most to you.

Have a great day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Wednesday, January 27, 2010

Quick search for bank-owned and short sale properties now at DaneCountyMarket.com

You can create your own custom foreclosure search at DaneCountyMarket.com.

And now you can run foreclosure quick searches by city for single family home, condo and multifamily real estate. The searches cover both bank-owned and short sale properties.

For example, the city of Madison has 6 different foreclosure quick searches:



So far our foreclosure quick search includes the cities of Madison, Cottage Grove, DeForest, Fitchburg, McFarland, Middleton and Monona. Soon we'll be adding quick searches for Mount Horeb, Oregon, Stoughton, Sun Prairie, Verona and Waunakee.

You'll find our foreclosure quick search on the property search menu at DaneCountyMarket.com.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Saturday, January 23, 2010

How changes in the market have affected real estate agents

How has the real estate downturn affected real estate agents? The graph below paints a clear picture. It shows Dane County home and condo sales (in millions of dollars) dating back to the year 2000.




You'll see 2005 was the grand daddy of all years, with Dane County home and condo sales totaling $1.94 billion. That's the year everyone and their uncle was in real estate.

Home and condo sales decreased steadily thereafter to $1.247 billion in 2009, a 36% decrease from the peak year of 2005. That 36% decrease is a good proxy for how much annual commission dollars have decreased since 2005. In reality, commission dollars have probably decreased by more than 36% due to the compensation structures for some of today's listings.

All of this negative news means it's a great time to be in real estate. There are plenty of opportunities right now for real estate professionals who have a long-term focus and a commitment to service.

It's also a very rewarding time to be in real estate. Many of today's clients want someone they can trust who will help them successfully navigate today's complex market. And then there are those clients who are in a really tough spot and need help getting out of a challenging situation.

This year promises to be another year full of challenge and opportunity. We're very much looking forward to embracing the next 12 months and growing our business once again.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Thursday, January 21, 2010

How the Dane County home and condo markets vary by price range

The market for sellers is most challenging for the homes and condos that are on the high end of the price ladder. And the data for Dane County listing success rates bears that out.

For example, in 2009 the overall listing success rate for Dane County homes was 56%. Homes under $100,000 had a success rate of 71%. Homes over $800,000 had a success rate of 14%.


In the condo market, the overall success rate was 36%. Condos under $100,000 had a success rate of 53%. Condos over $800,000 had a success rate of 9%.

Another way to view the market by price range is to look at how months of inventory vary across the price spectrum. If you take a peek at this data, the pattern is very clear.
Given the data and the realities of the market, pricing and marketing become ultra-critical as you work your way up the price ladder. The cost of not being able to sell a high-end property in a downward trending market is very real.
Remember all of those golf course homes that were worth a million dollars 3 years ago?
Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Wednesday, January 20, 2010

December's distressed property index decreases to 23%

Approximately 23% of the home and condo sales in Dane County are related to foreclosure, according to the Distressed Property Index we developed a few months ago. The December index decreased from November's index value of 24%.

For more details, please visit our monthly update at DaneCountyMarket.com .

Have a good day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Tuesday, January 19, 2010

Time to lock in? Mortgage rates back below 5%.

According to the latest mortgage rate publication by UW Credit Union, interest rates for 30 year fixed rate loans are back below 5%.

If you haven't visited the UW Credit Union mortgage web center before, you'll find it to be a very useful resource. The UWCU mortgage web center allows you to monitor interest rates, apply for a loan, and monitor the status of your loan all from a single online location. In the very near future you'll also be able to search for properties. That's pretty cool.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Saturday, January 16, 2010

Dane County December market update

What happens after a tax credit deadline passes?

Sales decrease.

Our preliminary review of data from the South Central Wisconsin MLS shows a total of 253 Dane County homes and condos sold in December, compared to 289 sales from a year ago - a decrease of 12%. A total of 5,455 homes and condos sold during the 2009 sales year, compared to 5,336 in 2008 - an increase of 2%.



You may remember home and condo sales more than doubled in November, as first-time home buyers rushed to cash in on the previous tax credit prior to the November 30th deadline. We do expect home and condo sales to rise similarly once again as we near the deadline for the extended and enhanced tax credit.

You can view our full report on the December Dane County home and condo market here.

Have a great weekend,

Dan Miller, Realtor, Keller Williams Realty and DaneCountyMarket.com

Wednesday, January 13, 2010

Tips on how to save for your down payment

UW Credit Union has contributed another useful article to our web site. In this article UWCU provides some common sense and creative advice on how you can save for your down payment. You'll find it on the buying real estate page at DaneCountyMarket.com.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

NARI Remodeling Expo is January 15th through the 17th

The Madison chapter of NARI (National Association of the Remodeling Industry) is holding its annual expo January 15th through the 17th at the Marriot Madison West. This is a great event for anyone planning a home renovation, or anyone who just wants to learn more about the latest and greatest in home remodeling.

You'll find more information about the event here.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Tuesday, January 12, 2010

Kathy Quade from House To Home Interiors has just released her new E-book "Showing Well Selling Well" on Lulu.com. In her book Kathy provides some great advice on how you can prepare your home for today's market in some very simple, practical and AFFORDABLE ways.



Kathy stages all of our listings, and does a tremendous job for our clients. She also has a number of useful articles on DaneCountyMarket.com, including Showing Well and Selling Well, Let Your Home Shine, and Enhance Your Curb Appeal.

Kathy's E-book is available for $19.99 and can be ordered here.

Have a good day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Monday, January 11, 2010

Interest rates headed higher?

Eric Rosengren, chief of the Federal Reserve Bank of Boston, predicts rates will rise between .5% and.75% over the coming months. You can read more in this article from The Hartford Courant.

Rock-bottom interest rates and tax credit incentives won't last forever. If you need to sell, you have a window of opportunity right now. We recommend you consider listing your home in January rather than waiting until spring.

Food for thought.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Sunday, January 10, 2010

Dane County foreclosures up 29% in 2009

Dane County foreclosures increased for the 33rd straight month in December. A total of 117 foreclosures were logged in December, an increase of 14% from the 103 foreclosures recorded in December of 2008.

Foreclosures ended the year up 29%. From the graph below you see foreclosures increased for the fifth straight year in 2009.



For our full foreclosure report, you can check out the economic trends page at DaneCountyMarket.com .

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Friday, January 8, 2010

DaneCountyMarket.com community pages now include real estate search tools

Our community and relocation page at DaneCountyMarket.com includes a ton of information on 13 local communities. We've enhanced each individual community page so you can automatically find all of the properties for sale in that area.

For example on our Verona page, you'll see a link to view all Verona condos for sale, followed by a link to view all Verona homes for sale.

Clicking the CONDOs link will display all listed condos in Verona, sorted by price. Clicking the HOMES link will display all listed homes in Verona, also sorted by price.

This improvement was recommended to us by one of our regular web site users. If you have any ideas for making our site more useful to you, we're happy to hear from you. Please feel free to contact us here.

Have a great weekend,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Thursday, January 7, 2010

Dane County housing starts up big in December

Dane County housing starts fell off a cliff at the end of 2008, as the building industry felt the full impact of the economic downturn. The twenty housing starts recorded in December of 2008 was the lowest monthly total of the decade.

This past December housing starts showed a nice rebound off that low. A total of 65 housing starts were recorded in December of 2009, marking the second straight monthly increase for Dane County.

Thanks to Dominic Collar from MTD Marketing Services of Wisconsin for sharing his data. For more information, you can contact Dominic directly at 920/993-8435. You can also check out our full housing start report on the real estate trends page at DaneCountyMarket.com .

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Monday, January 4, 2010

More Madison homes sold for below the assessed value in 2009

Our analysis of data from the South Central Wisconsin MLS shows 58% of the Madison homes that sold in 2009 ended up selling for under the 2009 assessed value. This marks the first year during the new millennium that more than 50% of all Madison homes sold for an amount less than the assessment. (Note: this analysis excludes condos, as well as new construction houses that did not reach their full assessment prior to sale).

Here's how the data has trended over the last 10 years.




The trend toward more homes selling for under the assessment is no big surprise. But these stats from 2009 may surprise you:

  • Only 40% of all Madison homes sold in 2009 ended up selling for a price that was within $10,000 (plus or minus) of the assessed value.
  • Thirty-seven percent of all Madison homes sold for a price that was more than $10,000 under the assessment.
  • Twenty-three percent of all Madison homes sold for a price that was more than $10,000 above the assessment.

In other words the majority of all home sales occurred at a price point that was either well above or well below the assessed value.

The data drives a home a point that we have been making for the last several years: It is the market that determines a home's true value, not the city assessor.

For more information, please see our articles Market Value vs Assessed Value and Pricing Your Home. You'll find both on the selling real estate page at DaneCountyMarket.com.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Madison Home Expo is January 8th through the 10th

This year's Madison Home Expo is January 8th through the 10th at the Monona Terrace Convention Center. The Expo offers home owners the opportunity to meet with local remodelers, builders and design professionals. Tickets for adults are $5. Children under 18 are free. You can find all of the details here.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Sunday, January 3, 2010

Why get a home inspection? This photo says it all.

We see all kinds of things during home inspections. This photo from a client's recent inspection has quickly become an all-time favorite.




Getting your new home inspected by a quality home inspector is one of the smartest things you can do as a home buyer. The inspection protects you, in the event that your inspector finds a defect that could significantly impact the value or the safety of your new home. The inspection also provides a great educational opportunity to learn about home maintenance and home safety from a licensed pro who has seen thousands of homes up close.

Brian Paull from Premier Inspection and Consulting has a great web site that among other things outlines the home inspection process.

We've also listed a number of useful links on our inspection and testing resource page, under buying real estate at DaneCountyMarket.com.

Have a great day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Saturday, January 2, 2010

Location: another big selling point of The Loraine Condominiums

One of the reasons The Loraine Condominiums are over 90% sold is the character of The Loraine Building.

Another reason is location. Located at 123 W. Washington Avenue, The Loraine is in the heart of Downtown Madison, just a block off the Capitol Square. Concerts on the Square, The Dane County Farmer's Market, The Taste of Madison, The Art Fair on the Square, Monona Terrace and The Overture Center are literally just a few steps outside The Loraine's Grand Lobby.




For those who enjoy food and drink, there are plenty of nearby options, starting with Barriques Market, which is located on the first floor of The Loraine Building. The Blue Marlin, Harvest, L'Etoile, The Tornado Club, The Great Dane, the Marigold Kitchen and many other fine establishments are all just a short walk away.

Several health and fitness clubs are within easy walking distance, too. Pinnacle Health and Fitness, Capital Fitness, and the Meriter Retirement Community for seniors are all within a few blocks of The Loraine.

The downtown, pedestrian lifestyle is easily accessible from The Loraine. Read these testimonials from current residents and you'll see location is one of the most appreciated aspects of Loraine living.

Dan Miller, Realtor, Keller Williams Realty and DaneCountyMarket.com

Includes contributions from Brandon Grosse, Realtor/Broker, Accord Realty and TheLoraine.com

Friday, January 1, 2010

Dane County multifamily real estate sales were strong in November

Seventeen Dane County multifamily listings totaling 49 units and over $4M in sales were recorded in November via the South Central Wisconsin MLS. That's a good month for the multifamily market.

A closer look at the numbers shows the November 30th deadline for the previous version of the home buyer tax credit had a big impact on the market. Thirteen of the 17 listings that sold during the month were for duplexes, as buyers choosing to owner occupy closed in time for the deadline.

We've stated repeatedly over the past several months that it's a great time for investors to learn more about the multifamily market. With over 3 years of inventory and a strong trend toward lower prices, the market has clearly shifted in favor of the buyer investor.

For more details on the Dane County multifamily market, you can check out our monthly report on MadisonIncomeProperties.com.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com