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

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

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

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

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

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

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

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

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

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

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

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

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

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

The next UW Credit Union home buyer seminar is January 12th

A quick heads up for first-time home buyers in Dane County: The first UW Credit Union Home Buyer Seminar of the new year is scheduled for Tuesday, January 12th from 6:30 to 8:00 PM. The seminar is free and open to the public.

UWCU offers a number of additional seminars covering other financial topics. You can learn more about them here.

Dan Miller, Keller Williams Realty and DaneCountyMarket.com

Get the character with the condo in Downtown Madison

The Loraine Condominiums offer a truly unique experience in Downtown Madison. With over 90% of all units sold, several condos across a variety of price ranges are available for purchase, starting at $324,900.

One of the reasons Shawn Kriewaldt and I are excited about our new listing is the history and character of the Loraine building itself:

The Hotel Loraine was originally constructed as a luxury hotel in 1924. More recently the city of Madison designated The Loraine as a national historic landmark due to its history, location, and architectural significance. The Loraine has been renovated for modern times, but take one look at the Grand Lobby and you'll see the hotel's original architecture and character have been wonderfully restored. This video provides a nice view of the Grand Lobby as you enter the front door. This panoramic tour provides another nice glimpse (click the lobby thumbnail image at the bottom of the page to load the lobby tour).




The Loraine offers much more than history and character. Soon we'll share more reasons why The Loraine Condos offer a unique value proposition in Downtown Madison.

Happy Holidays,

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

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

3 good reasons to start your home search with a mortgage pre-approval

Here are three great reasons to start your home search with a mortgage pre-approval.

1. A mortgage pre-approval helps you focus your search on homes that you can afford.
2. A pre-approval adds more weight to your offer to purchase, and helps you in the event that other buyers are competing for the same home.
3. A pre-approval helps you move through the financing contingency in your offer to purchase more quickly.

The UW Credit Union does a nice job explaining the mortgage pre-approval process in this article. 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

Now it's easy to find properties for sale in Verona, Middleton, Fitchburg, Sun Prairie and Waunakee

We have 5 newer web sites built off the DaneCountyMarket.com platform which focus on real estate in Verona, Middleton, Fitchburg, Sun Prairie and Waunakee. One of the nice things about each of these sites is it's now very easy to find the local homes and condos for sale in each location.

For example, if you want an easy way to always know the homes and condos for sale in Verona, all you need to do now is go to VeronaRealEstateMarket.com. Here you'll find a SEE ALL VERONA HOMES button and a SEE ALL VERONA CONDOS button.

Both of the above search buttons query the active listings in Verona and display the results in order by price. You can choose to switch the display from ascending to descending to more easily focus on your price range. Here's a sample display for Verona homes.

We'll be adding more useful features to these sites in the near future. In the meantime, please feel free to check out our search tools at any of the following sites:

• http://www.veronarealestatemarket.com/
• http://www.middletonrealestatemarket.com/
• http://www.fitchburgrealestatemarket.com/
• http://www.sunprairierealestatemarket.com/
• http://www.waunakeerealestatemarket.com/

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

How some investors are using their cash

We recently wrote about 4 brothers who are using their cash to invest in multifamily real estate - a long term approach to real estate investing. Other investors are using their cash in a different way.

We're working with one local investor group that has amassed a large sum of money for short-term real estate investment. The investor group uses its cash to buy distressed properties, which are then rehabbed and sold for a profit. Because this group pays cash for its investments, it can close on a property in a matter of a few days once an offer is accepted. This makes this buyer a good fit for the distressed property owner who needs to unload a property quickly - and without any worry of the deal falling apart due to a financing or inspection contingency.

We're also talking to an out of state investor group about its goals. This group has successfully implemented an investing system in several different markets around the country. In each market, the group uses its cash to buy 3 to 10 properties a month. Similar to above, these properties are rehabbed and then sold for a profit.

The advantage of the buy, fix and flip approach mentioned above is the investor receives a return on his investment in a matter of just a few months. In fact the investor can re-invest his money several times throughout the year for a very nice profit.

The disadvantage is there is more risk. These investors mitigate their risk by having clear standards. They focus on starter homes, where there is a relatively strong demand for the supply that is on the market. They "buy right" (ie at a good price), which gives them some cushion in case something unexpected pops up during the rehab process. They also develop detailed and realistic plans around the acquisition, rehab and resale of their investments, so they can reasonably estimate their returns.

We expect to see more and more short-term investors due to the growing number of foreclosures in Dane County. Even when foreclosures start to subside, distressed properties will continue to play a large role in the market for years to come. Keep in mind foreclosure levels right now are several times higher than they were just a few years ago. Also, it typically takes 6 to 18 months for a foreclosed home to work its way onto the open market. The irony is the number of distressed properties will continue to increase even as the number of foreclosure filings begins to subside.

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

Upcoming Madison first-time home buyer seminars

The home buyer tax credit has been extended and enhanced, but in order to take advantage of the credit you must have your offer accepted by April 30th 2010 and your home closed by June 30th 2010. The deadline is not far away considering all of the steps that go into buying a home.

If you're new to the home buying process, you should consider attending one of the upcoming UW Credit Union or Dane County Housing Authority seminars. Both are no-nonsense seminars that provide a good introduction to the lending, inspection and purchasing pieces of the home buying process. With a little education under your belt, you will have the knowledge you need to go about your purchase in a thorough and efficient manner - and meet the deadline for the tax credit.

The next UW Credit Union Seminar is Tuesday, January 12th from 6:30 to 8:00 PM.

The next Dane County Housing Authority seminar is a two-part series with sessions on both Tuesday, December 1st and Tuesday, December 8th. Both sessions run from 6:00 to 9:00 PM. Click here for more course details and registration info.

Have a great weekend,

Dan Miller, Keller Williams Realty and DaneCountyMarket.com