As a licensed real estate professional, Jamie Miller is eager to share tips and advice for buying or selling a home, current market trends, how to increase the value of your home and the best time to buy and sell. With her knowledge and advise, she hopes to be a resource and to make the process fun and exciting for her readers. Enjoy the latest information below!
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Wisconsin home sales and median prices both slipped in the third quarter compared to the same quarter last year, according to data just released by the Wisconsin REALTORS® Association (WRA). The lower numbers are attributable to the national subprime crisis and subsequent full-blown financial crisis in the third quarter, which almost certainly pulled the fragile U.S. economy into recession, according to Michael Mulleady, Chairman of the Board for the WRA. “Despite favorable mortgage rates and the willingness of most banks to lend to those with solid credit records, our state market was not immune from the national economic troubles.” Existing home sales in the state fell 16.7 percent in the third quarter compared to the third quarter of 2007. Home sales in the nation were down just 7.7 percent due in large part to a rebound in the western region over the period. In the Midwest, sales declined 10.6 percent in the third quarter relative to 2007. “Homebuyers have had to digest a lot of information these past few months with a highly volatile stock market, policymakers scrambling to shore up financial markets, and political rhetoric at a feverish pitch leading up to the presidential election,” said Mulleady. “Under the circumstances, it’s not surprising that home sales continued to fall,” he said. Mulleady said the WRA expected the state market to remain soft into the first half of 2009, but there is cause for some optimism. “There are several localized markets where sales have begun to stabilize and single family inventories have improved, which gives us hope that we may be seeing the bottom of this market,” said Mulleady. Mulleady reminded buyers that “there are excellent opportunities for first-time buyers with solid credit, since 30-year fixed-rate mortgages continue to hover at just over 6 percent.” Median prices fell 5.3 percent to $160,000 in the third quarter of 2008 compared to the third quarter of 2007. “It’s important to remember that a modest downward price adjustment is healthy in a soft market,” said William Malkasian, WRA President. “This is one of the things that will eventually turn this market around.” Malkasian said timing the bottom of any market is very difficult, but those who buy in a soft market can count on solid appreciation over the long run. “Even with the recent price reductions, housing has still appreciated 24.4 percent since the third quarter of 2001,” Malkasian said. “Large inventories give buyers many options. Local REALTORS® can help buyers sort through the variety of bargains that exist in this market.” A survey of REALTOR® brokers across Wisconsin this month showed a consistent belief (72.4 percent of respondents) that seller motivation has increased comparing the fourth quarter this year to the same period in 2007. The vast majority of broker respondents (72.4 percent) now believe that buyer interest is lower in Q4 2008 vs. Q4 2007. Only one in 10 (10.3 percent) think it has improved. In light of the recent financial and economic turmoil, nearly two thirds of respondents think that fourth quarter sales this year will fall below fourth quarter sales last year. However, brokers are more optimistic regarding sales in the first quarter of 2009 compared to sales in the first quarter of 2008. Nearly 70 percent of brokers said they believe sales in the first quarter of 2009 will be the same or better than the same period in 2008. “Given the economic and financial turmoil in the fourth quarter, these results are to be expected,” said Malkasian. “REALTORS® talk to buyers and sellers on a daily basis and unfortunately see buyers pulling back during these uncertain times, even with healthy inventories and motivated sellers,” he said. Malkasian noted that, “once buyers do get off the fence they will find some excellent opportunities.”
It’s not surprising that Madison was ranked high in AARP’s recent pole of best cities to retire - Madison offers so much to inspire and keep folks feeling young and healthy !
Here’s the article from AARP:
Madison has worked hard to earn its reputation as a green—and healthy—city. An extensive bus system cuts down on congestion and air pollution, and the bike trails are numerous and well maintained (when it snows, bike paths are plowed at 4:00 a.m.). In warmer weather, kayaks, canoes, and sailboats dot the local lakes; in winter, snowmobiling, cross-country skiing, and ice-boating are popular.
Nor is it surprising that Madison—known for its cutting-edge environmental and urban-planning policies (it had the nation’s first curbside newspaper-recycling program, back in 1968)—is embracing retirement issues with the same enthusiasm. For example, the Madison Senior Center recently received a prestigious research grant to study ways in which boomer volunteers can best work with older adults.
Certainly some of the credit for that goes to the University of Wisconsin, whose presence is a primary reason people choose to retire here: those 60 and older can audit many of the courses on campus for free. But one of Madison’s key strengths is that it’s more than just a college town. It was named Wisconsin’s capital long before the university was born, and the handsome granite capitol building continues to be the city’s centerpiece.
| Population: | 223,389 |
| Median housing price: | $257,400 |
| Healthy bragging rights: | Residents have low rates of diabetes, of high blood pressure, and of high cholesterol |
| Favorite workouts: | Bikes rule here, even by college-town standards; when there’s snow, the city begins plowing bike paths at 4:00 a.m. |
Here is a list of criteria AARP used to come up with the list:
Besides this, Madison’s downtown condo market is soaring, with a fair share of inventory, making it a great time to get a good price on a condo of your choice. Downtown condo living provides close proximity to many cultural events, the lakes, restaurants, art museums, and the Overture Center. What’s more, condos are “maintenence” free, allowing retirees to enjoy life, instead of working on an upkeep of a home. Many retirees love living in Madison Spring, Summer, Fall (of course, staying through fall colors and Badger football!) Some may then want to head to a warmer climate come winter, which also makes maintence free living a bonus.
Here are few downtown condos for sale that would prove to be a great match for retirees looking to buy downtown:
http://www.madisonwisconsinliving.com/madison-downtown-condo-bedford-court/
http://www.madisonwisconsinliving.com/madison-downtown-condo-townhome/
If you know of any soon-to-be retirees looking to move to Madison ? If so, I’m available as a resource.
Jamie Miller, 335-3410 jamie@madisonwisconsinliving.com
Price reduced ! $269,900. 3 bedroom, restored Tudor in Maple Bluff - talk about curb appeal! Original wood wk, beautiful hrdwd flrs, new chef’s kitchen ‘03, refinished screen porch, new roof ‘07, updated 200 amp electrical, new exterior Genesis paint, new interior paint throughout, tasteful interior decor, professionally landscaped -won’t last long!
Contact Jamie Miller for showings - 608-335-3410 or jamie@madisonwisconsinliving.com
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MADISON, WI – A soft economy combined with weak consumer confidence kept second quarter Wisconsin sales volume below the same quarter last year. However, home prices were down only slightly according to data just released by the Wisconsin REALTORS® Association (WRA).Home sales in the state fell 20.7 percent in the second quarter of 2008 compared to that same quarter in 2007, a slightly steeper decline than both the nation as a whole, which fell 16.3 percent, and the Midwest region, which dropped 17.9 percent. “It is clear that consumer concerns over the direction of the economy have kept a lot of buyers on the sidelines,” said WRA Chairman Michael Spranger. “Our hope is that buyers and sellers recognize that every market is unique and every market offers opportunities.”
Spranger noted that mortgage rates have begun to creep upward recently, which may prompt potential buyers into the market. “This is an opportune time for buyers to get off the fence,” said Spranger. “Conventional 30 year fixed rate mortgages increased about a half percent in the last two months, but still remain below 7 percent. That means there are excellent opportunities in this market, but buyers shouldn’t wait too long or they risk higher interest rates.”
Wisconsin’s median prices fell just 3 percent to $162,200 in the second quarter of 2008 as compared to the second quarter of 2007. “In a soft market like the current one, we expect some moderation in prices,” said William Malkasian, president of the WRA. “Given the relatively large reduction in sales volume in the second quarter, it’s encouraging that our prices here in Wisconsin have declined only modestly.” Malkasian noted that other parts of the country have seen substantially larger price reductions this year. He also noted that the housing bill that just passed Congress should provide some additional help to this market. “First time home buyers can now receive a tax credit of up to $7500, which should help to get some of them off the bubble and into a home,” Malkasian said.
A survey of REALTOR® brokers across Wisconsin this month showed a consistent belief (78 percent of respondents) that sellers are more motivated in the third quarter of this year as compared to that quarter last year, but only 26 percent believe buyer interest has increased. Thus, almost 83 percent of brokers surveyed think that inventories will stay the same or rise in the third quarter. There is consensus among brokers that the remainder of 2008 will be weaker than the second half of 2007. “REALTORS® are closely tied to both buyers and sellers on a daily basis, and as a result have a good sense of current and near future market conditions,” said Malkasian. “At this halfway point in the year, our folks are realistic about this market and are neither overly optimistic nor pessimistic about the balance of the year.” Malkasian said the WRA will survey REALTOR® broker’s sentiments on a quarterly basis.
“Jamie was wonderful to work with as we used her for both the sale of our old home and purchase of our new one. We had not worked with a Realtor before and Jamie made us feel comfortable from the very beginning. Her flexibility while helping us look for a home was invaluable as our schedules only allowed for showings after work and on weekends…..often with a 1 and 3 year old in tow. She helped us prioritize what we were looking for in a new home and helped keep us on track when we started to waiver. We relied on her heavily in the negotiations on both the sell and buy side of things and know that she played a huge role in closing both deals. We really appreciate everything Jamie did for us over the past four months and highly recommend her to anyone in need of a Realtor.”
- Shannon & Dustin Dean, Nakoma
Welcome to downtown Madison living- this modern, corner unit boasts lots of natural sunlight. Lg windows exposed to beautiful private courtyard. Unit floorplan is pefect: Living/dining combo in center, with bdrms/baths on separate sides, nice for privacy. Lg. Master bdrm & spacious kitchen exposed to living/dining area. Hardwood flrs, gas fireplace & private balcony w/ gas grill. Walk downtown & UW, 1 underground heated parking space included, additional space for sale.
For additional information and more photos, contact Jamie Miller 608-335-3410 or jamie@madisonwisconsinliving.com
Interested in a private showing ? Contact Jamie Miller 608-335-3410 or jamie@madisonwisconsinliving.com
Best Value Downtown Madison for the size !
530 W. Doty St in Bedford Court Condos, built in 2002.
Courtyard facing, end unit 2 bedrooms, 2 full baths
1217 sq. ft.
Offered at : $269,000 or $221 per sq. ft.
Call Jamie Miller to set up a showing at 608.335.3410 or email: jamie@madisonwisconsinliving.com
“Jamie provided the knowledge, energy and enthusiasm to get my condo sold quickly and with relative ease on my part. Her motivation and network of contacts within the industry helped me greatly with my sale!”
- Michael H., State Board of Investment, April 22, 2008
If you are a first time home buyer or it’s been awhile since you’ve experienced a Real Estate transaction, here is a time line of what to expect throughout the home buying process:
1) Get a copy of your credit report is the first step. A website I like to use is PrivacyGuard
2) Make a budget and determine how much you can afford. Keep in mind lenders will often approve you for a loan higher than you realistically can afford. A good estimate is 30%-40% of your net monthly salary towards a mortgage payment.
3) Pick a mortgage broker. Mortgage brokers have a pulse on the market and often times work with you to create the best plan that fits your particular needs.
4) Select a Real Estate Agent to help you “house shop”. Working with a Buyers Agent has many benefits to a buyer and what’s more, there is typically no charge for you to work with a buyers agent.
5) Apply for a mortgage & get pre-approved. Receive a copy of the pre-approval letter.
6) Shop for homes! When looking, keep in mind this is not only a place to live, but an investment. You want to make sure you 1) want to live there 2) it’s a good investment from a resale perspective. See what makes a home more “sell-able”.
7) Once you’ve selected a house you like, come up with a price point you are comfortable with (talk to your buyers agent regarding comps) and write an offer !
Stay alert and available during the negotiation process due to deadlines, your buyer agent will need to be able to get ahold of you so try to be available for the next few days once you put in an offer.
9) Once the offer is accepted, both parties will have a sign offer to purchase.
10) Depending on what contingencies you designated in the offer, there is a time frame in which those are to be satisfied. Standard contingencies are inspection & financing. Usually it is 7-45 days, depending how it was negotiated in the offer to purchase.
11) Home Inspection typically comes prior to the financing. Mainly because if the inspection doesn’t pan out & you no longer want the home you didn’t also pay for an appraisal of the property, which the lenders will charge you for.
12) Submit for a formal loan application. This is where the appraiser goes out and appraises the home to make sure the bank is not lending money to a home that doesn’t hold a similar value to the purchase price.
13) Purchase home owners insurance (if the sellers aren’t including it).
14) Receive an offical loan committment letter from your lender. This is then signed by the borrower and sent to the sellers, which is the last piece to satisfy the financing contingency.
15) Wait to close. You’ll receive your closing documents 1-3 days prior to close which you’ll want to carefully review with your mortgage broker & Realtor to make sure everything adds up.
16) Day of Closing you’ll want to do a “final walk through” of the property. This is to make sure everything looks normal it before taking possession. (No trees have fallen on the property, no fire, etc. )
16) Day of closing, you’ll want to bring a certified cashiers check to closing for closing costs, your personal checkbook (in case any added expenses) and your ID/Drivers License.
17) Celebrate & Enjoy your new home! Oh, and don’t forget to refer your fabulous Real Estate Agent -Jamie Miller- to everyone you know 
For more information on the home buying process or more details, contact Jamie Miller at 608-335-3410.
