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Great News for Sellers: Your Window of Opportunity is Here!

Why Sell Now?

• • Home inventory supply is not enough to meet buyer demand.
• • Buyers are in abundance—looking for homes everywhere in Wisconsin.
• • Today's historically low interest rates are predicted to rise.
• • The current low inventory of homes on the market means less competition for you, the seller, which typically results in potentially more offers and a higher selling price.

It may be a wise move to list your home before the predicted increase in mortgage rates.

March's Most Watched Video: TALK TO YOUR LENDER WHEN YOU MISS PAYMENTS

View this title and many more. We feature a variety of videos with tips to help make your home buying/selling/ownership process easier...and this month we're focusing on ways to spruce up your home for sale as well as tips for buyers! Visit our video channel for tips on staging your home for sale, finding the right location, learning about contingencies and more!

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Housing Sales and Prices Increase Again in February

WRA, 2013 February Home Sales Report, March 18, 2013

February marked the 20th straight month of double-digit growth in sales of existing homes in Wisconsin, with sales up 11.7 percent compared to February 2012. Median home prices also grew to $122,000 in February, which represents a solid 6.1 percent rate of growth compared to February last year, according to statistics released by the Wisconsin REALTORS® Association (WRA).

"There are strong seasonal patterns in Wisconsin home sales, and the vast majority of homes sell between April and September, but we've had a very good housing market over the past winter," said Renny Diedrich, Chairman of the WRA board of directors. Specifically, comparing the most recent December, January and February sales figures to those same months a year earlier, home sales increased 14.5 percent.

Median prices in the state rose a solid 6.1 percent in February relative to February 2012 and were up 6.7 percent over the most recent winter months compared to the previous December through February period. This is well above the rate of inflation, which has averaged between 1.7 and 2.2 percent over the last three months of 2012, and just 1.6 percent in January. "While we don't think that housing prices will continue to grow at nearly three times the rate of inflation, it's clear that the Wisconsin home market has been tightening, and housing is likely to be a good way to accumulate household wealth going forward," said WRA president and CEO Michael Theo.

Although state inventory levels increased slightly compared to last month, they are still 13.1 percent below the levels of February 2012. "We've seen a consistent pattern of declining inventories, and the state now has 8.6 months of supply," said Theo. Still, housing affordability remains high. "With tightening inventories, housing prices should continue to rise, which will undoubtedly reduce affordability, so this is a great time to use an experienced REALTOR® to help identify the best value in this market," said Theo.

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Purchasing a Home Today Could be the Best Investment You Can Make

RISMedia, March 6, 2013

According to Fiserv, a financial services technology provider using data from the Federal Housing Finance Agency, home prices are expected to rise at least 3.3 percent annually through 2017.

• —2013 and 2014
• Prices are projected to grow 3.7 percent between the third quarters of 2013 and 2014

• —2014 through 2017
• Prices are expected to settle with projected 3.3 percent annual increases over the next three years

Should You Renovate Now, Wait, or Move?

RISMedia, To Remodel or Not to Remodel: 7 Questions Homeowners Need to Ask Before Commencing Construction

The thought of remodeling your home might be tempting. After all, any number of popular TV programs and encouraging articles make home remodeling look like a piece of cake. But before you start measuring walls and making demolition plans, Dan Fritschen, founder of www.remodelormove.com, encourages you to stop a moment and really consider what you're about to jump into. Before you launch into your own project, ask yourself these questions:

• Which are we more excited about: Hawaii or hardwood floors?
  "It may sound elementary, but give some serious thought as to whether you'd rather spend your time and money on a vacation or on a new and improved living space," Fritschen advises.
• Are we the Joneses?
  Everybody wants to keep up with the Joneses. "In fact," Fritschen says, "that's a very popular reason for deciding to remodel!" Before you hit up the hardware store, though, take a moment to consider whether or not your home is already one of the biggest or nicest in the neighborhood. If so, it's likely that the addition or remodel you're planning will end up being a lot of work that won't significantly increase the value of your home.
• Can we really afford this?
  Many homeowners fail to fully understand that remodeling usually costs a lot, even when you're going the DIY route and looking for bargains.
  "There are smart, financially savvy ways to remodel, including using money from savings, using a 203k mortgage, or refinancing and getting cash back on your home." says Fritschen. "However, if the only ways you can pay for your remodel are to tap into retirement accounts or use your credit cards, then the cost of remodeling increases significantly and is then much harder to justify.
• Is the finished product worth the stress and mess?
  In the real world, even the most mellow and easy-going people can find remodeling to be a difficult process.
• Is our income secure?
  For obvious reasons, if you aren't sure of your income stream, spending savings on a remodel isn't a smart choice.
• How long will we be in this house?
  If there's a chance you may be moving soon, Fritschen says there are two very good reasons not to remodel. First, remodeling is a lot of work. And secondly, in many cases, the cost of updating your home might exceed the amount your home appreciates after the work is finished.
• Is this a good investment?
  "It's very important to know going into a remodel that you might not make money, and to be okay with that," Fritschen emphasizes. "Always make sure you have an accurate perspective on when a remodel makes sense and when it doesn't," Fritschen concludes. "Remember, the project should improve not only your home, but also your happiness and quality of life—without breaking the bank."

 

Home Energy Saver: Free Online Evaluation of Your Energy Usage

Bottom Line Personal, Very Useful Websites, December 15, 2012, page 10, Lawrence Berkeley National Laboratory and US Department of Energy

Get a free online evaluation of your energy usage—and personalized recommendations for upgrades that can save you money at http://hes.lbl.gov/consumer