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Hi There!
Homes are in high demand - which means your property may be worth a lot more than you think.
Contact me’d any time if you have questions or real estate needs.
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Recent Spike in Mortgage Rates Lowers Statewide Affordability
INVENTORY
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Inventory continues to remain tight with an estimated 2.4 months’ supply of homes on the market. This is a reduction of 11.1% compared to April 2021 and is still a signal of a very strong seller’s market across the state.
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SALES
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Low inventory continues to affect home sales with sales falling 14.8% since April of 2021. Sales through the first quarter of 2022 were also down 7.3% compared to Q1 of 2021.
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AFFORDABILITY
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Median home prices in April of 2022 increased to $265,501, a 13% increase over the last 12 months. Rising median home prices coupled with rapidly increasing mortgage rates have caused the housing affordability index to slip by 27.9% over the last year.
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Source: https://www.wra.org/HSRApr2022/
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Summer is here which means Wisconsin is entering the busy season for real estate. While the current housing market may seem complicated, REALTORS across the state are working tirelessly to help potential buyers and sellers successfully navigate the market. Those looking to buy or sell should reach out to their local First Weber REALTOR to learn more about the buying or selling process.”
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Shawna Alt
Chief Executive Officer, First Weber Realtors
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Mortgage rates continue to rise, mostly due to the Federal Reserve’s plan to tackle rising inflationary pressures. While this has increased mortgage rates, these actions are key in controlling inflation and returning rates to the 3-4% range, which will help in keeping housing affordable for all.”
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Tammy Maddente
President, First Weber Realtors
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MORTGAGE NEWS
Mortgage rates continue to climb which has put a damper on how much borrowers can afford when it comes to buying a home. The Wisconsin Housing Affordability Index is currently sitting at 142, meaning buyers on average can afford 142% of the median home price, down from 197% in April of 2021.
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Source: https://www.wra.org/HSRApr2022/
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What To Inspect In A Home Before Purchasing It
When you find your dream home you may feel like it’s best to rush the process and submit an offer as soon as possible, but it is essential to take time to get a professional inspection. This will help you to find out about any problems you might have to negotiate with the seller or take care of after the purchase. Here are a few things to look out for when you do an inspection:
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Foundation
A home cannot survive without a stable foundation. The structural support of a solid base is critical to maintaining the house’s integrity along with all its attached features, such as a garage or patio. A professional home inspector will determine whether the foundation is solid and secure both inside and outside. Crumbling mortar, gaps or deteriorating blocks are warning signs that the structure may start to lean or shift, which can cause severe problems in the long run.
Basement and Attic
Inside, the basement should be looked at for any suspicious moisture or mold growth. The floor, whether dirt or concrete, should be intact without signs of damage or erosion. Beams in the basement ceiling will be evaluated for indications of termites or other destructive pests. Sweating walls could suggest a problem that will need further investigation. Likewise, the attic will be examined for evidence of dry rot, dampness, roof leaks and pest infiltrations.
Plumbing
A home’s water lines need to be evaluated to ensure they are in good condition and aren’t leaking anywhere, especially at the joints. The drains should be clear and free of debris to allow proper drainage. Water stains or wet spots on the home’s ceilings, walls or floors will need to be assessed for possible interior, unseen damage from a water leak due to problems with the plumbing or coming from outside due to leaks in the home’s siding or roof.
HVAC
The heating and cooling system should be in good working order and preferably not very old. An inspection of both systems will reveal whether they are fully operational or will need to be replaced within the next few years. It may be helpful to ask about the current utility bills to see if the systems are energy efficient, and if not, you may want to consider installing new ones.
Roof
The roof is another area to be examined carefully since repairs or replacements are costly. Have the home inspector check for missing or damaged roofing elements as well as any problems with the gutters or downspouts. The chimney should also be checked to ensure it is working properly and in good condition.
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Source: https://blog.rismedia.com/2022/what-to-inspect-in-a-home-before-purchasing-it/
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Important Steps To Maintain Your Home’s Central AC
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| It’s almost summer in Wisconsin and that means many people across the state are going to be turning on their AC units soon. Regular maintenance is essential to ensure your AC unit works correctly, but odds are a lot of us probably have been overlooking this crucial step. By following these specific maintenance steps, you’ll be able to keep your air conditioner in good condition for years to come. |
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Power Off the Unit and Mains |
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Before you perform any maintenance on your air conditioner, you must first turn the unit off as well as the mains. This will keep you from getting shocked when you work on your AC unit.
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Remove Debris Around the Unit |
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Clear any debris or areas that might be blocking airflow around the unit once it has been powered off. Keeping these vents and intakes clean ensures your unit has optimal air flow, which in turn provides better airflow and more efficient cooling.
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Clean the Air Conditioner Fins |
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Over time, air conditioner fins can become bent or dirty, which can affect airflow. Clean the fins gently with a soft brush and straighten them if necessary. You should also take care of the fins of your air conditioner from the inside out to ensure that it is functioning properly. Soft brushes or cloths can be used for this.
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Clean the Condenser Fan |
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The condenser fan helps to cool the air conditioner unit. If it becomes dirty, it can cause the air conditioner to work less efficiently. Use a soft brush or cloth to gently clean the fan.
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Servicing Your Air Conditioner |
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Ideally you should have your air conditioner serviced twice a year: once in the fall and once in the spring. The reason for this is to ensure that the internals of the machine are clean, parts are undamaged, and it operates as efficiently as possible.
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| When To Ask For Help: Despite your best efforts, sometimes things go wrong for unexpected reasons. If you complete these maintenance steps and your air conditioner still does not work properly, you will need to call a professional for air conditioning repair. Only a qualified technician can accurately diagnose the issue and provide a quick and effective solution. Moreover, they will be able to advise you on any preventative maintenance that might be needed to keep your air conditioner running efficiently. |
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Source: http://blog.rismedia.com/2022/important-steps-to-maintain-your-homes-central-ac/
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Painting With Purpose - How To Spruce Up Your Home’s Exterior Before Selling.
Before selling your house, it is important to make sure your home’s exterior paint is in good shape. A new coat of paint is one of the easiest ways to improve the value of your home, so if it is chipping and peeling away it would be a good idea to repaint it. Below are a few reasons why a fresh coat of paint can impact the decisions of potential buyers.
Increases Property Value
Painting can easily raise the value of your home because it’s a cost-effective way to remodel. The return on investment (ROI) can be close to if not the entire project cost. Determining the real ROI can be tricky though, as there are other factors that will influence the sale. These factors include:
- The size of the home
- Your property’s color
- How well it blends in with the neighborhood
- The labor costs involved
With so many aspects to consider as you change your property’s appearance, it’s important to make the right decisions when preparing to present it to buyers.
Creates a Good First Impression
The material of the siding and the color you choose are among the first things home buyers will notice. Many homebuyers make their decision even before they step into the home, which is why you need to leave them with a good first impression so they know that your house has been well maintained.
Clean Worn Siding
While you are painting, you may notice that your siding may need some additional maintenance. If your siding has damaged paint, then you will want to repaint those spots as well. Your siding’s material can also impact how it should be painted, for example, aluminum siding requires specific paint that is made to adhere to metal surfaces.
Keep Up With Your Living Space
When painting any surface, make sure to clean it before beginning your painting project. Buyers are more likely to make an offer on a home that has been well maintained, and one of the best ways you can show that you care for the property is by having a clean painted exterior.
Leave Room for Imagination
Homebuyers often imagine themselves living in the houses that they visit. They are paying a lot of money for a home, so even though cosmetic flaws may sometimes be overlooked, they are still important to prospective buyers. If they see the house as a beautiful backdrop where they can see themselves living, then you are one step closer to selling the home.
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Source: http://blog.rismedia.com/2022/painting-with-purpose-how-to-spruce-up-your-homes-exterior-before-selling/
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VALUABLE LINKS
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