What's in Store for 2017?

Can we predict what will happen in 2017 given the strong markets of the past two years? While it's all speculative, we can make a few guesses. For instance, rates could move higher, based on our President- elect's fiscal and stimulus agenda. Even so, interest rates should remain at historically low levels.

Another thing to look for is more millennials buying homes. According to the National Association of Realtors, millennials who have paid down their student loans and built up their cash may be in a position to buy more house than even most real-estate professionals might think. And right behind them is Gen Z. Their elder members will hit their 18th birthdays in 2017, and as they come of age with low interest rates, better job prospects and higher wages to help cushion the high costs of college education,they likely could be a generation that strongly values homeownership and will continue to drive the real estate market for a long time to come.

Stay tuned to see what the new year brings.   Here's to 2017!

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October 2016 Home Sales

October continued to be a strong Real Estate market on the near west side of Madison.  Below is a few of the listings that sold.  Maybe there was one in our neighborhood?




SOLD IN OCTOBER 2016

3819 Winnemac Ave Madison, WI

Sold: $285,000

2 Bed, 2 Bath	Built in 1941
Sold On 10/19/16	1083 sqft
Price/sqft: $263

4109 Yuma Dr Madison, WI

Sold: $378,000

3 Bed, 2 Bath	Built in 1938
Sold On 10/18/16	2004 sqft
Price/sqft: $189

21 Hiawatha Cir Madison, WI

Sold: $350,000

4 Bed, 2 Bath	Built in 1950
Sold On 10/18/16	1682 sqft
Price/sqft: $208

2730 Chamberlain Ave Madison, WI

Sold: $450,000

4 Bed, 2 Bath	Built in 1937
Sold On 10/18/16	2294 sqft
Price/sqft: $196

621 Bordner Dr Madison, WI

Sold: $102,000

4 Bed, 2 Bath	Built in 0
Sold On 10/13/16	1285 sqft
Price/sqft: $79

14 S Eau Claire Ave Madison, WI

Sold: $379,900

3 Bed, 2 Bath	Built in 1959
Sold On 10/13/16	1867 sqft
Price/sqft: $203

5914 Cable Ave Madison, WI

Sold: $428,500

4 Bed, 3 Bath	Built in 1962
Sold On 10/12/16	2877 sqft
Price/sqft: $149

305 Chamberlain Ave Madison, WI

Sold: $315,000

3 Bed, 1 Bath	Built in 1932
Sold On 10/11/16	1537 sqft
Price/sqft: $205

6 S Rock Rd Madison, WI

Sold: $290,000

3 Bed, 2 Bath	Built in 1961
Sold On 10/11/16	1608 sqft
Price/sqft: $180

2740 Regent St Madison, WI

Sold: $350,000

3 Bed, 2 Bath	Built in 1867
Sold On 10/07/16	1690 sqft
Price/sqft: $207

2115 Jefferson St Madison, WI

Sold: $430,000

3 Bed, 2 Bath	Built in 1918
Sold On 10/05/16	1880 sqft
Price/sqft: $229

4905 Eyre Ln Madison, WI

Sold: $352,000

4 Bed, 3 Bath	Built in 1955
Sold On 10/05/16	2325 sqft
Price/sqft: $151

526 Togstad Glenn Madison, WI

Sold: $118,500

3 Bed, 1 Bath	Built in 1952
Sold On 10/05/16	1302 sqft
Price/sqft: $91

2623 Kendall Ave Madison, WI

Sold: $380,100

3 Bed, 2 Bath	Built in 0
Sold On 10/04/16	1620 sqft
Price/sqft: $235

406 Palomino Ln Apt 2N Madison, WI

Sold: $110,000

2 Bed, 1 Bath	Built in 1967
Sold On 10/04/16	820 sqft
Price/sqft: $134

4123 Euclid Ave Madison, WI

Sold: $350,000

3 Bed, 2 Bath	Built in 1935
Sold On 10/04/16	1940 sqft
Price/sqft: $180

5 Glen Hwy Madison, WI

Sold: $250,000

3 Bed, 1 Bath	Built in 1954
Sold On 10/04/16	1434 sqft
Price/sqft: $174

Looking Back at 2016

Despite all the changes that came about in 2016, the real estate market remained solid. It was extremely consistent, and is likely to become a record-setting year for Wisconsin's existing home market.

As with 2015, the housing industry again saw healthy increases in value. Inventory, while still very low compared to the number of people looking to buy, loosened up a bit mid-year. In June of 2016 the number of available homes for sale rose to 9,942, up from 9,450 the previous year. By August of 2016, there were nearly 1,000 additional homes for sale over 2015 inventory for that same time period. Still, buyers outweighed sellers, which continued to drive home prices up.

Why so many buyers? This is thanks to many factors, including low interest rates, lower gas prices, stronger wage growth, and greater numbers of millennials entering the home buying market. Technology is also making it easier for these buyers to shop for homes from virtually anywhere.

What's in store for 2017?  Stay tuned....

No Slow Down in Sight

Crisp, cool air. Football. Shorter days; longer nights. Yes, we are definitely in the midst of autumn. The holidays are quickly approaching. The first snowfall of the season could happen at any time. And all this as we prepare for spending a day feasting with family and loved ones on Thanksgiving.

Just because the world seems to quiet down a bit in the fall doesn't mean great things aren't continuing to happen in real estate, though. 

Locally, our market still shows no signs of slowing down. September's numbers were up across the board. In South Central Wisconsin, MLS reported home sales were 1,416, up from 1,320 last year. Median home prices were $196,500, up from $183,000 in September of 2015. As I've stated before, inventory remains low, so this fall and winter continues to be an ideal time to sell.  Contact me for a free market analysis.  As always, I'm happy to help!

Six Fall Homeowner Tips

Well, I’m not sure what happened to summer, but with piles of leaves to rake, cooler nights and shorter days, autumn has certainly arrived.  And speaking of shorter days, remember to “fall back” this Saturday November 5^th, when Daylight Savings Time comes to an end.

Here are a few more tips to get your house ready before the snow flies:

Jack-o-Lanterns:

·        Time to dispose of those Halloween jack-o-lanterns!  The city of Madison will pick them up if left at the curb.  Please don’t put in the garbage; they only take up landfill space!

Check your windows:

·        If you have combination storm windows, be sure the screens are down.  Close windows and lock to keep out any drafts.

Furnace:

·        Change your furnace filter and if you haven’t had a furnace safety check recently, now is a good time to take care of that.

Outdoor faucets and hoses:

·        Reel in and drain your outside hoses and store for the winter.  Now is also a good time to make sure the outside faucets are turned off for the winter.

Clean the Gutters:

·        Where are all those leaves that aren’t piled in your yard?  They are in your gutters!  Clean your gutters now so when the spring rains arrive it’s clear sailing.

Start your snow blower:

·        Check your snow blower to see that it will work when that first snowfall arrives.  Have it at the ready too, not buried behind the bikes, lawnmower and other “garage stuff” that tends to accumulate!  No snow blower?  Find the snow shovels and have them ready, you’ll also need those!

Remember to find time to enjoy the season, too.  There are still plenty of nice autumn days ahead!  Happy Fall!

September 2016 Home Sales

Well, although the weather doesn't seem to be sure these days, we are officially in Autumn!  Typically, a slower time for sales in the Real Estate market.  While the market has slowed a bit as the days become shorter, it is still a brisk market.  And buyer's are still searching high and low for their perfect home!

Here are the homes that sold in September on the near West side of Madison.  If you are thinking of making a move, ow might be a perfect time to start considering!  As always, I'm happy to help!

625 N Segoe Rd Unit 609 Madison, WI

Sold: n/a

1 Bed, 1 Bath	Built in 2006
Sold On 09/07/16	1025 sqft
Price/sqft: n/a

117 Merlham Dr Madison, WI

Sold: $265,000

3 Bed, 1 Bath	Built in 1955
Sold On 09/06/16	1151 sqft
Price/sqft: $230

5320 Lake Mendota Dr Madison, WI

Sold: $850,000

3 Bed, 3 Bath	Built in 2008
Sold On 09/02/16	2647 sqft
Price/sqft: $321

302 N Segoe Rd Unit 102 Madison, WI

Sold: $145,000

2 Bed, 1 Bath	Built in 1967
Sold On 09/02/16	827 sqft
Price/sqft: $175

4137 Hiawatha Dr Madison, WI

Sold: $531,900

3 Bed, 3 Bath	Built in 1938
Sold On 09/02/16	2269 sqft
Price/sqft: $234

109 Craig Ave Madison, WI

Sold: $102,000

2 Bed, 1 Bath	Built in 1951
Sold On 09/02/16	768 sqft
Price/sqft: $133

312 N Segoe Rd Unit 202 Madison, WI

Sold: $112,500

2 Bed, 1 Bath	Built in 1964
Sold On 09/01/16	845 sqft
Price/sqft: $133

1802 Monroe St Unit 14 Madison, WI

Sold: $220,000

1 Bed, 1 Bath	Built in 2006
Sold On 09/01/16	856 sqft
Price/sqft: $257

5610 Old Middleton Rd Madison, WI

Sold: $325,000

3 Bed, 2 Bath	Built in 1895
Sold On 09/01/16	1700 sqft
Price/sqft: $191

208 W Sunset Ct Madison, WI

Sold: $472,000

3 Bed, 3 Bath	Built in 2015
Sold On 09/01/16	2178 sqft
Price/sqft: $217

3621 Spring Trl Madison, WI

Sold: $525,000

3 Bed, 3 Bath	Built in 1930
Sold On 08/31/16	2545 sqft
Price/sqft: $206

1001 Waban Hl Madison, WI

Sold: $515,000

3 Bed, 2 Bath	Built in 1942
Sold On 08/31/16	2033 sqft
Price/sqft: $253

2918 Barlow St Madison, WI

Sold: $271,000

2 Bed, 2 Bath	Built in 1935
Sold On 08/31/16	1488 sqft
Price/sqft: $182

3730 Hammersley Ave Madison, WI

Sold: $315,100

3 Bed, 3 Bath	Built in 1938
Sold On 08/31/16	2288 sqft
Price/sqft: $138

3937 Regent St Madison, WI

Sold: n/a

4 Bed, 2 Bath	Built in 1964
Sold On 08/31/16	2316 sqft
Price/sqft: n/a

Why are Buyers and Sellers Nervous??

2016 has been an unusual year in the Real Estate Market. For buyer's it's been especially tough.

Buyer's are becoming disillusioned because the market is so tight; low inventory and lots of buyer's.  Many have tried to purchase and have been "beat out" by other offers on the same house, which only adds to their disappointment.  In some cases, these buyer's have been trying to get into a house for more than a year!  So why all the cautious behavior?

 

Here's my two cents on why buyer's and seller's are nervous:

When the market fell apart a few years ago, homeowners hunkered down and remodeled or refinanced rather than move.  Now, they either want to stay because of the remodel or it doesn't pay for them to move after a refinance.

 

With the uncertainty in the upcoming presidential election, buyer's and seller's are unsure what the next few years will bring for interest rates and for the economy.  That reasoning has buyer's wanting to get into a house before any unusual or drastic changes happen.  It's the same reason seller's want to stay put; all are uncertain about the future.

Despite all that, it's still a great time to sell a house; seller's are in the driver's seat.  And we haven't seen a slow down in buyer's searching for their perfect house.  

Fall Looks to Continue the Strong Sales Trend of Spring and Summer

Change is in the air! The kids are back at school, the leaves are turning brilliant colors, the air has a slight frosty nip to it and backyard barbeques have been replaced with football viewing get-togethers. Yes, it’s definitely fall in Wisconsin.

Oddly, though, one thing that doesn't seem to be changing very drastically is the state of the real estate market in the greater Dane Country region. Spring and summer home sales were fast and furious. In fact, August home sales in Wisconsin saw the strongest numbers since 2005, with a whopping nine percent jump over August, 2015. In Dane County, our numbers stayed pretty much static compared to last year's home sales, but the median sale price increased by 6.1 percent to $244,000.

As with the past year, home sale prices are being driven up by a lack of inventory in the marketplace. Obviously, this makes autumn a perfect time to list property. And those who are in the market to purchase a home are in luck, too. Not only is it a beautiful time of year to drive around and look at potential new homes, but the current interest rates are incredibly low. According to the Wisconsin Realtors Association, a 30-year fixed-rate mortgage this past August was at 3.44 percent, about a half percent lower than August 2015.

Fall is the perfect time for sellers to consider listing a home.  As always, I'm here to help!

New Restaurants Coming to Monroe St.

Monroe St. is home to some great shopping and restaurants.  Some new neighborhood restaurants will be opening soon:

Everly:
Opening at 2701 Monroe St. - Suite 270, the eatery will offer lunch, dinner and weekend brunch specializing in local and regional meat dishes along with veggies, grains and eggs.

Miko Poke:
Slated to open at 2701 Monroe St. - Suite 250, this will be a Hawaiian-themed restaurant with a gluten and dairy-free menu.  The Poke bowls will feature raw seafood, rice or noodles with special sauces and spices.

The Roman Candle Pizzeria:
2623 Monroe St. A Madison/Middleton favorite has submitted plans to open soon.

Infusion Chocolates:
2503 Monroe St., this Chocolatier is also hoping to open soon to satisfy the sweet tooth of area folks!

Watch for these new restaurants in the coming months.  Yummy!

July-August 2016 Home Sales

Well priced, well maintained homes on the near west side of Madison continue to sell well.  In the last 60 days, there have been more than 20 homes sales.  It continues to be a Seller's market, although we may see that slow down as we head into Fall and Winter.

Here's are recent home sales in the area:

14 Farley Ave Madison, WI

Sold: $410,000

4 Bed, 2 Bath	Built in 1940
Sold On 08/09/16	1632 sqft
Price/sqft: $251

4313 Felton Pl Madison, WI

Sold: $250,000

3 Bed, 1 Bath	Built in 1948
Sold On 08/05/16	1181 sqft
Price/sqft: $212

651 Knickerbocker St Madison, WI

Sold: $405,500

3 Bed, 2 Bath	Built in 1928
Sold On 08/04/16	1610 sqft
Price/sqft: $252

15 S Meadow Ln Madison, WI

Sold: $402,000

4 Bed, 2 Bath	Built in 1950
Sold On 08/04/16	2264 sqft
Price/sqft: $178

449 S Owen Dr Madison, WI

Sold: $425,000

4 Bed, 3 Bath	Built in 1951
Sold On 08/03/16	3484 sqft
Price/sqft: $122

418 Shepard Ter Madison, WI

Sold: $317,000

3 Bed, 2 Bath	Built in 1951
Sold On 08/03/16	1464 sqft
Price/sqft: $217

2801 Sylvan Ave Madison, WI

Sold: $475,000

3 Bed, 3 Bath	Built in 1951
Sold On 08/03/16	3091 sqft
Price/sqft: $154

4012 Hammersley Ave Madison, WI

Sold: $385,000

3 Bed, 2 Bath	Built in 1941
Sold On 08/03/16	1812 sqft
Price/sqft: $212

2515 Chamberlain Ave Madison, WI

Sold: $339,000

3 Bed, 2 Bath	Built in 1928
Sold On 08/03/16	1732 sqft
Price/sqft: $196

405 N Franklin Ave Madison, WI

Sold: $312,000

3 Bed, 1 Bath	Built in 1937
Sold On 08/02/16	1334 sqft
Price/sqft: $234

502 Leonard St Madison, WI

Sold: $357,000

3 Bed, 1 Bath	Built in 0
Sold On 08/02/16	1100 sqft
Price/sqft: $325

626 Frederick Ln Madison, WI

Sold: $270,500

2 Bed, 1 Bath	Built in 1952
Sold On 08/02/16	1245 sqft
Price/sqft: $217

2646 Chamberlain Ave Madison, WI

Sold: $410,000

3 Bed, 2 Bath	Built in 1927
Sold On 08/01/16	1804 sqft
Price/sqft: $227

601 Copeland St Madison, WI

Sold: $408,000

5 Bed, 4 Bath	Built in 1944
Sold On 08/01/16	3157 sqft
Price/sqft: $129

14 S Blackhawk Ave Madison, WI

Sold: $450,000

3 Bed, 2 Bath	Built in 1953
Sold On 07/29/16	1864 sqft
Price/sqft: $241

449 Woodside Ter Madison, WI

Sold: $315,000

4 Bed, 3 Bath	Built in 1955
Sold On 07/29/16	2167 sqft
Price/sqft: $145

466 Hilltop Dr Madison, WI

Sold: $250,000

4 Bed, 2 Bath	Built in 1961
Sold On 07/29/16	1898 sqft
Price/sqft: $132

3910 Saint Clair St Madison, WI

Sold: $310,400

3 Bed, 2 Bath	Built in 1951
Sold On 07/28/16	1599 sqft
Price/sqft: $194

3734 Hillcrest Dr Madison, WI

Sold: $362,500

3 Bed, 2 Bath	Built in 1951
Sold On 07/27/16	1580 sqft
Price/sqft: $229

134 Larkin St Madison, WI

Sold: $276,000

3 Bed, 2 Bath	Built in 1958
Sold On 07/27/16	1415 sqft
Price/sqft: $195

2822 Mason St Madison, WI

Sold: $530,000

4 Bed, 3 Bath	Built in 1949
Sold On 07/26/16	2402 sqft
Price/sqft: $221

504 N Midvale Blvd Madison, WI

Sold: $255,000

2 Bed, 3 Bath	Built in 2005
Sold On 07/26/16	1556 sqft
Price/sqft: $164

2518 Commonwealth Ave Madison, WI

Sold: $406,500

3 Bed, 1 Bath	Built in 1926
Sold On 07/26/16	1507 sqft
Price/sqft: $270

2742 Chamberlain Ave Madison, WI

Sold: $424,900

3 Bed, 3 Bath	Built in 1952
Sold On 07/26/16	1874 sqft
Price/sqft: $227

2725 Kendall Ave Madison, WI

Sold: $369,900

3 Bed, 1 Bath	Built in 1933
Sold On 07/21/16	1583 sqft
Price/sqft: $234