Market Normalization

The most common question I have been asked in recent weeks is, "Where did all the Buyers go?"

The Short Answer: Market Normalization.

The Long Answer: Buyers have gone nowhere. They are still here. They haven't left town in droves. There have been no large employers who have left our area; there have been no spikes in unemployment, no rises in interest rates, yet the number of showings on MLS listed properties are down across the board. So what has buyers holding back?

It's known as market normalization.  An analysis of local real estate sales going back to 2003 indicates that the housing market is simply returning to its old self again. Historically, people have always wanted to move by the time school is out in May. For those who miss that opportunity, they really really want to be moved by the time school starts up in September. It's the way the real estate market has performed for most of the past 30 years.

Why do we say, "most of the past 30 years" and not "every year"? The game changer known as, "The Great Recession."

Beginning as early as the second half of 2005, we saw inventory levels rising dramatically and sales numbers dropping equally as fast. Inventory levels rose from a low 3.5 month supply in late 2003 to a market high 18 month supply in January of 2008. That's right...right here in good old, stable Dane County, a supply of housing for sale that would last for nearly a year and a half without the addition of any newly listed properties.

So where are we now? With a current supply of approximately four months but lower activity levels, we seem to be back to where we were a decade or so ago in terms of supply and demand: A Normal Market. The good news in all this? In housing, as with the stock market, stability and predictability are good things. In housing, sellers can now better time their move and buyers know when to count on more choices becoming available.

                                                                 

August 2014 Home Sales

It's not news that spring is the Real Estate market "season".  Typically, the market slows from mid-August to mid-September as buyers and sellers are more occupied with late summer vacations and the start of a new school year.  This trend was also true this year, however the home sales on the near west side of Madison continue to be strong.

Oh sure, there are some houses that don't sell as quickly, often a result of location, condition or price.  But that may also have been the case had those houses been listed in the spring.   See what sold...perhaps a neighbor or friend's house is listed below!

August home sales

1009 Saybrook Rd	$165,000	08/12/2014
401 Shepard Ter	$293,900	08/12/2014
3909 Euclid Ave	$279,000	08/12/2014
5217 Harbor Ct	$460,000	08/12/2014
4349 Felton Pl	$213,000	08/11/2014
445 Rushmore Ln	$192,000	08/11/2014
930 Haywood Dr	$199,000	08/11/2014
814 Blue Ridge Pkwy	$645,000	08/08/2014
2908 Arbor Dr	$232,500	08/08/2014
742 Oneida Pl	$504,000	08/07/2014
1017 Vilas Ave	$315,000	08/07/2014
223 Alden Dr	$180,000	08/07/2014
641 Eugenia Ave	$315,000	08/06/2014
4115 Cherokee Dr	$320,000	08/06/2014
638 Odell St	$271,000	08/06/2014
4338 Travis Ter	$251,800	08/06/2014
588 N Midvale Blvd Apt 302	$188,000	08/06/2014
5054 Lake Mendota Dr	$452,000	08/05/2014
317 Nautilus Dr	$122,400	08/05/2014
125 S Yellowstone Dr	$315,000	08/05/2014
409 Shepard Ter	$250,000	08/05/2014
622 Orchard Dr	$239,000	08/04/2014
9 Kewaunee Ct	$405,000	08/04/2014
1347 N Wingra Dr	$221,500	08/04/2014
480 Hilton Dr	$194,900	08/04/2014
425 Presidential Ln	$219,900	08/04/2014
1028 Erin St Apt 5	$129,900	08/04/2014
1226 Brookwood Rd	$265,000	08/04/2014
4502 Onaway Pass	$245,000	08/04/2014
504 Toepfer Ave	$274,000	08/04/2014
1014 Spruce St	$215,000	08/01/2014
653 Hilltop Dr	$333,000	08/01/2014
5022 Regent St	$288,000	08/01/2014
3513 Gregory St	$255,000	07/31/2014
909 Pontiac Trl	$309,000	07/30/2014
841 Terry Pl	$365,000	07/30/2014
608 N Midvale Blvd Unit 301	$145,000	07/30/2014
456 Virginia Ter	$515,000	07/29/2014
915 Columbia Rd	$448,000	07/29/2014
6006 Driftwood Ave	$306,200	07/29/2014
5525 Englewood Dr	$245,300	07/29/2014
1922 Keyes Ave	$323,200	07/28/2014
30 N Spooner St	$352,000	07/28/2014

Monroe Street Changes

My office is on Monroe Street, so I spend a lot of time driving on Monroe.  If you do too, you have seen the changes happening up and down the street.

Some exciting changes are in store!  You may have seen "The Monroe" building going up in place of the old Town and Country service station on the 2600 block of Monroe.  Retail space on the first floor and apartments above are a nice improvement to the area.  Two long-time Monroe Street retailers have moved into the "The Monroe".  The Knitting Tree is now located at 2630 Monroe St. and the Monroe Street Shoe Repair is occupying space at 2630 Monroe St.

The 2500 block of Monroe is also under construction.  The space previously occupied by The Knitting Tree and The Monroe Street Shoe Repair is being renovated to house Collectivo Coffee with plans to open in early 2015.  Collectivo Coffee currently has one location in Madison on N. Pinckney at Tenney Plaza on the Capitol Square.  The Monroe Street location will provide a full-service café offering breakfast and micro-brews.  The design of the new coffee shop proposes an open floor plan with large exterior windows to invite customers to connect with the sidewalk atmosphere of the location.

Additional changes are coming to Monroe Street on the 3400 block of Monroe St.  More on those changes in an upcoming post!

Olbrich's Crackle, Fire & Froth

School has started.  Football is underway.  Leaves are beginning to turn.  It is time to usher in Autumn. 

One of my favorite events to begin the season is Olbrich's Crackle, Fire & Froth.  This annual event, scheduled for Friday September 26th from 7-10 p.m., is the prefect way to spend a crisp autumn evening wandering the outdoor gardens at Olbrich, sipping local Wisconsin beer and tasting local food prepared by Food Fight restaurants.

A relatively new event for Olbrich Botanical Gardens, Crackle, Fire and Froth has quickly become one of the highlights of Fall in Madison.

The Great Lawn at the garden is transformed into a Fall festival grounds, complete with huge bonfires, hundreds of carved pumpkins, live music by the Wheelhouse and of course the beauty of the outdoor gardens with fall foliage beginning to show it's true colors.

The other surprising element of the evening is the ability to wander the garden and enjoy the beautiful landscape lighting that displays the garden in an entirely different light!

Fall has definitely arrived!  Time to enjoy the season.  Olbrich's Crackle, Fire and Froth is a great way to start!  I hope to see you there!

Home Grown Flowers

Turning leaves are what comes to mind for most people as Autumn settles in.  But Fall is also a wonderful time to enjoy the remaining flowers of the season.  Burgundy and gold mums and Black-eyed Susan's are in abundance this time of year, as well as bright-colored branches from native shrubs.

A wonderful, local source for bouquets, centerpieces or to dress up an upcoming event is Home Grown Flowers in Madison.  The owner, Caroline (a client of mine!), prides herself on unique arrangements where Mother Nature and local availability determine what flowers to use.  This philosophy allows Caroline to create wild, natural-looking arrangements that are anything but ordinary.  So committed to finding just the right foliage to use, Caroline has been know to tromp through the woods or knock on a strangers door to provide her clients with just the right arrangement.  She also partners with local growers for annual flowers and blooms she doesn't grow in her own half- acre garden.

Inspired by nature, a love of beautiful plants and the unique combinations that can be created and a desire to make each of her clients' events or occasions special make Home Grown Flowers a truly wonderful place for your next flower decorating needs.  You won't be disappointed!

Three Keys to Selling a House

While the calendar still says summer, the start of school and the shortening daylight remind us that Fall is here.  While the hustle and bustle of the spring season house-selling season has passed, fall can be an excellent time to make your move. Fewer homes on the market can actually help make for a faster sale….and it is well known throughout the real estate industry that the homes that sell fastest, sell closest to the asking price.
That said, there are three items which remain static as to importance in selling irrespective of the time of year. These are:
1. Proper Pricing. This is the most important step to realizing a successful sale. Via the Internet, we all have access today to more real estate information and data than has ever been available in the past. Locating the information is the easy part. Interpreting that data is the challenging part. I would suggest that while part science, pricing is also an art.  It is also the part  I work hard to get right.  And Dane County clients of Restaino & Associates, the company I work for, enjoy the highest average sale price of any of the top 10 full service real estate companies in the South Central Wisconsin MLS*.
2. Marketing. Having a good story to tell is only part of the equation. Getting your message out to potential buyers is another critical piece of the puzzle. The RestainoHomes.com  website is kept in a state of constant upgrade not only to improve visual aesthetics for physical users, but also to improve digital desirability in the eyes of the search engines to keep your message at the top of the charts.
3. Great Pictures. With over 90% of home buyers having their first interaction with your home via a smart phone, I-pad surface or even an (old fashioned) computer terminal, having pictures taken from the right angle with the right equipment is a prerequisite of gaining a buyer’s interest early on. Photos help sell houses and at the very least, get people in the door.  Identifying the right shot from the right angle with the right lighting to show your home at its very best, is an integral step in the process.
If you are thinking of putting your home on the market, either this fall or in the spring, its not too early to 
contact me to get started. I'd be happy to give you an up to the minute report on the local real estate market to help you and your family get where you want to be, when you want to be there. Thank you for your confidence and trust: current, past and future.

*Source SCWMLS 1/1/2014 - 8/31/2014 sales as reported 9/2/2014

The Meaning of Labor

As another Labor Day has come and gone, I am reminded that for many, Labor Day is a last hurrah to the end of summer; a final long weekend before the beginning of another school year.  But in actuality, Labor Day is so much more.

I have clients who embody the meaning of Labor Day.  They do not belong to a Union nor do they labor in a factory, but their labor is no less worthy.  He is a contractor who is the epitome of perfection.  He listens.  He is meticulous to details and the work he performs with his hands is always a delight to his clients.  I have, and will continue to, refer him to friends and clients.  His work is excellent!

She labors in another way.  She works with people to get the results they want, need and require from heath care providers. She listens. She reacts. She gets results for her clients.  She cares.

I recently sold the house that belonged to these people.  It was a wonderful home that included acreage which would require a special buyer. These clients wanted to move closer to town for their two daughters.  Admirable reasoning.  They were patient, welcomed advice and …did I say patient?  The house sold.

They were kind enough to include me on the purchase of their new home, although they had found the property on their own.  The transaction was uncomplicated and they have since moved in. Although they have found some issues, post closing, there have been no complaints.  No nasty e-mails.  No mean phone calls.  No “I wish …” comments.  Truly upstanding people.

So as another Labor Day has passed, I am humbled to have helped these clients who work hard every day, don’t complain about what they can’t change and work hard to change the things they can.  They work for their two daughters, to make a wonderful life that they will cherish.  And they work to one day retire to own another piece of property in the country to enjoy and relax.