Category: Homeowners

Posted in Buyers, Homeowners, Sellers

Spring 2025 Real Estate Market Conditions

Posted on by Liz Walker

As the peak period for residential home sales approaches, prospective buyers may encounter a broader selection of properties and increased search flexibility. This development should make it easier to buy for those who have previously struggled to locate a residence that aligns with their specific requirements.

The balance of negotiation leverage between buyers and sellers may be relatively even at present. This time last year, the market favored sellers. Currently, as the spring season commences, the market is more equal between buyers and sellers depending on the property.

It is essential to recognize that local market conditions can vary significantly, depending on what type of property you are buying. Vacation home sales are still going strong, while the local residential housing market is still a challenge for first time home buyers because there are limited properties available in the $150,000 – $250,000 price point. Here is a summary of general market trends and guidance for the upcoming months.

When does the primary period for residential real estate transactions begin?

The majority of sellers in WI typically list their properties during the spring season, starting with the spring rise in temperatures and reaching its peak in late May and early June. This timing aligns with the influx of purchasers, many of whom aim to finalize their relocation during the summer months when schools are in recess. The convergence of increased seller activity and purchaser interest characterizes spring as the most active period.

Will competitive pressures diminish in 2025?

The real estate sector is subject to seasonal fluctuations, with spring typically marking a period of heightened activity. However, fluctuations in mortgage interest rates, which have exhibited volatility over the past two years, also influence market dynamics. Decreases in interest rates tend to stimulate buyer activity, while rate increases tend to lower demand.

The average days on market for a single family home was near 3 months in the first quarter of 2025. This is double the previous year days on market of 1.5 months. It is noteworthy that competitively priced properties still tend to sell fast. I believe there has been a trend among sellers to list their property higher than the market comparisons would dictate. Sellers are still under the impression that home prices are rising quickly as happened during the Covid years but this is no longer true. The real estate market has returned to normal.

Our nation’s political climate and economy is certainly playing a large part in the movement of real estate. Buyers and sellers have been overly cautious since before the presidential election last year which has made market activity stagnant. The market isn’t crashing but it’s not quickly rising either.

Will a greater selection of affordable properties be available?

The availability of affordable properties is contingent upon individual budget constraints and local market conditions. The number of homes sold in 2024 hit a 30 year low. However, generally, experts are anticipating an increase to inventory during this spring over last year but it will be a small increase..

Will interest rate drop this year?

Consumers shouldn’t wait for interest rates to drop. The expectation is that rates will remain in the mid 6% range throughout most of the year. Economists don’t expect mortgage rates to drop below 6% this year at all. The low rates from the last five years are a thing of the past so don’t wait to make a move based on a low mortgage rate. More concerning will be the rising costs of building materials as the need for new home construction due destruction from flooding, hurricanes and wildfires. New home prices and the costs to remodel are going to continue to rise so don’t wait for the perfect time to make a move.

Posted in Buyers, Homeowners, Remodeling, Sellers

The Inexpensive Power of Paint

Posted on by Liz Walker

It’s amazing what a little bit of paint can do to transform a dated kitchen! It was such an inexpensive transformation. All it took was a quart of paint and a couple of hours of labor. I’m going to pat myself on the back here because it was my suggestion. I sold the owner the home about a year ago. I stopped in this week to catch up with her and she showed me all the improvements she made. When we got to the kitchen she asked me my opinion on the cabinets as she was thinking of painting everything.

This kitchen has 1970’s style cabinets. Originally they were mostly white but with some light wood trim accents which gives it that dated look. All the appliances are black and the stone countertop has black flecks in it as well as having black cabinet hardware. So it was an easy suggestion to paint that wood trim black. The whole look changed from the dated 70’s to a modern black and white trend.

I love to chat with clients who are working through remodeling. Feel free to reach out to me if you want to bounce some ideas around on a project you are working on. I’ve been in hundreds of homes and have seen some pretty clever ideas to handle all sorts of issues. Paint tends to be the cheapest and easiest fix to dated bathroom fixtures, wood paneling, and kitchen countertops and cabinets. It certainly beats the expense of complete replacements if you don’t plan on staying in the home for a long time.

Posted in Buyers, Homeowners, Sellers

Sellers, Don’t Fear Government Loans

Posted on by Liz Walker

I think one of the biggest fears for sellers is a buyer that is pre-approved for a government loan program. This fear is not based on the ability of the buyer to have sufficient finances to obtain the loan but rather on the possible reasons the home could be denied for the loan. Yes, you read that right, the home can be denied.

Let me say though that with the hundreds of transactions I’ve handled, very rarely does an offer to purchase fall through due to the condition of the home. Generally, there are some basic repairs that need to be made but the seller and buyer can negotiate how to get that done. One recent case, three steps outside a home needed a handrail. I was working with the buyer and I suggested to them that they offer to build it themselves before closing. The seller was a single woman who was not in a great financial position to hire someone to get the job done. The buyer on the other hand was a couple with some basic skills so they built the handrail themselves in a matter of days.

I’ve had buyers willing to paint or scrap paint off decks. Oddly enough paint stripped off wood is fine for government loans, you just can’t have peeling paint. Other times the buyers swapped traditional outlets with GFCI outlets. For the person with the right skill set, the list of possible issues really are pretty minor things. Sellers shouldn’t fear the possiblility of repairs because a willing buyer just might do the work for you.

Posted in Homeowners

FRIDGE ORGANIZATION

Posted on by Liz Walker

Do you struggle to keep your refrigerator clean and organized? Who doesn’t? I recently got a bug to clean and try a new way to organize ours. First off let me say that I hate the refrigerator model we have! I have Covid supply change issues to blame for it. When our old one flat out died it took us 3 months to get this one simply because nothing was available.

So what’s my gripe with this one? It’s deeper than our counter and deeper than the most fridges. I literally can’t touch the back of the fridge inside. My arms are just too short. So everything that gets pushed to the back of the shelves are never to be seen again. My solution? Clear plastic trays, drawers and lidded, stackable containers. Most of the containers I bought at Dollar General so this was a pretty inexpensive investment.

First I cleared everything out and scrubbed the surfaces. It’s really embarrasing to admit I found duplicates of several things, like 7 jars of dill pickles, 2 bottles of ketchup, and there is a whole tray full of jelly. I can’t wait to use these things up so we clear more space.

One of the problems we have had is with spillage and gross juices leaking from meat packages. These containers should certainly make it more manageable to keep clean. I put a lot of our vegetables into these new containers rather than use the crisper drawers. Already I can see that things are staying fresher longer in the lidded containers and drawers. I’m now using one of the large crisper drawers for meats, it’s working really well to keep things cleaner.

The best part of this organization project? I can now pull a tray out to reach everything!

Posted in Buyers, Homeowners, Sellers

MORTGAGE POINTS TO REDUCE YOUR MONTHLY PAYMENT

Posted on by Liz Walker

Sellers, if you are waiting to make a move because your current mortgage is locked in at a very low interest rate and the current rates scare you, here’s an option to help. Lenders offer you a way to “buy” a lower interest rate. This is called mortgage or discount points. In the simplest description, you pay interest upfront to lower the interest rate on your loan.

This option works best for sellers who have built up equity in their home. Those would be people who have owned their home for at least the last 5 years or longer. Home prices have increased greatly since 2019 so even if you haven’t paid much off on your home the market has helped to increase your equity. Another ideal seller to take advantage of this is one looking to downsize from a more expensive home to a smaller one. Using the net profit from the sale of your home, you can purchase points to lower your interest rate.

1 point = 1% of the mortgage amount which lowers your interest rate by .25%

This amount is prepaid interest, so it is tax deductible.

If you are interested in this, first contact me to give you an idea of the current value of your home. Then reach out to your lender for details on the mortgage aspect to see if it could work for you.

Posted in Farm Life, Homeowners

Don’t Rack the Leaves!

Posted on by Liz Walker

I took this photo Nov 21st to show my chickens hard at work digging through the leaves for bugs to eat. The ground isn’t frozen yet but we do have a hard frost every morning. It’s a natural assumption that the cold night temps would have killed off the bugs by now but this picture tells another story. The bugs have tucked themselves into the leaves to hibernate for the winter.

The leaves serve as food and insulation for the bugs which eventually becomes compost for the soil. This natural process is the best source of fertilizer for your lawn. Using chemical fertilizers and pesticides may give you the appearance of a great lawn but in reality it’s killing off the bugs’ ecosystem. This in part is why we have a declining bee population.

It’s cheaper and easier to just let the leaves lie over winter. If you have an abundance rake them into your landscaped beds or garden or mulch them with your lawn mower to spread them around. This is a great natural mulch that will add nutrients to the soil, hold in moisture and attract healthy bugs like worms. Healthy soil equals a healthy lawn.