Localism: Dane County, WI

Real Estate is Crazy

Mon, 01 Dec 2008 15:05:31 -0600

...but you're NOT!

Take a moment.

Take a break.

Take stock.

Take inventory.

Take a look,

and share a laugh!

Now,

Take action and rock it!

Steve

steven.stearns@obeo.com

1,000,000 buyers a month go HERE!

Obeo HomeSite - Website for your listing.

Obeo SpaceDesigner - Interactive Floorplan.

Obeo StyleDesigner-Redecorate listings on line!

Obeo WI

262-325-8687

Obeo for You:

800-729-6236

Month Ending 1-Dec

Mon, 01 Dec 2008 09:42:13 -0600

Inventory		2008	2007	%Change
	Downtown Houses	25	29	-13%
	Downtown Condos	208	221	-6%
	West Houses	772	718	7%
	West Condos	891	908	-2%
	East Houses	533	603	-12%
	East Condos	437	457	-4%
	Total Houses	1329	1350	-2%
	Total Condos	1537	1585	-3%
	Grand Total	2866	2935	-2%

Market Indicators

	UWCU 30 Mortgage Rate	5.50%	6.13%	-10%
	Overall MLS closings (pre-revised*)	90	121	-26%
	Last month MLS closings revised	190	241	-21%
	Keller Williams Listings avg	429	647	-34%
	# of showings on KW Listings	199	503	-60%
	Showings per listing	0.46	0.78	-40%
	Av DOM for Act KW Listings	242	179	35%
	Av DOM for last mt sales	89	88	1%
*A high % of closings happen on the last day and may not be refected in the data yet

Madison, WI Weekly Report Dec 1 2008

Mon, 01 Dec 2008 09:40:37 -0600

	Week Ending	1-Dec

Inventory		2008	2007	%Change
	Downtown Houses	25	29	-16%
	Downtown Condos	206	218	-6%
	West Houses	727	686	6%
	West Condos	868	901	-4%
	East Houses	515	576	-12%
	East Condos	439	448	-2%
	Total Houses	1267	1291	-2%
	Total Condos	1513	1567	-4%
	Grand Total	2780	2858	-3%

Market Indicators

	UWCU 30 Mortgage Rate	5.50%	6.13%	-11%
	Keller Williams Listings	420	518	-23%
	# of showings on KW Listings	38	89	-134%
	3 week trend	51	123	-140%
	6 week trend	50	125	-152%
	% of listings with showings	9.05%	17.18%	-90%
	Av DOM for KW ACT Listings	242	179	26%

Wonder What That Home Improvement Project is Going To Get Ya?

Mon, 24 Nov 2008 22:08:35 -0600

Most of the time, a little vacuuming and dusting won't get your house sold. Maybe a little updating is in order.

Outdated homes sell for less - period. Getting your home up-to-date and ready for what current buyers are looking for may just pay off in the long run.

InDane County WI, as of the end of October, there were 560 building permits issued for new home building and home improvement projects compared to 893 for the same period in 2007, according to figures compiled by MTD Marketing of Neenah. For more information on this article printed in The Capital Times, click here.

If you’re thinking about remodeling your kitchen, or finishing your basement, and you're like most people, you probably want to get your investment back when you sell your home. But when it comes to payback value of home improvements, some are definitely more profitable than others. According to the National Association of Remodeling Industry, when it comes to planning a remodeling project, homeowners must establish a realistic budget . . . and actively manage it.

As a general rule, kitchen and bathroom projects usually get a nice return on investment, typically 90% or more. Things like adding rooms or finishing basements tend to pay back the least. Finishing a basement usually returns less than 50%, so it’s not a project likely to show profit at selling time. There are a number of factors that go into determining how well a project will pay back. Payback value depends a lot on the current market conditions in your area. If the market is hot and homes are selling fast, you can expect a higher payback value than you would get in a slow market. Unfortunately today we're in a slower market. If you think you're going to get a high return on your home improvement projects, good luck to you.... it may not happen until things turn around.

Today, many people are trying to make improvements in their homes that are "green". Energy Star has some great information available to anyone thinking of remodeling their home.

The type of project you do and how it fits in with other homes in the area can have a big influence on payback too. If you put your money into the wrong type of improvement, you won’t get your money back. But if you're smart about what you do, you can make money. The payback will be better on improvements that are in demand and conform to neighborhood standards. Adding a second bathroom in a neighborhood where most homes have two bathrooms will give a high return on investment. Building a large addition that makes your home twice as big as the other homes on the block probably won’t pay back very well. Likewise, the popularity of a project will factor into how much it pays back. An improvement heavily customized to your own wants and needs won’t pay back as well as something more common to other homes in the neighborhood.

Another factor to consider is the cost of the improvements. If you can do the work yourself, you can save significantly on the cost of the project and greatly improve the chances of getting a good return on the investment. Do make sure to have the proper permits and inspections in place.

The list below is compiled from several published surveys and shows typical payback for some popular remodeling projects:

Kitchen remodeling - 90%
Add a bathroom - 90%
Bathroom remodeling - 80%
Install central air - 75%
Add a deck - 70%
Replace windows - 70%
Add a room - 55%
Build a pool - 45%
Finish a basement - 40%

For additional information you're welcome to contact me.

Bob

bob@bentleyrealtygrou p.net

www.bentleyrealtygroup.net

Image by juhansonin via Flickr

Madison, WI Weekly Report Nov 24 2008

Mon, 24 Nov 2008 10:26:21 -0600

	Week Ending	24-Nov

Inventory		2008	2007	%Change
	Downtown Houses	24	28	-17%
	Downtown Condos	213	220	-3%
	West Houses	757	699	8%
	West Condos	890	901	-1%
	East Houses	524	582	-11%
	East Condos	446	452	-1%
	Total Houses	1305	1309	0%
	Total Condos	1549	1573	-2%
	Grand Total	2854	2882	-1%

Market Indicators

	UWCU 30 Mortgage Rate	6.00%	6.25%	-4%
	Keller Williams Listings	439	511	-16%
	# of showings on KW Listings	55	126	-129%
	3 week trend	54	138	-157%
	6 week trend	51	139	-172%
	% of listings with showings	12.53%	24.66%	-97%
	Av DOM for KW ACT Listings	233	184	21%