What Can You Expect in 2014?

As we’re headed into the 2014 real estate season, clients have been asking me about what they can expect with the prices and interest rates in the New Year. The good news is that in 2013, we saw prices go up. In most (not all) of the Greater Milwaukee Metro area, we saw 4-8% price increases. For our area, the experts are predicting 3-4% increases in price in 2014.

As for interest rates, rates are now 1% higher on 15 and 30 year fixed rate loans than they were a year ago; which is still very affordable! From what I can see, as prices go up, interest rates will also rise about 1% this year. Another factor that affects pricing is inventory levels. Right now, our inventory level is the lowest it’s been in 7-8 years. Back in 2010 in the Greater Milwaukee Metro Area, there were as many as 11,500 single family homes for sale which made for a 14 month supply of inventory. As of now, we’re down to 7,800 active listings with only a 8-8 ½ months of inventory. As inventory goes down, prices should go up.

If you’re thinking about selling, now would be a great time to do so. If you’re thinking about buying, you should do so sooner rather than later to catch interest rates before they rise. Whichever it may be, the Roth Team would love to help. Thanks and have a great day!

10 Reasons Why You Should Sell During the Winter Months!

10 Reasons Why You Should Sell During the Winter Months!

Today I wanted to speak with you about a big topic this time of year which is whether or not you should sell your home during the holiday season. To answer this, I have ten great reasons why now is the time to list and sell your home! There are a lot of myths out there that homes don’t sell during the winter months, but the reality tells us something different. According to our MLS statistics in the Greater Milwaukee Metro Area from December 2012-February 2013, there were almost 2,500 single family homes that went under contract.

The ten great reasons to sell now are outlined below:
1.    People who are looking for homes this time of year are more serious buyers.
2.    The serious buyers have fewer homes to choose from. Our inventory level right now is the lowest it’s been in seven years. This is a great time to be a seller!
3.    Since the supply of homes has dramatically dropped and will increase in the spring by 25-30%, there will be less demand for your home when there is a larger supply (less demand = less money for you).
4.    Buyers have more money to spend this time of year. Where does this money come from? Tax returns, bonuses and also pay increases come this time of year.
5.    Buyers have more time to shop during the holidays/winter then they do during the summer.
6.    Some people must buy a home before the end of the year for tax reasons.
7.    December and January are prime job relocation months.
8.    You can still be on the market during the holidays and restrict showings on specific days.
9.    You can sell your home now for money and move in the spring. This can be worked out during negotiations.
10.    If you sell now, you have the option to be a non-contingent buyer in the spring when the supply of homes increases. This allows you to sell high and buyer low.

If you’re considering selling now or before spring, give me a call to take advantage of any of the reasons above. Thanks and happy holidays!

5 Reasons Why Now is the Time to Buy

Hey, guys! Thanks for visiting my real estate blog!

Everyone always wants to know when the best time is to buy a new home. They want the best deal at the best time. Well, I have a list of five reasons why NOW is the time to buy.

1.    Prices are increasing. Median prices in the greater Milwaukee have gone up in some areas as much as 10 percent and they are continuing to increase.

2.    Interest rates are still historically low. Although, rates have increased by about a point, they are still lower than we could hope for! When my wife and I bought our first house, we had an option of 18.5 percent fixed rate mortgage!

3.    It’s easier to get a mortgage. Banks and lenders are soliciting money for buyers to purchase a home. If you have a job, good credit score and a good down payment, you can buy a home!

4.    It’s still cheaper than renting. Renting has gone sky high. That means you would be paying the same amount to rent as to buy! And if you rent you don’t get all the tax benefits as a homeowner would!

5.    You aren’t competing with as many investors. When foreclosures and short sales were occurring more often, a lot of investors were involved in the market. Now, you don’t have as much of that competition.

These are five reasons you shouldn’t wait to buy a home! Please call me if you have any questions or if you are thinking about buying and selling!

Milwaukee Market Update August 2013

Milwaukee Market Update August 2013

Hey, everyone!

We’ve had a lot going on in our market lately. Throughout the summer you may have seen different articles in the Milwaukee Journal talking about activity in the real estate market.

In June an article titled, “Is the Buyer’s Market Ending?” was published. To answer that question, it is ending. At the time the article came out, sales were up 15 percent.

Another article came out in July talking about the increase of sale prices. Prices were up 12.3 percent from July of last year.

Then, in August, sales were up 18.7 percent and prices were up 9 percent. What does this mean?

We are seeing a shift from a buyer’s market to a seller’s market. Why is this? In 2011 we had a total inventory of around 11,380, that’s about a 10-month supply of homes. Now, though, inventory is at 8,840 with only about a 5-month supply. That’s half!

Because there are fewer homes available, it drives prices up. This is the perfect time to sell your home. The average days-on-market is only 69!

This is still a great time for buyers, though, too! Interest rates are historically low and while buyers won’t be able to negotiate as much with sellers, they can still get a fantastic price.

If you have any real estate questions or know someone who is ready to buy or sell, give me a call!

Home Inspections

Today, I wanted to talk about home inspections. Sellers ask me a lot about what to do when the inspector finds a defect in the home: should I fix it? Can I sell it as is?

The answer to that question lies between you and the buyer. Essentially, a home inspector has to report what they see; if what they see is a defect, they have to disclose it on the report.

Now, if it is truly a defect it has to be disclosed to not only that buyer, but any other buyer you sell your home too. So, in most instances in order to sell you will probably need to fix that defect; most buyers won’t assume that problem.

The other option besides you fixing it, is offering a credit to the buyer so they can fix it after closing. This is only an option if the buyer’s lender allows it.

What if you as a seller can’t afford to fix the defect? The Roth Team has contractors we work with; the repair would be done and we would take the money out of your closing proceeds.

Again if you have questions on inspections or anything else, feel free to give us a call. We’d love to help!

Thanks and have a great day!

Multiple Offer Situations

Thanks for joining me again today!

I wanted to talk about what to do when a multiple offer situation occurs. Because the market is heating up, we are seeing sellers getting more than one offer for their property. It’s important for both the buyer and the seller to know what to do.

As a buyer it’s important to ask the agent if there is another offer on the table or if they expect another offer to come in, because that could make a difference in the price you offer. If there is a current offer, it’s best to make your best offer. Put your best foot forward.  You also want to ask your agent if they think it is a fair price.

As a seller, if you receive multiple offers and none of them are the price you want. You are allowed to counter both offers. There is a multiple counter offer clause in the state of Wisconsin. Once the buyers respond and both buyers accept, you can then acknowledge which one you will take.

So if you have any other questions about multiple offer situations please call at 262.797.6453!

Thanks for joining!

Advice on Selling Your Home

Call The Roth Team if you are ready to buy or sell your home 262.797.6453

Hi everyone, welcome back to my video blog. I wanted to bring up a question being asked by a lot of my seller clients. They want to know ‘should I be present during showings?’

A lot of seller clients think they may know about their home or know what to tell a buyer when they are looking. The truth is, though, often having the seller present can make the buyer and/or their agent uncomfortable.

We typically recommend being gone during the showing. The buyer will take longer to walk through, they’ll ask more questions and they’ll give honest feedback.

Another tip for showings is to make sure all the lights are on and the blinds open. You want as much natural light as possible.

So, again remember to leave your home during a showing. Let the agent sell for you.

Summerfest 2013

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I wanted to do something a little different than real estate for this video. As many of you may know, this week is the beginning of Summerfest, the largest music festival in the world. More than one million people turn out for the fun. All types of different music genres will be there, from the Eagles to Pitbull to Tim McGraw. If you don’t want to come for the music, come for the great food, beverages and sun. There’s something for everyone.

The festival starts Wednesday, June 26th and continues through Sunday, June 30th. There is then a day break on July 1st. The festivities start up again on Tuesday, July 2nd and end Sunday, July 7th. General admission is $15 and seniors (ages 60+) and children (ages 3-10) are just $5.

I wanted to bring to your attention the different promotions offered. Almost every day there is a different promotion. Below are just a few of the promotions, if you wish to see them all, please visit summerfest.com

Wednesday,June 26th: Johnson Controls Stomp Out Hunger Day with Fox 6
All patrons that arrive between noon and 3:00 p.m. who donate three non-perishable food items will receive one FREE admission ticket. Donations will benefit Hunger Task Force.

Saturday, June 29th: GoodWill Day (12:00-3:00p.m.)
The first 1,500 patrons who make a donation to a Goodwill Store & Donation Center between June 1- 29, 2013 and bring in their specially market original Summerfest donation receipt will receive one FREE admission ticket!

Sunday, June 30th: Kohl’s Family Day (12:00-3:00p.m.)
The first 2,500 patrons who donate three non-perishable food items for kids will receive one FREE admission ticket.

Thursday, July 4th: Summerfest Military Appreciation Day
All active-duty military personnel and veterans, along with up to four family members, who present their Military I.D. at any gate will be admitted FREE.

I hope you found this information helpful! Go enjoy some great music, food and fun!

Like-New Property Hits the Market

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A neutral décor combined with updates makes the home at 3374 S. 114 Street a gem. In a great neighborhood, this property in West Allis is in a cul-de-sac west of highway 100 off of Oklahoma. It’s ideal for the first-time or move-up buyer. Here are the details.   

This three-bedroom property is like new. It features neutral colors, new carpets, new windows, new light fixtures and new paneled doors throughout. The home has a side driveway and a 2 ½-car garage that has lots of storage space. The home is basically maintenance free with aluminum trim, new gutters and new roof, as well as vinyl siding. Located on a quiet street, it’s safe for kids to play in the front yard. 

As you enter the house there’s a large living room and dining room combination. The kitchen features an open concept, new cherry cabinets, new countertops with lots of space, stainless steel appliances and a built-in microwave. New hardwood floors complete the look in the kitchen and extend into the hallway. 

Other features make this property stand out. The bathroom has been completely remodeled and includes all-new ceramic tile, fixtures, flooring and a large vanity. The bedrooms feature slide-by closets. Off of the kitchen is a huge family room—a bonus room—that has its own exit and lots of window space with a view of the backyard. It’s a great getaway room. Top off all these perks with a huge basement you can finish for even more square footage. It also has gas heat and central air. You’ll also have plenty of room in the backyard for a play set or grilling out. 

Believe it or not, it’s priced at $169,900. With interest rates below 4%, the monthly payments would be less than rent.  Call us at (262) 797-6453 so you can see this home.     

Now’s the Time to Sell

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Everyone wants to know what’s going on in the real estate market. Here’s a recap and insight on what how buyers and sellers can take advantage of it.  

In 2012 sales were up 20 to 25% from 2011. They are up again in the first quarter in the greater metro Milwaukee area by 11.5%, which is good news. The number of listings over the last five years has been larger than ever with times when the inventory was as high as 14 to 16 months. (This means that if another home did not come on the market, it would take 14 to 16 months to sell the available inventory.) Now listings are down in the greater metro area by 18.3%, so there are fewer homes on the market. The average list-to-sales price ratio on average is now 96% of the asking price.

What does this mean for sellers? If you’ve thought of selling your home, the time is now. Since there are fewer homes on the market, there’s more competition for available homes. Low inventory often translates into multiple bids, high list-to-sale price ratios and being able to negotiate better terms. It’s a great time for sellers.

If you’re in the market to buy a home, be aggressive. When a home that you’re interested in hits the market, plan to see it as soon as possible and make the best possible offer that’s at an appropriate price point for the seller. Remember, inventory is low. If you hesitate, the property could be gone because others will be making offers.

Keep in mind that mortgage loan rates are still fantastic, which makes buying a home more affordable than ever. A 30-year fixed-rate mortgage hovered at record-low rates during 2012 and is still low into 2013, but the rates won’t last forever. Interest rates are still below 4% with some as low as 3% with a 15- or 20-year fixed-rate mortgage. If you wait and interest rates rise, you could get locked into spending a few hundred extra dollars a month on your payment.  

Give us a call so we can tell you where to be positioned and how to be successful in this market. Please contact us at (262) 797-7453. We’d be happy to assist you.

Lessons Learned at the Mike Ferry Organization Conference

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Each year, over 2000 thousand of our country’s top real estate agents convene in a hot spot to gather together and compare notes on what works best for them in their quest for continued success. This year, as we move into the day 2 of the conference, I wanted to share with you just a few of the ideas I’ve learned in their series “The Art of Selling”; things that we will continue to practice and perfect moving forward with the Mike Roth Team.

Attitude is Everything

Time and again we hear of instances where someone with a lackluster attitude consistently fails to raise the bar and achieve success. Well in real estate, nothing could be truer and one of the main principles of a quality real estate agent is to maintain an upbeat and positive attitude when presenting real estate.

Aim High and Goals Get Achieved

If you set high standards and top goals – you will achieve them, says Mike Ferry. The ONLY way to get results is to have high expectations of yourself and your organization, which in turn almost always ends up in great results.

High Energy = High Success

Right up there with attitude, is high energy. When you operate on a strong level with enthusiasm, drive and ambition – it’s no wonder that you will successfully sell real estate and foster strong long-standing relationships in the process.

Focus On Clients’ Needs is Key

Clients’ needs are all encompassing and they are what ought to drive every single real estate agent’s business. By staying 100% focused on clients’ wants, needs, desires and inhibitions – nothing but utmost success can be expected.

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If you would like to hear more about what we’ve learned through the MFO this year or if buying, selling or investing in real estate is something on your mind these days – we invite you to contact us today!