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!