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Liz Tobolt
Over 28 years of Award-Winning Real Estate Sales
Mobile: (414) 881-0738, Direct: (262) 337-9211
[email protected]
https://liztobolt.firstweber.com
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HAPPY HOLIDAYS!
If you are considering a new home in the New Year, feel free to reach out to me and explore your options. Whether you are ready to move, or just wondering what your home might be worth, put my knowledge and experience to work.
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Tight Inventory And Lower Affordability Hurt Home Sales
SALES
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September continued to see lower sales numbers compared to the fast-paced market that we saw in 2021. Total closings in September were down 14.7% compared to the closing numbers from the previous year. Q3 of 2022 also saw sales numbers drop 9.3% compared to Q3 of 2021, bringing them to their lowest level since 2014.
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INVENTORY
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Even with lower sales numbers, inventory levels continue to remain tight across the state. Inventory is down 25% compared to 2021 and monthly sales beat out new listings for the second straight month. Conditions like these will continue to fuel the current seller’s market in every region of Wisconsin.
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AFFORDABILITY
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Rising mortgage rates have put steady pressure on housing affordability, thus increasing the median home price in Wisconsin. September saw the median price increase to $270,000, an increase of 10.2% over the last 12 months. Until the national inflation rate has been regulated, we can expect to see housing affordability continue to slip across Wisconsin.
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Source: https://www.wra.org/HSRSep2022/
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Everyone can agree that today’s real estate market is seeing its share of instability. The upside is that instability brings opportunity. First Weber agents have extensive training in navigating rapidly changing markets. They are armed with the best tools to help you take advantage of today’s opportunities and are focused on helping you achieve your goals. Reach out to your First Weber agent today.” |
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Shawna Alt
Chief Executive Officer, First Weber
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MORTGAGE NEWS
The average 30-year fixed rate mortgage hit 6.11% in September, the highest mark since fall of 2008. This rate has more than doubled since September of 2021 when rates were as low as 2.9%. The Wisconsin Housing Affordability Index fell by 30.5% to 141 in September, down from 203 in September of 2021.
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Source: https://www.wra.org/HSRSep2022/
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Pros and Cons of Buying a Condo Versus a House
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There are a lot of things to consider when you’re thinking about purchasing real estate, and one of the big debates is whether you should purchase a house or a condo. Both options have their advantages and disadvantages but depending on your situation there may be one option that works better for you. Listed below are some pros and cons of owning a condo compared to owning your own home.
Pros of a Condo
Ease of Maintenance In most cases, a maintenance crew may be on-site that handles all the repairs within the complex. This saves you the hassle and cost of having to either do the repairs yourself or having to call a repairperson to come out and assess the damage. If the complex you’re looking into doesn’t have its own maintenance crew they may have preferred vendors for you to use, which may come with a discount on their repair services.
More Amenities for Less Another massively attractive feature of living in a condo is the sprawl of amenities that can be available on-site. Depending on how much you’re willing to spend, you should be able to find a complex that has some of the most popular amenities such as a pool, on-site gym, underground parking garage, and more. Typically, you’ll be able to find a condo for less than if you wanted to purchase a house with an in-ground pool and a lower level with space for a home gym. You may also be able to get more up-to-date appliances in a condo without having to shell out the cost you would have to if you owned your own house.
Cons of a Condo
HOA/Condo Fees One of the first cons that come to most people’s minds when they think about condos is the condo fees that come with owning your unit. These fees cover things such as utilities, trash pickup, and more, but depending on the complex these fees could add a substantial cost on top of your existing mortgage payment. If the condo fees for most places are too high, it can severely limit your options when searching for one to buy.
Privacy Issues Compared to living in your own detached home, condos provide a much smaller sense of privacy. In most cases, you’ll have neighbors on either side of you, as well as potentially above and below you. This can prove to be a nuisance, especially if your neighbors like to be loud during all hours of the day and night. Detached homes also have the benefit of potentially coming with a fenced-in yard, which gives you a great private outdoor space right in your own backyard.
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Source: https://blog.firstweber.com/2022/09/13/pros-and-cons-of-buying-a-condo-versus-a-house/
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Moving Into a New Home? Here’s How to Update the Security.
There’s a lot that goes into finding and purchasing your dream home, and often simple things like home security can be slightly overlooked. So, how can you be sure that your new home is as secure as possible? Here are a few ways to update the security in your new home so you can rest easy knowing that everything is safe and secure.
INVEST IN A SMART LOCK
One of the best ways to increase the security of your home is to upgrade to a smart lock. Smart locks allow you to control who has access to your home and when they have access, all from the convenience of your smartphone. No more giving out copies of your keys to friends, family, or service providers - with a smart lock, you can give them temporary access with just a few taps on your phone. And if you ever lose your phone or get locked out of your house, don’t worry - most smart locks come with a physical key backup so you can always get into your home.
INSTALL A SECURITY SYSTEM
Another great way to increase the security of your new home is to install a security system. Security systems provide an extra layer of protection by sounding an alarm if someone tries to enter your home without permission. Many security systems also come with cameras that allow you to keep an eye on your home even when you’re not there. And thanks to advances in technology, it’s easier than ever to find a security system that fits both your needs and your budget.
GET TO KNOW YOUR NEIGHBORS
One of the best and easiest ways to increase the security of your new home is simply by getting to know your neighbors. Introduce yourself, exchange contact information, and make sure they know when you’ll be away from home so they can keep an eye out for any suspicious activity. If something does happen while you’re away, they’ll be able to quickly contact you or the authorities and resolve the issue before it becomes a larger problem.
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Source: https://blog.rismedia.com/2022/moving-into-a-new-home-heres-how-to-update-the-security/
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Live in an Old Home? Here’s Three Upgrades You’ll Want to Make Happen
A lot of people like the idea of living in an old home. There’s something charming and quaint about it. But there are also some drawbacks. For one thing, old homes often don’t have a lot of the features and amenities that people have come to expect in a modern home. Here are some upgrades you’ll probably want to make at some point if you live in an old home.
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Central Heating and Air Conditioning
One of the most common additions people make to their old homes is central heating and cooling. This is especially true if the home didn’t originally have these systems. Older homes usually have heating that is powered by a furnace, while the air conditioning is often a window unit. Installing central heating and air can be a big project, but it’s worth it for the increased comfort it provides.
Energy-Efficient Windows
Another common addition people make to their old homes is energy-efficient windows. Old homes often have single-pane windows, which aren’t very good at insulating against either heat or cold. Replacing these windows with double- or triple-pane windows can help reduce your energy bills and make your home more comfortable year-round. If it’s not in your budget to replace all the windows, you’ll want to seal them again to prevent drafts during the colder months.
Updated Bathrooms
Old homes often have small, outdated bathrooms. If you’re not happy with your bathroom, you may want to consider updating it. This can involve anything from replacing fixtures to completely gutting and remodeling the space. Depending on how extensive the work is, this can be a large project. But it’s usually worth it since bathrooms are one of the most important rooms in a house.
If you’re thinking about buying an old home, there are some things you’ll want to keep in mind. These homes can be charming and full of character, but they often lack some of the modern amenities that we’ve come to expect—like central heating and air conditioning or updated bathrooms. You may end up wanting to make some additions or renovations at some point down the line, so be prepared for that possibility when making your purchase decision.
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Source: https://blog.rismedia.com/2022/live-in-an-old-home-heres-3-upgrades-youll-want-to-make-happen/
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VALUABLE LINKS
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