Dane County Real Estate Blog

The Dane County Real Estate Blog has moved

noreply@blogger.com (Dan Miller) — Mon, 08 Mar 2010 12:09:00 +0000

The Dane County Real Estate Blog has moved.

Due to technical issues with this blogging platform, we've moved our blog to Madison.com. You will find it here:
http://my.madison.com/MadisonRealEstate/blog

Please add our Madison.com blog to your list of internet favorites, or use our RSS feed:
http://my.madison.com/MadisonRealEstate/blog/nf/rss.xml

Thanks and have a great day!

Dan

3 home energy improvements with good returns on investment

noreply@blogger.com (Dan Miller) — Mon, 01 Mar 2010 12:31:00 +0000

Lee Schwartz, a home energy efficiency expert from Piping Plover Home Energy Solutions, has contributed some great articles about home energy conservation to our web site.

In this article, Lee covers the 3 home energy improvements that provide the best return on investment. You might be surprised by the results. Installing energy efficient windows did not make the list.
You can find all of Lee's articles on the buying real estate page at DaneCountyMarket.com.
Have a great day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Choosing the right loan program for you

noreply@blogger.com (Dan Miller) — Sun, 28 Feb 2010 14:02:00 +0000

UW Credit Union has contributed a new article to our web site. In this article UWCU lists 5 questions you should ask yourself as you consider your mortgage options. UWCU also provides a high level overview of different loan programs, including FHA-insured mortgages, VA home loans, rural housing loans, and the new WHEDA Fannie Mae Advantage program that will be available March 1st. (The new WHEDA program offers up to 100% financing for first-time home buyers).

You can read the full article on the buying real estate page at DaneCountyMarket.com

Have a great Friday,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

More foreclosures around the corner?

noreply@blogger.com (Dan Miller) — Wed, 17 Feb 2010 05:19:00 +0000

We recently reported Dane County foreclosures decreased in January - the first time foreclosures have fallen in 34 months. Is this the beginning of a new trend? Barry Ritholz from http://www.ritholz.com/ does not think so. Ritholz and others predict a huge wave of new foreclosures is just around the corner. You can read more here.

Dan Miller, Realtor, Keller Williams Realty and DaneCountyMarket.com

Dane County home and condo sales higher in January

noreply@blogger.com (Dan Miller) — Mon, 15 Feb 2010 03:02:00 +0000

Dane County home and condo sales recorded via the South Central Wisconsin MLS totaled 182 in January, up 29% from last January's 141 sales. The median home and condo price was lower by 6.4%.

We are seeing very robust buyer activity right now. The extended and enhanced tax credit is certainly spurring sales - even during this cold Wisconsin winter. If you have been planning to sell but have been waiting for warmer weather, you may want to reconsider your plan. The weather may be cold but the market is heating up.

You can view our full report on the January home and condo market here. All of our statistics for the 2009 sales year have been updated, too. You will find them on the real estate trends page at www.DaneCountyMarket.com.

Have a great week,

Dan Miller, Realtor, Keller Williams Realty and DaneCountyMarket.com

Signs of a changing market?

noreply@blogger.com (Dan Miller) — Fri, 12 Feb 2010 12:52:00 +0000

Recently two different people with interesting profiles have asked us to assist them with their real estate purchase. These buyers are different from each other in that one is purchasing a home and the other a condo.
However they are very similar in a few different ways.

Both buyers are analytical people. They have been planning to buy for the last two years but up until this point in time they didn't feel the market had fallen enough to their liking. In the meantime they have been tracking the market and researching properties on our web site. And now we are actively assisting them with their purchase.

Neither person would have thought of buying a year or two years ago, but they've decided now is the right time to jump in.

Are stories like these signs of a new market? Time well tell, but I view it as good news for the market when analytical consumers with an investor's mentality decide now is the time to buy.

Have a good Friday,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Dane County foreclosures down 18% in January

noreply@blogger.com (Dan Miller) — Wed, 10 Feb 2010 04:35:00 +0000

For the first time in 34 months, Dane County foreclosures have decreased. A total of 127 foreclosures were filed in January, compared to 154 a year ago.

For our full foreclosure report, you can check out the economic trends page at DaneCountyMarket.com .

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

The buying season is here

noreply@blogger.com (Dan Miller) — Tue, 09 Feb 2010 12:07:00 +0000

We've noticed a large uptick in buyer activity over the last two weeks. Our real estate search tools are receiving a ton of page hits. Our listings are receiving a lot of showings. Our buyers are out in large numbers, viewing properties and making offers. The market feels much warmer than it did at the same time last year.

If you're planning to buy, don't be surprised if other buyers are getting ready to write an offer on the same home as you. Make sure you have your mortgage pre-approval in order, and be prepared to act quickly.

If you're planning to sell, and you haven't listed your home yet, now is a great time to get your home on the market. From our perspective, the buying season has already begun.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Madison's Downtown Condo Event is Sunday, February 28th

noreply@blogger.com (Dan Miller) — Sat, 06 Feb 2010 14:03:00 +0000

If you're interested in buying a condo in Downtown Madison, mark Sunday, February 28th on your calendar. That's the day every Realtor with a Downtown Madison condo listing will be invited to participate in a coordinated open house event.

Last February we coordinated a similar event for West Side homes and condos. Last year's event featured 73 listings and was very well attended. We're expecting another great day for our Downtown Condo Event on February 28th.

Stay tuned for a list of participating listings.

Have a great day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Changes in the commercial market?

noreply@blogger.com (Dan Miller) — Sat, 06 Feb 2010 12:30:00 +0000

Nine commercial properties totaling almost $2.7 million were sold in Dane County in December. That's almost 3 times the sold dollar amount from the 3 previous months combined. (All numbers come from the South Central Wisconsin MLS).

However, commercial sales in 2009 ended the year at just over $13 million. That's the lowest sales total of the decade.

Let's hope we see more encouraging months like the month of December in the near future. There is reason to believe so, as Dane County foreclosures decreased for the first time in 34 months in January (more on these numbers coming soon).

For more on the latest commercial real estate trends, you can check out our commercial real estate update on the economic trends page at DaneCountyMarket.com .

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

On the market: bank-owned Northern Bay Condos

noreply@blogger.com (Dan Miller) — Tue, 02 Feb 2010 13:09:00 +0000

The Northern Bay Condos on Castle Rock Lake have a number of bank-owned units on the market, and by and large these units are priced hundreds of thousands of dollars below prices from just a few years ago. Recent re-sales at Northern Bay have gone for more than $200,000 below the original selling price.

This link includes a list of bank-owned Northern Bay condos. Buyers are reacting positively to current price points, as several Northern Bay units have accepted offers right now.

Have a great day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Did the market improve in 2009?

noreply@blogger.com (Dan Miller) — Mon, 01 Feb 2010 04:56:00 +0000

Sales of Dane County single family homes (excluding condos) increased in 2009, but did the market for single family homes really improve? To answer this question we turn to one of our favorite statistics - total days on market experience.

For those who want the details, the total days on market experience approximates the time required to sell a home by taking into account the average days on market for listings that sell, the average days on market for listings that expire, and the overall listing success rate for homes in Dane County. In other words the total days on market experience is a measure of the effort required to sell the average Dane County home.

When we look back at the last two years, we see the total days on market experience for the average Dane County home decreased from 258 days in 2008 to 225 days in 2009.

The time required to sell the average Dane County home improved; however, the real story becomes clear when we look at this statistic by price range. Here's how the total days on market experience changed by price range from 2008 to 2009.

Last year was a tale of two markets. Low interest rates and the home buyer tax credit boosted the market in many of the lower price categories, but the market for homes priced at $500,000 and above took a clear hit.

This year several of our higher priced listings have been receiving good showing activity and good offers - thanks in large part to our clients who have embraced proper pricing, home staging, and aggressive marketing that leverages our clients' efforts to make their homes show their best.

In this market a listing's success depends a lot on how well the seller and the agent are able to work together on an aggressive, well-conceived plan. And in the highest price categories, a strong collaboration between client and agent is a requirement, not an option.

Have a good week,

Dan Miller, Keller Williams Realty and http://www.danecountymarket.com/

25 bank-owned condos in Sun Prairie

noreply@blogger.com (Dan Miller) — Sat, 30 Jan 2010 05:57:00 +0000

As of this post, our quick search of Sun Prairie foreclosures shows 25 bank-owned condos for sale in Sun Prairie - all of them listed for less than $200,000.

Now our quick search tools on the property search menu at DaneCountyMarket.com make it easy to find bank-owned and short sale properties in 13 different Dane County communities.

Have a good weekend,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Madison home buyer seminars in February

noreply@blogger.com (Dan Miller) — Thu, 28 Jan 2010 13:06:00 +0000

UW Credit Union is offering a free home buying seminar on Tuesday, February 9th from 6:30 to 8:00 PM. For more information about this seminar, click here.

The Dane County Housing Authority is sponsoring a two-part series with sessions on both Tuesday, February 16th and Tuesday, February 23rd. Both sessions run from 6:00 to 9:00 PM. For course details and registration info, click here.

Both seminars are good sources of information. You will find there is no sales pressure whatsoever at either event. Both seminars also provide plenty of opportunities for you to ask the questions that matter most to you.

Have a great day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Quick search for bank-owned and short sale properties now at DaneCountyMarket.com

noreply@blogger.com (Dan Miller) — Wed, 27 Jan 2010 07:06:00 +0000

You can create your own custom foreclosure search at DaneCountyMarket.com.

And now you can run foreclosure quick searches by city for single family home, condo and multifamily real estate. The searches cover both bank-owned and short sale properties.

For example, the city of Madison has 6 different foreclosure quick searches:

So far our foreclosure quick search includes the cities of Madison, Cottage Grove, DeForest, Fitchburg, McFarland, Middleton and Monona. Soon we'll be adding quick searches for Mount Horeb, Oregon, Stoughton, Sun Prairie, Verona and Waunakee.

You'll find our foreclosure quick search on the property search menu at DaneCountyMarket.com.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

How changes in the market have affected real estate agents

noreply@blogger.com (Dan Miller) — Sun, 24 Jan 2010 00:58:00 +0000

How has the real estate downturn affected real estate agents? The graph below paints a clear picture. It shows Dane County home and condo sales (in millions of dollars) dating back to the year 2000.

You'll see 2005 was the grand daddy of all years, with Dane County home and condo sales totaling $1.94 billion. That's the year everyone and their uncle was in real estate.

Home and condo sales decreased steadily thereafter to $1.247 billion in 2009, a 36% decrease from the peak year of 2005. That 36% decrease is a good proxy for how much annual commission dollars have decreased since 2005. In reality, commission dollars have probably decreased by more than 36% due to the compensation structures for some of today's listings.

All of this negative news means it's a great time to be in real estate. There are plenty of opportunities right now for real estate professionals who have a long-term focus and a commitment to service.

It's also a very rewarding time to be in real estate. Many of today's clients want someone they can trust who will help them successfully navigate today's complex market. And then there are those clients who are in a really tough spot and need help getting out of a challenging situation.

This year promises to be another year full of challenge and opportunity. We're very much looking forward to embracing the next 12 months and growing our business once again.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

How the Dane County home and condo markets vary by price range

noreply@blogger.com (Dan Miller) — Thu, 21 Jan 2010 12:42:00 +0000

The market for sellers is most challenging for the homes and condos that are on the high end of the price ladder. And the data for Dane County listing success rates bears that out.

For example, in 2009 the overall listing success rate for Dane County homes was 56%. Homes under $100,000 had a success rate of 71%. Homes over $800,000 had a success rate of 14%.

In the condo market, the overall success rate was 36%. Condos under $100,000 had a success rate of 53%. Condos over $800,000 had a success rate of 9%.

Another way to view the market by price range is to look at how months of inventory vary across the price spectrum. If you take a peek at this data, the pattern is very clear.

Given the data and the realities of the market, pricing and marketing become ultra-critical as you work your way up the price ladder. The cost of not being able to sell a high-end property in a downward trending market is very real.

Remember all of those golf course homes that were worth a million dollars 3 years ago?

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

December's distressed property index decreases to 23%

noreply@blogger.com (Dan Miller) — Wed, 20 Jan 2010 12:27:00 +0000

Approximately 23% of the home and condo sales in Dane County are related to foreclosure, according to the Distressed Property Index we developed a few months ago. The December index decreased from November's index value of 24%.

For more details, please visit our monthly update at DaneCountyMarket.com .

Have a good day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Time to lock in? Mortgage rates back below 5%.

noreply@blogger.com (Dan Miller) — Tue, 19 Jan 2010 12:05:00 +0000

According to the latest mortgage rate publication by UW Credit Union, interest rates for 30 year fixed rate loans are back below 5%.

If you haven't visited the UW Credit Union mortgage web center before, you'll find it to be a very useful resource. The UWCU mortgage web center allows you to monitor interest rates, apply for a loan, and monitor the status of your loan all from a single online location. In the very near future you'll also be able to search for properties. That's pretty cool.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Dane County December market update

noreply@blogger.com (Dan Miller) — Sat, 16 Jan 2010 15:07:00 +0000

What happens after a tax credit deadline passes?

Sales decrease.

Our preliminary review of data from the South Central Wisconsin MLS shows a total of 253 Dane County homes and condos sold in December, compared to 289 sales from a year ago - a decrease of 12%. A total of 5,455 homes and condos sold during the 2009 sales year, compared to 5,336 in 2008 - an increase of 2%.

You may remember home and condo sales more than doubled in November, as first-time home buyers rushed to cash in on the previous tax credit prior to the November 30th deadline. We do expect home and condo sales to rise similarly once again as we near the deadline for the extended and enhanced tax credit.

You can view our full report on the December Dane County home and condo market here.

Have a great weekend,

Dan Miller, Realtor, Keller Williams Realty and DaneCountyMarket.com

Tips on how to save for your down payment

noreply@blogger.com (Dan Miller) — Thu, 14 Jan 2010 04:59:00 +0000

UW Credit Union has contributed another useful article to our web site. In this article UWCU provides some common sense and creative advice on how you can save for your down payment. You'll find it on the buying real estate page at DaneCountyMarket.com.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

NARI Remodeling Expo is January 15th through the 17th

noreply@blogger.com (Dan Miller) — Wed, 13 Jan 2010 13:48:00 +0000

The Madison chapter of NARI (National Association of the Remodeling Industry) is holding its annual expo January 15th through the 17th at the Marriot Madison West. This is a great event for anyone planning a home renovation, or anyone who just wants to learn more about the latest and greatest in home remodeling.

You'll find more information about the event here.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

noreply@blogger.com (Dan Miller) — Tue, 12 Jan 2010 11:27:00 +0000

Kathy Quade from House To Home Interiors has just released her new E-book "Showing Well Selling Well" on Lulu.com. In her book Kathy provides some great advice on how you can prepare your home for today's market in some very simple, practical and AFFORDABLE ways.

Kathy stages all of our listings, and does a tremendous job for our clients. She also has a number of useful articles on DaneCountyMarket.com, including Showing Well and Selling Well, Let Your Home Shine, and Enhance Your Curb Appeal.

Kathy's E-book is available for $19.99 and can be ordered here.

Have a good day,

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Interest rates headed higher?

noreply@blogger.com (Dan Miller) — Mon, 11 Jan 2010 11:48:00 +0000

Eric Rosengren, chief of the Federal Reserve Bank of Boston, predicts rates will rise between .5% and.75% over the coming months. You can read more in this article from The Hartford Courant.

Rock-bottom interest rates and tax credit incentives won't last forever. If you need to sell, you have a window of opportunity right now. We recommend you consider listing your home in January rather than waiting until spring.

Food for thought.

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com

Dane County foreclosures up 29% in 2009

noreply@blogger.com (Dan Miller) — Sun, 10 Jan 2010 13:51:00 +0000

Dane County foreclosures increased for the 33rd straight month in December. A total of 117 foreclosures were logged in December, an increase of 14% from the 103 foreclosures recorded in December of 2008.

Foreclosures ended the year up 29%. From the graph below you see foreclosures increased for the fifth straight year in 2009.

For our full foreclosure report, you can check out the economic trends page at DaneCountyMarket.com .

Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com