January 04, 2010 at 04:14 PM · Posted under Pete O'Connor
Should I or shouldn’t I move? Often this question comes up with those potential home buyers and home sellers that are sitting on the fence directly after the start of the New Year. “What’s the right choice?”, “Am I making a mistake?”, “Will I be able to afford this home?” In each and every instance these are normal questions to ask, and of course all the pros and cons need to be evaluated. Certainly in these unsteady financial times a mistake could prove to be costly.
However, if you happen to be one of those people that are sitting on the fence, there is no better time than now to purchase a home. Whether you’re a move up home buyer and qualify for the $6,500, or a first time home buyer and qualify for the $8,000 tax credit these most assuredly are enticing. As a seller, if you over price your home you’re more likely to lose money and the sting of selling your home may be a bit more abrasive that if you’d priced it accordingly. See, even though we homeowners always think our home is worth a little more than it really is (me included), there is the reality check of the Buyer and Appraiser both.
In this market, the wise thing to do is to price your home just below market value. Insert long pause here….. I can understand the skepticism that follows those words above, but consider this. When you and the rest of the world are shopping for a specific item and it’s got a great price on it what’s the natural reaction of the shopper? Demand, correct?
In this instance pricing (as well as all the other components of selling a home) is key. This strategy is more likely to net you multiple buyers, and multiple offers on your home! Positively the best of all scenarios as you’ll more than likely have multiple offers from which to choose and multiple buyers trying to get your home.
So, take this New Year and be the master of your destiny and don’t be afraid of selling your home, especially when the government will compensate you. Remember, that both of these tax credits have expiration dates on them so act now! If you’d like more information on how these programs work, of if you’d like to see what your home is worth, please feel free to contact me at your convenience. I can be reached at 262-694-2141, 608-770-4568, or 262-320-SOLD (7653). Or, email me at: soconnor@shorewest.com.
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Pete O’Connor
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December 07, 2009 at 05:35 PM · Posted under Pete O'Connor
This holiday shopping season is expected to be a brisk one! Not because its cold outside and there’s white stuff on the ground, but because there are values to be had for the savvy shopper. Specifically, the first time home buyers, and the move-up home buyers! With the Federal Government providing a $8000 and $6500 incentive respectively, now is the time to buy a home! That however is somewhat old news; most everyone is aware of the tax credit, but what may not necessarily be flashing in neon lights are some things that can affect the home buyer’s ability to purchase a home. Primarily, I’m thinking of the overall economic state of the union and interest rates.
With all time low interest rates, it doesn’t get any cheaper to borrow money than now. Rates in some areas are hovering around 4.5 to 4.875 percent. From the rumblings I’m hearing, it sounds as if after the first of the year rates are expected to go up, and maybe by a full point. But the question remains… “Why are interest rates going up?” One of the key factors affecting interest rates is the bond market. When bond rates go down, interest rates go up. Rumblings that I’m hearing from folks are that bond rates are going down after the first of the year.
On a final note, a few other issues that the potential home buyer should consider are two things. First, when taking advantage of this home shopping season, be sure that you ask for a home warranty in your offer to purchase, and also, something new called “Job Loss Protection”. Job Loss is a great tool and is just that. Who wants to buy a home and then unexpectedly get a pink slip. I’ll blog more about Job Loss Protection tomorrow.
In the mean time, check out some great homes by clicking here. Or view streaming digital video of more great homes by clicking here.
If you have any home buying or home selling questions, please don’t hesitate to give me a call or shoot me an e-mail, I’m always happy to help! 262-694-2141, 262-320-SOLD (7653), or my mobile phone: 608-770-4568. Email me at: soconnor@shorewest.com, or visit me on the web at www.peteoconnor.com. Happy shopping!
Posted by:Pete O’Connor
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November 30, 2009 at 05:01 PM · Posted under Pete O'Connor
This year has seen an unprecedented number of foreclosures and short-sales that are available for sale. The housing market is flooded with both of these homes available for sale, and this year, I’ve had many, many buyers interested in these types of homes. Specifically, some of my buyers this year seemed to zero in on foreclosures, namely due to the advertised sale price.
Foreclosures can be a good deal, but they aren’t necessarily for the faint of heart. Most times these homes need a great deal of work just in order to become habitable. One home in particular that I was in earlier this year with my buyer ranked as the number one, most awful home I had ever been in. Seriously, on a scale of 1 to 10 with 10 being the worst possible ever home I’d seen, this one was a 12! When we walked into the home the first thing that caught our attention with full measure was the distinct and very pungent smell of cat urine. This was not just a little smell, but a “punch you in the nose squarely between the eyes” smell. From what we could gather the foreclosed owner had about six or seven cats and they did their business where they saw fit. The second thing that caught our attention (after gagging badly) was that the owners had left, period. They took nothing with them, the house was an absolute wreck, and it looked as if a tornado had gone through the house entirely. Open, moldy food and trash as well as personal possessions were scattered to and fro. It gets worse… the basement had obviously had a water issue and that in turn brought mold. Lastly, the foreclosed home owner, during better days obviously was an avid fan of HGTV, and attempted many, many home projects, none that appeared to be in good quality.
Remember, if the homeowner didn’t have the money to make the house payments, what makes a person think that that quality would be a consideration in their home improvement projects? Or, equally as important take care of the routine maintenance items that a home requires on a daily basis?
So, with buyers in tow we toured the home holding our noses and wading through, in some instances calf deep trash. The buyer was obviously oblivious to costs involved in turning this “good deal” into a habitable home for her and her children. Consider that while the above grade structure was in decent shape, the roof and studs, just a few of the obvious costs involved to get this home ship shape would be:
- Get a dumpster to get the trash out of the house
- Hire a cleaning crew or seriously sweet talk friends and family members for help
- New carpet and flooring throughout the home
- Replace sub floor and some drywall in areas due to the cat urine soaked areas
- Appliances, all of them were needed
- Mold removal and remediation in the basement
- Replacing mechanicals in the basement damaged by flooding and neglect
- Un-doing some of the previous owner’s “HGTV projects”
Remember, these are just a few of the easy costs to target. Nevertheless, in an easy guesstimate of what it would cost just to make the home livable, in this instance my guess would be a cool $45,000 and that’s being liberal too.
While most foreclosures may not be in this poor condition, what’s amazing are those buyers that will still entertain the thought of purchasing them, because they’re “a good deal”. When determining value, make sure that you consider all the costs involved in the rehabilitation process of the home. There are underlying costs that should be considered. Don’t get me wrong, I’m not saying that all foreclosures are a bad deal, but make sure that common sense is applied. For a complete list of foreclosures and short-sales available in your area give me a call or drop me an e-mail. I can be reached at 262-694-2141, 608-770-4568, or 262-320-SOLD, or at soconnor@shorewest.com. On the web, visit me at www.peteoconnor.com. So, for now, happy shopping and Caveat emptor!
Posted by:Pete O’Connor
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November 25, 2009 at 04:10 PM · Posted under Pete O'Connor
Just a very small sampling of what’s available in Kenosha, Wisconsin is this beautiful, turn-key, ready to move into two bedroom, one bath home. Neatly situated in Kenosha and close to brand new schools and brand new shopping centers, this home boasts a full basement, fenced in back yard and a shed too. The price, a cool $79,900! Believe it or not.
More, and more, home prices are more affordable than ever for the first time, or move-up home buyer! Just think, buy a home and get up to $8000 (for the first-time home buyer, or $6,500 for the move-up home buyer). Where else can you get that kind of a deal? Sure, there are deals and everyone appears to be out to make a quick dollar, but through the ages real estate has, and always will be the single most stable investment for wealth building.
Just like any other investment, real estate has its ups and downs, but there has never, ever been a better time to buy, or invest in real estate as there is now. Whether you’re looking to purchase a home for your self, or buy land for building your dream home in the future, or looking to build wealth through investment properties, NOW is the time. Don’t let this once in a lifetime, golden opportunity pass you by. If you’d like more information on these exceptional properties in all of Southeast Wisconsin, please don’t hesitate to call or e-mail me. I can be reached at 262-694-2141, or 608-770-4568, or Google Voice at 262-320-SOLD. Better yet, e-mail me at soconnor@shorewest.com.
Posted by:Pete O’Connor
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November 25, 2009 at 03:42 PM · Posted under Barbara Bednarski
If I’ve had a very hectic day my favorite “comfort” places are a book store, a yarn shop, or a library. Libraries have changed a lot over the years and offer more choices than ever before. I have fond childhood memories of going to the public library and the summer reading program where we placed a sticker on a chart for each book we read. As I think back about it, I must have driven my mother crazy taking to the library all the time. Another fond memory was the Bookmobile, which came to my neighborhood every Monday. You can imagine my excitement when the summer between my freshman and sophomore year in college I got a job at the library, and was the Assistant Bookmobile Librarian.
Ozaukee County communities can boast of wonderful libraries, each having a friendly and helpful staff. Also, books can be borrowed from any of the libraries involved in the Eastern Shores Library System. The Grafton library has some special activites and programs going on. Among these are:
Super Saturday Movie on Dec. 12, at 11 a.m. The movie will be “Snow Buddies”.
On Mon., Dec.7, at both 11 a.m. and 6 p.m. there will be a Family Story Time
The library offers a wonderful online research tool which presents information on current issues that are summarized from a variety of new sources. To access this database, click on “Issues and Controversies” found on the homepage at www.grafton.lib.wi.us. The user name is graftonpl and the password is facts.
Due to a state grant the library system now has a database called Learning Express. It features over 800 online courses; sample tests, such as SAT and GED; plus a variety of occupational exams. A resume building course provides a template for creating your resume. Learning Express keeps track of your sample scores and gives you immediate feedback on right and wrong answers. To access go to the Grafton Library homepage and click the Learning Express link.
New magazines available at the Grafton library are Shop Smart, Scrapbook, Dwell, Wired, and Bead Style.
All of these things are there for you and your family to enjoy at no cost.
Posted by:
Barbara Bednarski
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November 24, 2009 at 10:15 PM · Posted under Pete O'Connor
Earlier this year at one of our weekly Tuesday sales meetings, my office was visited by a representative of Brookstone Homes who was introducing an almost unbelievable concept;
brand new spacious homes starting at $154,900. These homes, located in the Grandview Meadows subdivision located at 39th Avenue, and 42nd Street are very well built and very affordable homes. More than just a starter home, these homes come in ranch and two story homes. Featuring two car attached garages, full basements, which by the way are stubbed for a third bath, three and possibly four bedroom, two bath homes are turn key and ready to go.
Giving the Buyer a choice of amenities, the builder presently has four models ready to go…err, three models ready to go, I’ve got one of them sold to my clients. Not only is the builder putting good quality into these homes giving the buyer a good value, but also includes some nice extras such as full basements, and in the case of my Buyer a basement that is already stubbed for a full bath. That is indeed a nice value in and of itself. Most of these homes come with seeded lawns; however, Brookstone Homes went an extra step further for my clients and made sure that they were getting a sodded yard! In any case, don’t hesitate to check out these homes in this new subdivision. When you’re ready, give me a call (262-694-2141, or 262-320-SOLD) and I’ll be happy to help you get that home.
Posted by:Pete O’Connor
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November 20, 2009 at 08:39 PM · Posted under Barbara Bednarski
Instead of the stockings being hung by the chimney with care, we have strung all the buildings with thousands of lights.
It is gorgeous out. The weather is warm and beautiful. Sorry deer hunters, but this weather is really nice. I’m at Studio 6 right now and it’s so festive. I had to bring in some fiber arts projects I had completed and almost wish it weren’t so sunny out so the lights inside could shine.
In a previous post I told you about the activities going on in Cedarburg this weekend. If you missed it, you can go back and read the post. One of the great benefits of living here is it is just a walk down the street to enter the enchanted world the holidays bring. It is so beautiful when there is snow on the ground, but…. Yes, we are happy with what we have.
Bring the family to downtown Cedarburg for free entertainment and music; and start to get in the spirit of the holidays.
Posted by:Barbara Bednarski
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November 20, 2009 at 04:07 PM · Posted under Pete O'Connor
With all the holiday season in full swing, many of us are touched by the spirit of giving and helping our fellow man. Thanksgiving and Christmas are wonderful times of year to do just that, and all of us get a great deal of satisfaction from helping. What a joyous time of year.
However, let us not forget that November and December quickly fade into January and February. The holidays are over, the bills are coming due, it’s winter, the skies appear cloudy and it’s also cold outside! Where have the good feelings gone?
This November 2009, Shorewest Realtors, Kenosha has started an initiative dubbed “Pay it Forward 2010”. See, in the spirit of giving and caring for our community all year long, Shorewest Kenosha has taken the challenge forward to feed a family a week for all 2010; 52 weeks, 52 families! We all know that it’s easy to give in the good times and when the festive, holiday spirit is in the air, but what about in late February, early May, mid-August, or… the holiday season again? All too often we get caught up in our busy lives throughout the year, and, well, there’s nothing wrong with that, but let’s not forget our fellow man who struggles throughout the year, during the rut of the year, just to put food on the table.
We’ve already collected enough food at Shorewest Realtors, 5708 75th Street, Kenosha, WI to carry us through the first thirteen weeks (13 families) of 2010. If you’d like to help us meet our challenge to pay it forward, please contact me, Pete O’Connor, Shorewest Realtors at 262-694-2141, or 608-770-4568.
Posted by:Pete O’Connor
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November 20, 2009 at 03:29 PM · Posted under Area Attractions & Events, Barbara Bednarski
If you missed the welcoming in of the holiday season in Cedarburg last Friday, the second Festive Friday will be held Friday, Nov. 27 from 5-9 p.m. The theme for this Friday’s celebration is “Home for the Holidays”.
Activities will be taking place at the Cedar Creek Settlement and at the local shops in downtown Cedarburg. Some of these activities include “Make It and Take It” holiday projects; holiday appetizers; demonstrations and tastings with Patty Ehlers Peterson from Larry’s Market; live jazz and holiday tunes with the Vic Cristo Duo; complimentary cider, cookies, and wine tasting; luminarias; and more.
Hope you enjoy yourself visiting my city.
Posted by:Barbara Bednarski
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November 19, 2009 at 04:05 PM · Posted under Pete O'Connor
Without a doubt, this is the best time ever to buy a home. Interest rates are lower than they’ve ever been, and home prices are at record lows. Far and away this is how savvy buyers build wealth. For too long most Americans have over-borrowed and over-spent. This coupled with job losses, medical problems, divorce, etc., have led us to where we are today. However, not all is lost. You see, one of the best kept secrets to building personal wealth in today’s market in real estate is… Short Sales!
A short sale is when a the owner of a property owes more on a home than what it’s really worth, and usually is in default. With that in mind, you as the buyer are in a prime position to get a home that is an outstanding deal. For example, a home that just a year ago would have easily sold in the $300K’s, is now for sale for roughly $259K. This is an outstanding deal, as this home has been well kept, newer, very large, almost 3300 square feet, four bedrooms, two baths, three car garage… you get the drift.
Where’s the wealth building part of it you may ask? See, market value is determined when both buyer and seller agree on a price of something. In this case that something is a house. AT THIS TIME, there is no better place to put your money than in real estate. As the economy continues to rebound, and it always will, the house that just a year ago was valued in the $300K’s, and is now selling in the mid $250K’s… That’s a no brainer! Where else (other than your job) can a person get that much equity that quickly? All this being said, use common sense. Seek out a professional that knows the market well, and can guide you seamlessly through the short sale process as a Buyer. I would recommend that buyers seek out only those real estate agents that are certified as an Accredited Buyer’s Representative (ABR), as these agents have achieved a level of competency that many other agents have not yet achieved. These agents know the in’s and out’s and intricacies of the home buying process like the back of your hand. Additionally, and there’s not a lot of these out there, but when you can, also seek out agents that are intimately familiar with the short-sale process, for example, those agents that hold the Certified Short-Sale Professional (CSP) designation. Not only do they know the buyer side of the transaction, but know the seller’s side of the transaction in great detail.
For more information on short-sales, (or foreclosures), please don’t hesitate to contact me, as I specialize in both of these areas, and by the way, yes, I am an Accredited Buyer Representative (ABR), and also a Certified Short-Sale Professional (CSP). There you go, happy shopping and remember you’re building wealth!
Posted by:Pete O’Connor
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November 18, 2009 at 09:11 PM · Posted under Area Attractions & Events, Barbara Bednarski
With the mild temperatures we are having it’s hard to believe the holidays are quickly approaching. Not in the festive spirit yet—come to Cedarburg this Friday and Saturday for Cedarburg’s Holiday Open House. The community open house will be held Friday, Nov. 20 from 5-9 p.m. and Saturday, Nov.21 from 10-6 p.m. in downtown Cedarburg. Also, Friday night is the first of five Festive Fridays to be held in Cedarburg. The theme for this Friday is “Traditions in the Highlands”.
The local merchants are ready for you to stop by their shops. They are offering you free gifts and make & takes; artist signings and demonstrations; in store customer appreciation specials, treats, refreshments; and more to kick off your holiday season.
New this year is a Grand Prize Drawing, a collection of Cedarburg gift certificates from many of the Cedarburg merchants. All you have to do is fill out an entry blank at any participating merchant during the Holiday Open House. The participating merchants will have Christmas stockings on their windows. Cedar Creek Winery will have their Christmas Blush & White wine packaged with their own Christmas label available.
I am fortunate enough to be part of one of the downtown shops, Studio 6. There are 8 of us that have the shop and we make everything we sell in the shop. I am the fiber artist and invite all of you to stop in and sign up for the Grand Prize Drawing.
Posted by:Barbara Bednarski
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September 25, 2009 at 04:16 PM · Posted under Lisa Tremaine
Is it really a buyer’s market? I don’t think so. I mean, all the signs, technical and logical, point to a buyer’s market. The indicators are there. Inventory is up, supply outweighs demand, but does it really? Buyers now have an overwhelming amount of choices and decisions to make. The fear of making a bad decision has them making no decision at all. Homes that are “no-brainer’s” are flying off the shelves at a record pace.
So what makes a home a “no-brainer”? It’s simple. A home that has very few or no objections. Buyers are not coming through a house to buy that house. They are coming through a house to merely check it off their list. If you have put up with, say, having to walk through a bedroom to get to the only bathroom in the house, that doesn’t mean a new buyer is just going to overlook it.
Homes that leave no room for protest are gone, often before they even come on the market. And if you don’t think that’s going on, I personally know of at least 2 homes in just the last week that have sold without even being listed on the open market. Really.
My fellow agents and I are constantly making calls to neighborhoods where a buyer lost out or where the buyer wants to be, because they are not finding what they want on the market. Most homeowners find this hard to believe- I wish they could follow some of us around for a day. Many of my seller clients do get to see first hand what buyers are looking at in addition to their house. It’s the easiest way for me to show my clients how important it is to be one of the best, if not the best home out there.
Ask any buyer who has had to compete for a house in the last 6 months how they like this buyer’s market! They’ll probably look at you like you’re crazy. Between overpriced homes with unrealistic sellers, foreclosures, short sales, fixer-uppers and markets that are still declining somewhat, this buyer’s market is taking it’s toll on potential homeowners! Call it a buyer’s market if you want, after all, it IS a great time to buy. Great rates, tax credit, low prices, it’s all good. Just remember, everybody wants the best house, for the best price, right away. If you want it, be prepared to get serious and put your best foot forward.
Posted by:
Lisa Tremaine
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September 04, 2009 at 07:16 PM · Posted under Lisa Tremaine
Sometimes when I’m helping my clients, particularly buyers, I can’t help but wonder if they are really ready to buy a home. Are they only buying because of the tax credit that’s being offered? Are they buying to fix and then tango with making a buck selling later?
When did buying a house become an investment in anything other than your happiness? I have to say, I do come across many buyers who are buying for just that. To make an improvement in their life. The differences between the two kinds of buyers, as well as the experience each has, is like night and day. One is careful, thoughtful and celebratory, while the other is tense, hesitant, and lacks any sort of resolve or finale.
Are you ready to be the kind of buyer you want to be?
I recently read this article that I thought summed it up quite nicely.
“I think I could write a successful blog just on what I read in the Chicago Tribune each day. Why I even read the Tribune is a quandary to me, given that the paper reads more like the Huffington Post these days. From time to time I enjoy real estate writer Mary Umberger, although I think she’s a little pessimistic on the market, and do think she ignores the real reasons that people buy houses for. And she ignores me when I write to her with article ideas.” To read more, click here.
Posted by:Lisa Tremaine
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July 30, 2009 at 02:53 PM · Posted under Lisa Tremaine
Buying a house today can be a simple and easy process, even for a first time home buyer. It’s as simple as choosing to work with a Realtor® as your buyer’s agent! How else are you going to get the information you need to make one of the biggest purchases of your life?
First, it’s not out of the ordinary to interview a couple of agents. Arrange a meeting with one to talk about what you’re looking for and to find out how that agent works. They’ll explain the process to you and go over any concerns that you have. Being comfortable with your agent will make your purchase a much more enjoyable experience.
Second, when you start looking at homes, your buyer’s agent can point out adverse facts to you that you may not have considered otherwise. Things like future resale value, furniture placement in a vacant house, or how in the world you’re going to paint that 16 foot wall over the stairway! But most important, your buyer’s agent can help you negotiate the best deal possible for you!
Did you know that if your agent isn’t working for you as a buyer’s agent, they have to work in the best interest of the seller? How is that helping you? Doesn’t the seller already have an agent working for them? You bet!
Take advantage of the services your agent offers to help you. After all, it doesn’t cost a buyer anything! The only thing your agent will ask in return is that you work with them exclusively. Happy house hunting, and I’m always open for an interview!
Posted by:Lisa Tremaine
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July 15, 2009 at 05:07 PM · Posted under Lisa Tremaine
Wow, homes are really moving! You can see here that the first time home buyers are starting to heat up the market. One reason we’re seeing so much traffic in these price ranges is the first time buyer tax credit.
Click graph below for full size
Buyers have to be in their house by the end of November in order to take advantage of the credit. And what better time to buy? The interest rates are low and prices are affordable. Call me to see any home out there!
Posted by:Lisa Tremaine
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