Greater Madison Wi Real Estate Blog

 

Jan. 20, 2020

December 2019 Market Update


Today I’m sharing the latest market statistics from December 2019.

Selling a home? Click here to check out our step-by-step home selling process.

 

Today I’m sharing our market’s December 2019 statistics. These are all compared to December 2018’s numbers. 

 

DeForest/Windsor:

  •  27 sales, 40% increase
  • Average home value increased by 14%
  • Average days on market: 40 (seven days faster)

 

Sun Prairie:

  •  48 sales, 17% increase
  • Average home value increased by 7%
  • Average days on market: 57 (eight days longer)

 

"The spring market has already begun."

 

Waunakee:

  •  23 sales, 43% increase
  • Average home value increased by 25%
  • Average days on market: 55 (27 days longer)

 

Madison:

  •  314 sales, 19% increase
  • Average home value increased by 13%
  • Average days on market: 44 (four days longer)

 

In all of these areas, there were more sales than there were listings, which tells me that the spring market has already begun. Also, take note that home values increased in every market. 

 

If you’re considering selling this year or have any questions about the market, reach out to us by phone or email. We would love to help you.

Posted in Market Update
Jan. 16, 2020

Interview With Nick Toman Part 3


In part three of our financial interview with Nick Toman, we’re discussing owning real estate in your retirement years.

Selling a home? Click here to check out our step-by-step home selling process.

 

In part three of our interview with Nick Toman of Empowered Financial Management, we’re discussing owning real estate and how that aids the diversification of your portfolio.

 

Nick often receives questions about whether people should own real estate in their retirement years. If you like having properties in your portfolio or enjoyed owning property over the years, sometimes that can be a good anchor to a great income plan. For example, rental properties could be an excellent source of monthly income. This may give you some flexibility considering other retirement benefits, like social security or a pension. That cash flow may allow you to delay collecting some of those benefits, which could help out later in life.

 

"Rental properties could be an excellent source of monthly income."

 

The key in retirement, if you want to own real estate, is to be prepared; there is some work involved. However, some enjoy this, viewing it almost like having a hobby. If you want to own real estate, Nick would encourage you to do so. Not only is it an additional income, but you may enjoy it.

 

If you have further questions about anything we discussed, reach out by phone or email to me or Nick Toman at your convenience. We would love to help you.

Jan. 3, 2020

What You Must Know Before Becoming a Snowbird


If you’re thinking of becoming a snowbird, you need to understand your cash flow.

Selling a home? Click here to check out our step-by-step home selling process.

 

Snowbirding ties in quite nicely with retirement, but is it the right move for you? This is something that’s been a dream of mine, and today I’m joined once more by certified financial planner Nick Toman to answer that question.

 

"You need to understand all your sources of income in retirement."

 

Most often, when he hears the term “snowbird,” it’s referring to those who are either getting ready to retire or are already retired and want to move somewhere warm. If you’re considering moving to, say, Arizona or Florida, the key thing you need to understand before making a decision is your cash flow. Can you afford to make your move?

 

Some considerations you might need to make are selling your property here in Wisconsin before buying your retirement property, or renting a property in your preferred destination. You might also consider buying a property to rent out. In any case, you need to understand all your sources of income in retirement.

 

If you have further questions about downsizing, reach out to Nick or me by phone or email at any time. We would love to help you.

Dec. 17, 2019

Financial Planning for Downsizing Part 1


I’m here with certified financial planner Nick Toman with some tips for what to consider when downsizing.

Selling a home? Click here to check out our step-by-step home selling process.

 

Today I’m here with certified financial planner Nick Toman from Empowered Financial Management. We’re going to discuss downsizing and some of the things you should consider if you’re planning to sell your home to move to a smaller one.

 

Sometimes people choose to downsize when their children leave home or they’re ready to retire. When you’re considering selling a property you’ve lived in for years, it’s crucial to understand what your monthly income will be. That will help dictate where you transition to and what type of property you’ll buy next.

 

"It’s all about proper planning."

 

Many pre-retirees have done a good job paying down their mortgage. They’ve lived in their home for years and have a lot of equity, so when they sell their home, they can decide how to use the proceeds from the sale. It’s all about proper planning. These can be things people don’t always think about when considering downsizing.

 

If you have further questions about downsizing, reach out to Nick or myself by phone or email at any time. We would love to help you.

Dec. 5, 2019

A Short Fall 2019 Market Update





In today’s brief market update, let’s review the sales numbers in our area for September, October, and November.

Selling a home? Click here to check out our step-by-step home selling process.

 

Here are the latest sales numbers for our market areas as we observed them between the months of September and November of this year:

 

In DeForest and Windsor, there were 16 home sales in September, 26 home sales in October, and 28 home sales in November. The average home value was $344,000 in September before it dropped to $320,000 in October. In November, it climbed back up to $327,000. Sliding values are typical of the fall market.

 

In Sun Prairie, there were 70 home sales in September, 59 sales in October, and 47 sales in November. Home values here remained fairly consistent, moving from $311,000 to $309,000 over the three months.

 

In Waunakee, Westport, and Vienna, there were 27 home sales in September, 26 sales in October, and 21 sales in November. Home values in these areas fluctuated quite a bit—they went from $471,000 to $376,000 to $417,000 throughout the three months.

 

Finally, in Madison, there were 325 home sales in September, 311 in October, and 342 in November. The average home values jumped up a little, going from $297,000 in September to $322,000 in October, where they remained for November.

 

If you’d like more specific details about your market area, don’t hesitate to reach out to us. We’d love to help break down what’s happening in your market.

Posted in Market Update
Nov. 18, 2019

Do You Have Enough Liability Coverage?





If you’re shopping around for homeowners insurance, it’s smart to add in some good liability coverage as well. Here’s why.

Selling a home? Click here to check out our step-by-step home selling process.

We’re back once again with Paul Stokes of American Family Insurance to talk a little more about homeowners insurance. Previously, we mentioned the liability coverage that’s included in a homeowners insurance policy, so I wanted him to explain it further today.

 

Personal liability coverage comes with all homeowners insurance policies, but it’s overlooked by a lot of agents. They don’t really have a conversation with their clients about how much coverage they should have. Paul and his team advise his clients to have 5x their household income or net worth in liability coverage, whichever number is bigger.

 

What this insurance is protecting against in the worst-case scenario is someone getting injured on your property and holding you liable. We want to protect your income and assets if something like that would happen. 

 

If you have any questions about liability coverage, don’t hesitate to reach out to Paul at (608) 274-9702. If you have any other questions for me, feel free to give me a call or send me an email anytime. I look forward to hearing from you.

Oct. 21, 2019

The Latest Real Estate Numbers for Our Market



The latest numbers are in, and it’s time to go over where our local real estate market is headed.

Selling a home? Click here to check out our step-by-step home selling process.

 

I’m back today with your 3rd quarter real estate market update. Here are the latest real estate numbers that you need to know.

 

 In the DeForest/Windsor area, we saw:

 

  • 93 sales this quarter, which is up 15% from last year
  • The average home value increased by 13% from last year to $349,000 at the end of the 3rd quarter
  • The average days on the market was up 40% to 52 days

 

In the Sun Prairie area we saw:

 

  • 237 sales, which is flat from last year
  • A 4% rise in the average home value to $300,000
  • A 23% rise in days on market to 35 days.

 

In Waunakee, we saw:

 

  • A 17% decrease in sales
  • A 5% drop in the average value
  • A 20% increase in days on market

 

Madison East Side:

 

  • A 3% increase in sales
  • A 6% increase in average price
  • 21 days on market average, which is flat from 2018

 

If you have any specific questions about any of these numbers or anything else related to real estate, don’t hesitate to give us a call or send us an email. We look forward to hearing from you soon.

Posted in Market Update
Oct. 18, 2019

Personal Liability Coverage

 

Selling a home? Click here to check out our step-by-step home selling process.

 

This is part three of our Homeowners Insurance video series:

I’m here with Paul Stokes from American Family Insurance. Personal liability coverage comes with all homeowners' policies. However, it’s often overlooked, and unfortunately, many agents don’t do a great job of having a conversation about the amount of liability coverage someone should have. We advise people to have five times their household income, or their net worth, whichever number is larger. 

This protects you from many things, but a worst-case scenario and a common one you hear about is a slip-and-fall: Someone slips and falls and they hold you liable. They’re injured for the rest of their life, and you get sued. We want to protect your income, your assets, and prevent you from going broke. Make sure you’re covered!

If you need anything real estate related you can email or call me, I’d love to help you. 

Oct. 7, 2019

What You Need to Know About Dwelling Coverage




Homeowners: Here’s what you need to know about dwelling coverage. 


Selling a home? Click here to check out our step-by-step home selling process.

 

Welcome to part two of my video series about homeowners insurance. For today’s message, I’m once again joined by Paul Stokes of American Family Insurance, and this time we’ll focus on dwelling coverage—or the amount of coverage you need to rebuild your house in case disaster strikes. Insurance companies refer to this amount as a “bucket of money,” and it’s coverage “A” on your home insurance policy. It should be based on the local materials and labor costs it would take to rebuild your home. A lot of companies add a little cushion inside their policy when it comes to this, and a lot of good policies have inflation riders too. It’s important to check in with your agent every once in a while to make sure your dwelling coverage correlates with changes in building costs over time. If you have any more questions about dwelling coverage, feel free to give Paul a call at (608) 274-9702. If you have any other questions for me, don’t hesitate to give me a call as well. I’d love to help you. 

 

Sept. 20, 2019

What Homeowners Insurance Will (And Won’t) Cover




Selling a home? Click here to check out our step-by-step home selling process.

 

If you’re on the verge of homeownership and thinking of buying homeowners insurance, today’s message is simple: Home insurance isn’t a home maintenance policy—it’s an insurance policy for cause of loss. I’ve brought on Paul Stokes of American Family Insurance to explain the difference. For example, a tree falling in your yard is a home maintenance issue—not an insurance claim. If the tree fell on top of your house, though, that’s something you could claim. A leaky pipe is another example of something that’s a home maintenance issue. However, if that same pipe freezes over the winter and then bursts and causes water damage, that can be covered by homeowners insurance. If you have any questions about this or any other topic related to homeowners insurance, give Paul a call at (608) 274-9702. If you have any real estate questions for me, feel free to reach out to me as well. I’d love to help you.