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Thanks Peggy! Great thoughts.... Buyers have to consider if the seller has already priced the home to TODAYS MARKET PRICING, the "discount" is already taken! You can't discount it again.... On the other hand if it is priced to old market standards, it is overpriced... Via Peggy Wester Real Estate Agent Ozaukee & Washington County Real Estate (Shorewest Realtors): I've been showing houses to a lot of first-time buyers over the past several months and have noticed one definite common denominator -- all are trying to sort through the countless opinions of family, friends, and co-workers.
It can be overwhelming trying to make sense of all the feedback:
"Sellers are desperate these days. Offer low."
"The house has been on the market over three months. Offer low."
"The carpet and kitchen floor are old. Offer low."
"The kitchen counters are formica. Offer low."
"The woodwork is knicked up in this 100+ year old house. Offer low."
What seems to get lost in the midst of all these opinions is the opinion of the professional -- the real estate agent. Part of our job is to provide guidance and information that helps the buyer determine a fair price for the house. How do we do that?
Consider what comparable homes in the area have sold for. How does that sale price compare to the home's assessed value? Consider the overall condition of the home, keeping in mind the age of the home. Is the siding falling off? Is the chimney crumbling? Are the roof shingles curling? Or does the house just need some cosmetic updates -- fresh carpet and flooring, nice coat of paint, cleaning up the landscaping?
It doesn't matter who you are or why you've decided to purchase your first home. It's typically an emotional, overwhelming, and exciting time. But by leaning on the best resource available to you -- your sales agent -- the process can be less overwhelming and more exciting.
Don't forget, though, to follow your gut, as well. I believe that if we just sit quietly for a little bit and really pay attention to that "inside voice," we will always figure out what's right for us -- what's the right house, what's the right price.
I also understand, though, that getting to that point can be difficult and frustrating. So lean on your real estate agent. We're here to help.
Wondering how foreclosures affect your homes value? Sara Bonert from Chicago shares some insight on the topic. Call me for a birds eye view of what is going on in YOUR neighborhood! Via Sara Bonert {Real Estate Internet Marketing} (Zillow): I often get asked, does Zillow account for Foreclosures when calculating a Zestimate? Short answer: no.
However the long answer is very interesting. Recently Zillow released a white paper where we looked at the question of if Foreclosures constituted a distinctly separate market from non-Foreclosures. This paper was born from this debate where some thought there were so many Foreclosures that they were the market; while other argued that Foreclosures have characteristics that caused them to sell lower than at market value.
The white paper itself goes into a high level of detail about methodology and data points used, but I'll skip to the results here. Our data found that the answer to this question is YES, they are distinct markets.
Of course, real estate is local so the numbers vary across local metros, but the trends held relatively the same.
- Nationally the average ratio of Foreclosure prices to market value is 72%. This is against the assumption that non-Foreclosures sell at market value, or 100%.
- It appears that more Foreclosures in an area do lead to a smaller gap between Foreclosures and non-Foreclosures. However, there is rarely less than a 20% discount for Foreclosures.
Based on the data, it indeed did find that Foreclosures sell for substantially less than non-Foreclosures, meaning that you can't compare two like houses when one is in Foreclosure and the other is not. Two conclusions were drawn at the end of the study.
1) The difference in these two markets is the reason why we can't include Foreclosures in our Zestimate calculations. We also don't use them in factoring our Zillow Home Value Index (ZHVI), or the trend information you find on the Local Info tab of the site. Interestingly, this is a key reason why our ZHVI is currently down 21% from its peak compared to Case-Shiller Home Price Index (which does include Foreclosures) which is down more than 30% from its peak.
2) These findings show that it is inappropriate to include Foreclosure sales data when appraising non-Foreclosure homes. Adjusting for the condition of recent Foreclosures, as well as the Seller's motivation in the Foreclosure situation, sounds great in theory but is ultimately complex in practice. Especially given the Appraiser has likely not been inside the homes being used as comparables for the subject home.
Download the full report - Price Differences Between Foreclosures and non-Foreclosures
Video recap with Dr Stan Humphries, Zillow's Chief Economist
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PHOTO CREDIT: PAT TASKER 2007
 
Pat Tasker is your Milwaukee area Real Estate specialist. Her knowledge of the Milwaukee area and surrounding communities allows her to thoroughly assist you in meeting all of your real estate needs and goals.
Contact Pat if you are considering buying or selling a home or would just like to have additional information about real estate in your area. Visit Pat's website - please consider it as your online source for local real estate information, and return often for the latest property listing updates
I have heard it before, home sellers saying they are going to sell this year. They are going to take the winter and "work on the house" , "get the house ready" and list in spring. LIST IN SPRING???????????????
That is the deadliest mistake any seller can make this year! If you are going to sell,  GET IT ON THE MARKET NOW!! Why? In order to get the current extended and expanded tax credit, a home buyer needs an accepted offer by April 30th (and close within 60 days)...That means buyers are out there NOW, starting to look. If you wait for spring, you will miss the height of the market. And once the tax credit expires, who knows how many buyers will be out there. And NO, it won't be extended again, that was the message loud and clear at the recent National Association of Realtors in San Diego.
Even the experts agree on this...check out the Forbes.com article this past week: http://bit.ly/DontWait4Spring
If you are thinking of selling this year in the Metro Milwaukee Area..get going now! Call Pat Tasker to get advice on how to get the house ready and staged to attract buyers and top dollar. With over 20 years of experience, I can help you avoid other deadly mistakes sellers commonly make. Dont waste another day thinking about it, that could cost you money, or even the sale.
Pat Tasker is your Milwaukee area Real Estate specialist. Her knowledge of the Milwaukee area and surrounding communities allows her to thoroughly assist you in meeting all of your real estate needs and goals.
Contact Pat if you are considering buying or selling a home or would just like to have additional information about real estate in your area. Visit Pat's website - please consider it as your online source for local real estate information, and return often for the latest property listing updates
CREDIT: PAT TASKER October 2009
covering the suburbs of Greater Milwaukee, Waukesha, Ozaukee, Washington and Milwaukee Counties
Looking for a REaltor in the Milwaukee Metro Area? Call Pat Tasker at 414-588-4907
Pat Tasker is your Milwaukee area Real Estate specialist. Her knowledge of the Milwaukee area and surrounding communities allows her to thoroughly assist you in meeting all of your real estate needs and goals.
Contact Pat if you are considering buying or selling a home or would just like to have additional information about real estate in your area. Visit Pat's website - please consider it as your online source for local real estate information, and return often for the latest property listing updates
Just returning to work after a great experience at the NAR conference in San Diego.... I thought it would be fun to share my top highlights with you (in no specific order):
- SUNNY, WARM, BEAUTIFUL SAN DIEGO (the city hasn't seen rain in over 130 days!) I kept wondering JUST WHY HASN'T THIS CONVENTION BEEN HERE BEFORE!!!
- My very own screen test with Sabrina Soto of HGTV
- Dinner with friends at the historic Del Coronado Hotel
- Honoring of fellow Realtors who earned the "Good Neighbor Awards"
- Hearing from some amazing speakers (Condelezza Rice, Liz Murray-from homeless to Harvard, Tara Hunt -The Whuffie Factor, Using the Power of Social Networks to Build Your Business, as well as industry experts on technology, marketing & sales
- attending the Wisconsin & Regional Caucus meetings and seeing my elected members attending to our industry's business affairs.
- Photo Opportunity with Ann Marie Howard, the NAR spokeswoman in our public awareness campaign spots
- Learning how to get MY listings at the TOP of their fields in Realtor.com
- a FABULOUS lunch with David Bach (author of Live Rich series) and Brian Buffini, compliments of Wells Fargo. They had an amazing lunch with a great (and feisty) discussion on currents issues facing lenders and agents regarding foreclosures and short sales with Wells Fargo department heads.
 
- Trade Show Shopping!!! And lots of FREE STUFF at the trade show! As well as checking out all the new products and services to help me get homes SOLD!!!!
- Meeting with my Virtual Assistants (Chris Prescott and Tricia Allenson) for lunch overlooking the bay
- Networking with agents from around the country at the California CRS reception, and meeting agents in sessions, sharing marketing ideas, and news on our markets.
- Tons of content from sooooo many good industry speakers! So many good sessions, it was hard to pick! I have pages and pages of notes and ideas, my "to do list" has gotten even longer!
My schedule was packed, and I missed a few good things, but there is only so much time in the day.... All in all, it was a great learning experience. I came back to work, ready to finish out the year with a bang and lots of new ideas to help my buyers and sellers get the best value in today's market!
CREDIT: PAT TASKER October 2009
covering the suburbs of Greater Milwaukee, Waukesha, Ozaukee, Washington and Milwaukee Counties
Looking for a REaltor in the Milwaukee Metro Area? Call Pat Tasker at 414-588-4907
Pat Tasker is your Milwaukee area Real Estate specialist. Her knowledge of the Milwaukee area and surrounding communities allows her to thoroughly assist you in meeting all of your real estate needs and goals.
Contact Pat if you are considering buying or selling a home or would just like to have additional information about real estate in your area. Visit Pat's website - please consider it as your online source for local real estate information, and return often for the latest property listing updates
Every community has a street like this....the one street that has the most beautiful homes, great neighbors and picturesque yards, the street that EVERYONE would love to live on!  In Menomonee Falls, (WI), Kenwood Boulevard is just that location. And now, only if you act fast, you can be the new family on the block! You could be celebrating the Holidays in your new home.
This gorgeous Lannon Stone Tudor, http://tinyurl.com/yacdjr2 
has room for even the largest of families. With 5 Bedrooms and 2 baths on the upper level, everyone has comfortable space. Mom & Dad even have their own luxury bath with ceramic tile, dramatic pedestal sink, and cabinetry with granite surface. The master bedroom has a tray ceiling, his and hers closets and gleaming hardwood floors. The family bath is new updated and nice sized with a skylight for natural lighting.
The main floor has large living room with exposed wood floors, natural fireplace with custom doors, hand troweled spanish plaster walls and open staircase with hand cast wrought iron railing. Formal dining room with built in china buffet. Family room with large bay window overlooking gardens and side yard, plus a built in desk and study area. The kitchen is gigantic and has room for a large island for added storage and dramatic appeal. First floor laundry with locker area to keep the kids organized, and a convenient and totally updated half bath for convenience. Large open basement for storage, kids play areas, even a small wine cellar.
All mechanicals updated in the past 3-8 years, roof, furnace, air, water heater, roof, and a new garage.
It's hard to pick the best features of this home, as there are soooo many, but the yard is at the top of the list! Outlined in perennial gardens, lots of stone walks and a bluestone slate patio. A stone staircase leads to the lower yard with a focal point of a waterfall and pond. A grassy play area with playset will keep the kids happy, the fence will keep pets secured. 
This is YOUR chance to live on one of the best streets in the Falls...Hurry, this one won't last long! Stop in at the open house this Saturday November 7th from 12-1:30. Or call Pat Tasker for your private appointment 262-437-5853!
CREDIT: PAT TASKER October 2009
covering the suburbs of Greater Milwaukee, Waukesha, Ozaukee, Washington and Milwaukee Counties
Looking for a REaltor in the Milwaukee Metro Area? Call Pat Tasker at 414-588-4907
Pat Tasker is your Milwaukee area Real Estate specialist. Her knowledge of the Milwaukee area and surrounding communities allows her to thoroughly assist you in meeting all of your real estate needs and goals.
Contact Pat if you are considering buying or selling a home or would just like to have additional information about real estate in your area. Visit Pat's website - please consider it as your online source for local real estate information, and return often for the latest property listing updates
Thanks Eric for this update...news many have been waiting for...it is still best to close before Nov 30th, because THAT TAX CREDIT OF $8,000 IS FOR SURE :) Via Eric Reid (Renaissance Realty Group ): YES or I should say a soon to be a YES
Here is what USA Today had to say about today's announcements:
"Senators agreed to extend the existing tax credit for first-time homebuyers while offering a reduced credit of up to $6,500 to repeat buyers who have owned their current homes for at least five years, said Regan Lachapelle, a spokeswoman for Senate Majority Leader Harry Reid, D-Nev.
The tax credits would be available to homebuyers who sign sales agreements by the end of April. They would have until the end of June to close on their new homes, according to a summary of the legislation being circulated among lawmakers.
Details to follow...
HOME BUYER TAX CREDIT -- WATCH -- UPDATE - LOOKS LIKE THE EXTENSION IS
 PHOTO CREDIT: PAT TASKER October 2009
covering the suburbs of Greater Milwaukee, Waukesha, Ozaukee, Washington and Milwaukee Counties
Looking for a REaltor in the Milwaukee Metro Area? Call Pat Tasker at 414-588-4907
Pat Tasker is your Milwaukee area Real Estate specialist. Her knowledge of the Milwaukee area and surrounding communities allows her to thoroughly assist you in meeting all of your real estate needs and goals.
Contact Pat if you are considering buying or selling a home or would just like to have additional information about real estate in your area. Visit Pat's website - please consider it as your online source for local real estate information, and return often for the latest property listing updates
PHOTO CREDIT: PAT TASKER October 2009
covering the suburbs of Greater Milwaukee, Waukesha, Ozaukee, Washington and Milwaukee Counties
Looking for a REaltor in the Milwaukee Metro Area? Call Pat Tasker at 414-588-4907
Pat Tasker is your Milwaukee area Real Estate specialist. Her knowledge of the Milwaukee area and surrounding communities allows her to thoroughly assist you in meeting all of your real estate needs and goals.
Contact Pat if you are considering buying or selling a home or would just like to have additional information about real estate in your area. Visit Pat's website - please consider it as your online source for local real estate information, and return often for the latest property listing updates
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Pat Tasker
Germantown,
WI
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Shorewest Realtors
Address: N94W17900 Appleton Avenue, Menomonee Falls, WI, 53051
Office Phone: (262) 437-5853
Cell Phone: (414) 588-4907
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