madison real estate: Why lenders will accept a short sale
- 09/20/09 12:52 AM
Lenders are in the business of finance, not real estate. They're not designed to own a portfolio of properties. There are many good reasons why a bank will accept a short sale over foreclosure. Here are just a few: Legal fees. Foreclosure requires attorney fees that can be avoided through a short sale. The declining market. In a declining market, a property loses value for every month it does not sell. A short sale allows a property to be sold more quickly and at a higher market value. Holding costs. Holding costs for lender-owned properties add up quickly. These costs include taxes, insurance, utilities, maintenance, management, and … (2 comments)
madison real estate: The market feels warmer in September
- 09/18/09 12:42 PM
We don't have the data to back it up, but the market feels like it is heating up for higher priced properties. We're experiencing a lot of buyer and seller activity for properties $250,000 and up. Time will tell, but the market feels warm in September. Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com … (1 comments)
madison real estate: Dane County August update: single family home sales up, prices down
- 09/14/09 09:55 PM
Here's our preliminary report on the month of August based on data from the South Central Wisconsin MLS: Dane County single family home sales rose 6% last month, while the median price of $229,900 decreased by 3.9% from the August 2008 price of $239,300.
Condo sales were lower by 5%, while the median price of $139,100 decreased by 18.2% from last year's price of $170,000. Fifty-four percent of the condos that sold in August sold at a price lower than $150,000, compared to 34% in August of 2008.
For more details, check out our featured articles section at DaneCountyMarket.com . Dan Miller, Realtor, Certified … (1 comments)
madison real estate: How one Madison condo development is moving its inventory
- 09/14/09 02:19 PM
Two-and-a-half years ago a very nice west-side condo development put its 42 units on the market. But sales were sluggish. Only half of the units sold after two years of marketing. Then the development slashed the prices for all of its remaining units. Take a look at the price history for all of the 1,236 square foot units in this development. Prices were cut by about $20,000 earlier this spring, and now all of the remaining units have either sold or will be closing soon.
We are seeing more and more cases of condo developments cutting their prices, and in some cases, … (1 comments)
madison real estate: Dane County housing starts still sluggish
- 09/13/09 01:06 AM
Dane County housing starts decreased from 68 in August of 2008 to 55 last month, a drop of 18%. The graph below shows monthly housing starts dating back to January of 2005. Each red dot represents a decrease from the same month of the prior year. Each green dot represents an increase.
The market for new construction has fallen a long way. The August total of 55 housing starts is the lowest total for any month of August since 1999, when the housing start statistic was started. The peak year for the month of August was 2005, when 219 housing … (1 comments)
madison real estate: Madison mortgage rates now below 5%
- 09/11/09 11:42 PM
Mortgage rates have been slowly decreasing over the last two months, and some local lenders are now offering 30 year fixed rate mortgages for under 5%. For the latest rates from local lenders, check out the mortgage update page, under buying real estate at DaneCountyMarket.com . Have a great day, Dan Miller, Realtor, Certified Distressed Property Expert, Keller Williams Realty and DaneCountyMarket.com … (3 comments)
madison real estate: Upcoming first-time home buyer seminars in Madison, WI
- 09/10/09 10:58 PM
Two first-time home buyer seminars are scheduled for this month as the November 30th deadline for the $8,000 tax credit is now just 70 days away. Both seminars are straight-forward and information-based, without any sales pressure whatsoever. The UW Credit Union is offering a seminar on Tuesday, September 15th 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 seminars on both Tuesday, September 22nd and Tuesday, September 29th. Both sessions run from 6:00 to 9:00 PM. Shawn Kriewaldt and I from the Dane County Market real estate team will be volunteering for these sessions. For course details and … (1 comments)
madison real estate: Short sales: reasons for choosing a short sale over foreclosure
- 09/02/09 11:20 PM
For many home owners the short sale is the preferred solution over foreclosure. Below are some reasons why. (A quick note before we proceed with the list below: Our real estate team recommends you pursue all of your options, including working proactively with your lender, to discuss solutions other than a short sale or foreclosure. If you do pursue a short sale we highly recommend you work with an attorney who will work to protect your best interests and work to minimize a short sale's impact on your credit score. Our real estate team includes the services of an attorney for … (1 comments)
Lenders are in the business of finance, not real estate. They're not designed to own a portfolio of properties. There are many good reasons why a bank will accept a short sale over foreclosure. Here are just a few: 
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