HOT MARKETS! in the Greater Madison Area

The hottest neighborhoods on both the city's East and West sides share the key qualities of convenience and reasonable home prices, Based on inventory data for unsold homes from statistics by the South Central Wisconsin MLS to calculate the months of home and condominium sales inventory for all Madison neighborhoods and many other Dane County communities. Much of research can be found online at www.danecountymarket.com.

Months of inventory is a standard used to determine the health of a real estate market. It is determined using a year's worth of sales for each area and calculating how many months it would take at those sales rates to work through the number of homes and condominiums on the market.

Experts consider about 5.5 to 6 months of inventory to be an optimum balance between sellers and buyers. A smaller number indicates a seller's market while larger number indicates a buyer's market.

The inventory data identified the hottest and slowest real estate markets in the county and also revealed that:The county has a range from 3 months of inventory for single-family homes in the Atwood East neighborhood on Madison's East Side to 49.7 months for condominiums in Oregon.

The local single-family home market overall is much stronger than the condominium market.
The strongest single-family and condominium markets are in Madison neighborhoods convenient to shopping, schools, parks and buses, while the weakest markets are in the suburbs.

High gasoline prices could heighten the disparity between city and suburban real estate markets, said William Malkesian, president of the Wisconsin Realtors Association.

"I don't think there's a question today that if you're going out to buy a house, transportation is probably higher up on your list than it was a year ago," he said.

FIRST-TIME BUYERS
Five Madison neighborhoods are strong markets for single-family home sales despite the overall real estate market slowdown.


With small ranches and bungalows, the Atwood East area near the intersection of Milwaukee and Walter streets is close to Woodman's Food Store, Schenk Elementary School and Olbrich Park. Most homes for sale are priced below $200,000. Homes priced for first-time buyers are a huge influence on the market because people don't have to sell homes before they buy.

Other East Side neighborhoods with low inventory rankings include the Williamson Street/Atwood Avenue area along Lake Monona west of Olbrich Park, and the Monona Drive area near La Follette High School.

WEST SIDE

On the West Side, the Parkwood Hills/Faircrest neighborhood north of Mineral Point Road between Whitney Way and Gammon Road is among the hottest markets both for single-family homes and condominiums. It ranks second in both categories with 3.2 months of single-family home inventory and 17 homes for sale, and 7.2 months of condo inventory with 10 units for sale.

Every place is a little bit different, of course, Since traditional buyers are out there in the $250,000 and under price range, price point is very important.

The Near West area east of Whitney Way between University Avenue and Mineral Point Road also has a low inventory ranking, making it a hot market.

Maple Bluff is the county's slowest single-family market with 17.7 months of inventory, 28 homes for sale and most priced in the $350,000 to $700,000 range. Four homes are priced between $1 million and $3 million.

Other slower single-family markets are in Mount Horeb, McFarland and the South Midvale/Verona road area in Madison, south of the Beltline along Verona Road, and the Southwest area north of Raymond Road to the city limits.

(Excerpts taken from: MARV BALOUSEK |Sunday, May 18, 2008 Wisconsin State Journal)

$$ Tips and More Before Buying a Home

Don't buy if you can't stay put.

If you can't commit to remaining in one place for at least a few years, then owning is probably not for you, at least not yet. With the transaction costs of buying and selling a home, you may end up losing money if you sell any sooner - even in a rising market. When prices are falling, it's an even worse proposition.

Start by shoring up your credit.

Since you most likely will need to get a mortgage to buy a house, you must make sure your credit history is as clean as possible. A few months before you start house hunting, get copies of your credit report. Make sure the facts are correct, and fix any problems you discover.

Aim for a home you can really afford.

The rule of thumb is that you can buy housing that runs about two-and-one-half times your annual salary. But you'll do better to use one of many calculators available online to get a better handle on how your income, debts, and expenses affect what you can afford.

If you can't put down the usual 20 percent, you may still qualify for a loan.

There are a variety of public and private lenders who, if you qualify, offer low-interest mortgages that require a down payment as small as 3 percent of the purchase price. The Wisconsin Realtors Association even offers grants for closing costs and down payments. Ask me for details!

Buy in a district with good schools.

In most areas, this advice applies even if you don't have school-age children. Reason: When it comes time to sell, you'll learn that strong school districts are a top priority for many home buyers, thus helping to boost property values. Check out the local school districts online.

Get professional help..

Even though the Internet gives buyers unprecedented access to home listings, most new buyers (and many more experienced ones) are better off using a professional agent. Ahem! Like me! I can help you with market analyses of a home that captures you fancy to see if it is fairly priced, save you time, preview properties, help you with strategies during the bidding process, and, at all times, do whatever it takes to keep your best interests at heart.

Choose carefully between points and rate.

When picking a mortgage, you usually have the option of paying additional points -- a portion of the interest that you pay at closing -- in exchange for a lower interest rate. If you stay in the house for a long time -- say three to five years or more -- it's usually a better deal to take the points. The lower interest rate will save you more in the long run.

Before house hunting, get pre-approved.

Getting pre-approved will you save yourself the grief of looking at houses you can't afford and put you in a better position to make a serious offer when you do find the right house. Not to be confused with pre-qualification, which is based on a cursory review of your finances, pre-approval from a lender is based on your actual income, debt and credit history

A Cave Home Story with a Happy Ending

Loan should allow Mo. family to stay in cave home
By BETSY TAYLOR, Associated Press Writer Betsy Taylor, Associated Press Writer
Tue Mar 10, 3:27 pm ET

ST. LOUIS – An eastern Missouri family expects they'll be able to stay in their home built inside a cave after accepting an offer of a private mortgage contract. Curt Sleeper said Tuesday that a New Jersey-based business offered a 15-year loan with a low interest rate that should allow the family to keep their home in Festus, about 30 miles south of St. Louis.

"We're excited about it." To celebrate: "We're throwing a party at a friend's cave," he said.

Curt and Deborah Sleeper fell in love with the unique geography of an old mining cave in 2004 and figured out how to build a house inside of it. But they were having trouble making a large payment that was coming due on the property, prompting them to put their home up for auction on eBay.

They no longer plan to auction the home through the Web site, but Sleeper says the house will remain there until paperwork is completed on the loan.

Jon Demarest, owner of Logical Source Inc., confirmed that his the Fairfield, N.J.-based archiving and medical record company offered the Sleepers a mortgage.

"I was intrigued by it," Demarest said. "Someone who has put that much into it shouldn't lose it."

The Sleepers built their cave home with the help of friends. A gray timber frame exterior was constructed in the 37-foot-tall opening of the cave. Thirty-seven sliding glass doors also are used as windows throughout the three-story, three-bedroom home, allowing natural light throughout the finished sections of the home.

The walls and ceiling are natural cave stone, but it has amenities including a large soaking tub in one bathroom and a fully equipped kitchen.

Sleeper said his family's struggle to keep their home has resonated with many, including some who have been unable to pay their own mortgages.

"I've got 8,000 e-mails in my inbox. Everyone wants to wish me luck, but also tell me their heartache," he said.

"It's certainly been almost life changing — except I'm keeping my cave, so not that life changing," he said. "I'd love to hear the end of the story read, 'and they lived happily ever after.'"

FOURTEEN REPAIRS TO MAKE BEFORE SELLING
Nothing turns off a potential buyer faster than peeling paint, a broken window, or a splintered front step. It's wise to make necessary repairs before you put your house on the market. A house in good condition demonstrates pride of ownership—one of your best sales tools. Start by covering these areas:
Inside the House
§ Fix or replace damaged flooring, such as torn linoleum or cracked tiles.
If you can't afford to replace damaged or worn floors, consider offering the buyer an allowance for renovation.
§ Fix any drains, faucets, or plumbing fixtures that aren't operating.
Fixes can range from replacing a faucet washer to buying a new toilet.
§ Paint the interior.
Fill and paint any cracks or holes in the walls. (You may need to repaint entire walls to mask such repairs.)
§ Replace burned-out bulbs and broken electrical sockets.
Most agents will want you to turn on all the lights before a showing.
§ Replace or fix broken stairs.
Fix any creaks as well.
§ Replace old locks and doorknobs.
Make it easy for a buyer to walk in.
§ Fix any doors that don't open easily, including the garage door.
If your garage door opener doesn't work, repair or replace it.
Outside the House
§ Replace cracked windows and torn screens.
Don't let your house be shown with the equivalent of a black eye.
§ Fix cracks in the driveway and entry walkway, and clean up stains.
If the driveway requires major repair, it may be preferable to offer the buyer an allowance for the work.
§ Paint the exterior.
Touch up peeling paint, window frames, porches, and shutters. Repaint the entire exterior if it is drab or peeling.
§ Replace broken gutters or missing downspouts.
Good drainage is key to passing a home inspection.
§ Replace or fix broken stairs.
It's a matter of both safety and aesthetics.
§ Reseal the deck and repair broken boards.
A new coat of sealer can spruce up a fading deck.
§ Repair the roof.
Replace shingles and tack down loose flashing. If the roof is old, you may want to replace it and adjust your sales price accordingly. ( from Realty Times)

Great tips for making your home fresh and breezy with these helpful tips for Spring Cleaning brought to you by Harry Andruss of Pillar to Post Home Inspections.

SPRING CLEAN YOUR HOME IN 7 EASY STEPS
Everyone knows spring cleaning sounds like a great idea. You say you’ll do it, then a few more weeks go by, then another month, and before we know it spring cleaning takes a back seat to everything else. By breaking spring cleaning down into manageable tasks that can be accomplished over a couple of weekends, you can get the whole job done without feeling like you’ve missed out on all the fun. It doesn’t have to feel like drudgery either – put on some music or listen to an audio book while you work. Here are 7 ways to make your home feel as fresh and clean as a spring breeze.

I. Tackle those windows. Okay, no one really likes this task, but what a difference it will make! Windows should be thoroughly cleaned inside and out – you’ll be amazed how your home will sparkle inside and out once the dust and dirt are gone. Considering hiring a professional window cleaning company, especially if you have a multilevel home. They’ll have the equipment and experience to do the job safely. If you have screens, now is the time to wash them and repair any holes or tears. If screens are completely removable, take them outside and wash with a scrub brush and mild detergent, then hose off and let dry in the sun.

II. Windows are easiest to clean when the curtains, shades, and blinds are removed. Use this opportunity to get drapes and curtains laundered or dry cleaned (check labels first), and give blinds, shades, and other treatments a good cleaning and dusting. Some vacuum cleaners have special attachments that will make cleaning blinds a breeze.

III. Get all the angles. Going from room to room, use a long-handled duster to make quick work of dusting ceilings, moldings, and corners. If you have ceiling fans, dust the tops and bottoms of the fan blades and around the motor housing (this is also a great time to replace light bulbs in fan fixtures).

IV. Make a grand entrance. Clean porches, steps, and railings of accumulated dirt and grime and you’ll have a bright welcome every time you come home. Replace light bulbs in porch and outdoor fixtures. While you’re at it, add a colorful potted plant or two to welcome spring. Keep an eye out for any needed repairs and make a note to get to them in the weeks ahead.

V. Under cover. Gather your heavy winter bedspreads and comforters and have them cleaned, then store away until cooler weather comes. Vacuum mattresses and box springs and clean up those dust bunnies that have hibernated under the bed. Launder mattress covers, take lighter weight bedding from storage and air out for a day before using.

VI. A better bath. A deep spring cleaning of fixtures, sinks, tubs, and toilets supplements the everyday surface cleaning that keeps things looking good. Work from top to bottom, ceiling to floor, and keep all of your cleaning products, scrubbing tools, etc. with you in a bucket so you’ll have everything you need at your side. Use an old toothbrush to reach into crevices to get things shipshape, and you won’t have to do it again anytime soon. Don’t forget to clean bathroom exhaust fans to keep them working their best.

VII. Kitchen confidential. Wrap up your spring cleaning in the kitchen. After regular use during the colder weather, the stove and oven can likely use a deep cleaning. Clear countertops of clutter and wipe down small appliances and cabinets. Wash the walls and floor, and give the kitchen sink a thorough scrubbing. Now is also the perfect time to rid your refrigerator of old or expired items (check those door shelves lately?) and clean produce bins and shelves following manufacturer’s instructions. Then reward yourself with a vase of spring flowers and enjoy your sparkling home!

Harry Andruss
608-345-1433
Harry.Andruss@pillartopost.com
www.pillartopost.com/dane