Follow the link here to see if you qualify for a property tax credit.
In upcoming blog posts watch for a small laundry room makeover, a kitchen redo and some other helpful vlog tips. All this and more coming in 2011!
Posted by: 
Glenn Hanon
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Tagged with glenn hanon, hey glen, remodeling, shorewest realtors, veterans affairs, wisconsin property tax credit |
Yesterday, I was showing homes to a couple who wants to cash in on the REO (Real Estate Owned-homes that have been foreclosed on and now the bank owns them) market and the Short Sale Market. Like most buyers, they thought that these two types of distressed properties would bring a windfall of potential profit to them. “We could buy a $350,000 home for $250,000 what a deal…” is the thought pattern of most buyers.
Let’s take the first house as an example. It has been vacant for over a year, no heat, running water or electricity on for over a year. Just imagine the condition of the home. The wood floors were cupped, some carpet had been torn out by the previous owner, a leak had developed in the kitchen skylights and the list goes on. I estimate that it would cost $50,000-$65,000 to bring this house back to a good working order. And that figure is just what I could see. Was the house worth $350,000 at one time? Maybe. In addition to making the necessary repairs the new owner of this property may want to bring some items, like appliances and fixtures, into the current decade—more expenses. What about the landscaping and painting the exterior peeling façade? Still more expenses. Pretty soon the buyer realized that the REO sale was not that good of an idea.
I am not saying that buyers should not purchase REO homes. What I am suggesting is that interested parties need to employ, BUYER BEWARE before making a purchase. If you are an experience renovator, then REO’s may be a good option. If you have never ventured into renovation, then be careful.
Posted by: Glenn Hanon
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Tagged with foreclosure, hey glen, oconomowoc homes, real estate |
A common question asked by most people who have their homes for sale at this time of year is, “Is anyone out there really looking at homes, just before Christmas?” In the upper Midwest, the question could not be more salient, too. Believe it or not the answer is Yes!
Today as I look out my office window the temperature is a balmy 9 degrees and we just finished a severe blizzard this past weekend. The streets were cleared in a day and the serious buyers were back out looking at homes. The traffic in any given home may not be the same as in late spring, but the buyers that are looking today are serious. Why else would someone tramp through the snow and look at homes unless they wanted to buy something now!
According the Wall Street Journal today, 30 year mortgage rates are at 5.06%. With interest rates so low, buyers are taking advantage of the supply of homes and the great rates. The relocation market is moving at this time of year too. The week between Christmas and New Year’s has proved to be busy in past years. The relocating family needs to find that perfect house and the “down time” is an ideal time to narrow the field to the perfect home. So if you have your home on the market, hang in there. This is a good time of year.
Posted by: Glenn Hanon
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Tagged with finding a home, glenn hanon, houses, oconomowoc real estate, selling homes, shorewest realtors |
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