West Bend Statistics

I found it interesting to look at real estate values in the West Bend area over the past 5 years and note the changes that have been occurring.

Back in 2002 there were 533 sales reported while in 2006 there were 566. The highest sales units on record in the past 5 years was in 2005 with 621 sales reported.

2002 offered the highest appreciation on record for the past 5 years, noting an 9.7% increase from 2001. 2004 was the second highest appreciation on record at 8.1%, then 2005 at 8%.

2006 tells a different tale with appreciation dropping down to 5.3% from the previous year, still lower than what we saw back in 2003 when appreciation rates were only charted at 2.6%.

Over the past 5 years home owners in the West Bend area have seen an average annual appreciation of 7% and a total appreciation of 28.5%. The average sales price has increased from $161,467 to $207,493 and the average days on market has become approximately 72.

Yes, we're in a changing market, but we definitely are not experiencing the loss in property value that some of our coastal areas are noting. Property values may level out over the next year, but so far, West Bend is still a great place to "put your money".

Congress Takes on Lending Industry

Daily Real Estate News April 17, 2007

Congress is targeting the rising tide of home foreclosures and the sagging subprime loan business, and its efforts are likely to result in changes in the way the home finance industry does business.

Here are some key proposals on the table:

Impose a six-month national moratorium on foreclosures.

Increase federal support for local foreclosure prevention programs.

Strengthen the Federal Housing Authority and give it a "rescue fund" that would allow it to buy failed mortgages and restore credit on the loans.

Increase penalties on banks that violate federal lending laws.

Extend federal regulations to mortgage brokers and other loan officers who are now only regulated by state laws.

Create a federal anti-predatory lending law.

Establish a federal standard for a borrower's ability to pay.

Source: Gannett News Service, Ana Radelat (04/13/07)

It will be interesting to see if anything actually IS done with the rising number of foreclosures. From my experience lenders have been very closed minded to working with borrowers who are in jeopardy of defaulting on their mortgages.

I've had more than one seller who have been unable to make their payment, due to the loss of a job or some other significant issue. These people were told by their mortgage companies that there wasn't anything that could be done for them, even though they could no longer make their payments. . . . . .because they had a good credit history with no late payments.

In these instances, instead of having the mortgage companies work with these sellers, they actually told them they NEEDED to stop making payments, go into default, and let the foreclosure process start.

No wonder the foreclosure rate is so high right now. Even people who WANT to find a way out, can't.

"Farmland Preservation Plans Rejected"

Milwaukee Journal Sentinel (04/04/07) Behm, Don; Rinard, Amy

In Wisconsin this week, voters in Washington County and in the town of Mukwonago in Waukesha County rejected separate referendums proposing to preserve farmland via the creation of purchase-of-development rights programs. More than 60 percent of Washington County voters came out against a plan that would have spent $800,000 a year for the next decade to pay willing farmers not to build on their land. That proposal would have established the first countywide purchase-of-development rights program in the state. In the town of Mukwonago, meanwhile, a majority of voters rejected a proposal to hike property taxes by 50 cents per $1,000 of assessed value for the next two decades to pay for a purchase-of-development rights program. On a $240,000 home, the program would have added $120 in annual property taxes.

The Home of the Future?

I stumbled upon a very interesting article this recently. It was a study done by the National Association of Home Builders and it notes how the “average home” has changed drastically in characteristics within the past 5 decades.

Back in the 1950’s we saw a lot of smaller Ranch & Bungalow style homes with typical living space of under 1000 sq ft. Those homes usually were 2 or 3 bedrooms and had only one bath. The basement was a place to “do your laundry” and “store your things” and “simple” was the theme.
Today we’ve seen that “typical” home shift to 3 or more bedrooms, 2 or more bathrooms, finished lower level rec rooms and more, all with comfort and ease for the busy family in mind.

What does the future hold? The NAHB has made some future projections as to what they feel the home of the future holds.
Average Home in 2015
2,330-square-foot, two-story home with 2½ to 3½ bathrooms and 4 bedrooms
One-story entry foyer
One-story family room (no loft or volume ceilings, etc.)
Living room will vanish or become parlor/retreat/library
Nine-foot ceilings on first floor; eight- to nine-foot ceilings on second floor
Exterior walls of vinyl or fiber cement siding or brick
Staircase located in foyer
Front porch
Patio
Fiber optic network, programmable thermostat, structured wiring system, multiline phone system
Both shower stall and tub in master bathroom
Toilet in master bath will have separate enclosure

What about “upscale homes”?
Upscale Home in 2015
More than 4,000 square feet
Two-story home with 3½ to 4½ bathrooms and 4 or more bedrooms
Two-story entry foyer
One- or two-story family room
Likely to have formal living room, but living room may be replaced by parlor/retreat/library
Nine-foot ceilings on first floor; nine- to ten-foot ceilings on upper floors
Exterior of stone, brick, stucco or fiber cement siding
Stairs in the back or side of the house
Front porch, rear porch, patio and deck
Two master bedroom suites
Outdoor kitchen with grill, sinks, refrigerator, cooking island
Outdoor fireplace, pool/spa, audio/tv equipment, lighting
Programmable thermostat, structured wiring, multiline phone system, multi-zone HVAC, remote control fireplaces, instant hot water in bathrooms/kitchens, lighting control system, monitored burglar/fire/toxic gas alarm system

Just something to keep in mind if you’re looking to build in the near future.

7 Ways to Get Rid of Pet Odors

When a house you’re trying to sell smells like a pet, there are some tactics that can improve the odor situation. Don Aslett, owner of Varsity Contractors, one of the country's largest cleaning companies, offers up these tips for identifying the source of the smell and then eliminating it:

• Use a fluorescent black light (pet-supply stores sell them), to expose odor-producing spots on the carpet, couch, floorboards and even on drapes.
• Remove all solids and blot up as much liquid as possible with a clean towel. Apply an appropriate odor neutralizer or cleaner according to directions.
• Never use ammonia, which takes on the smell of what it's supposed to be cleaning, can trigger more accidents.
• Choose the best product to remove the problem. On water-safe surfaces, try Simple Solution stain and odor remover. The problem area must be thoroughly soaked and left to dry.
• Bramton's Oxy Solution Pet Stain and Odor Destroyer can remove odors and stains from surfaces that won’t withstand soaking, but test first in an out-of-the way place.
• The most effective and safest disinfectant for use around pets is Chlorhexidine, which is sold under such names as Nolvasan, Chlorasan and Chlorhex by veterinarians and medical-supply outlets. Use these for problems that demand deep cleaning.
• When all else fails, temporarily neutralize odors using a product such as Fresh Wave.

Source: St. Louis Post-Dispatch, Sarah Casey Newman (03/10/2007)