Dane County June Market Update
June 2023 Market Statistics for Dane County, WI How does this June compare to the last 10 years! We just completed a unique month of June in Dane County. In the chart above it shows that prices have increase again year of year for June. While the rate that it has increased has slowed compared to the last two years prices have still increased 3.5% compared to last June. We are still seeing strong competition and the market is far from cooling off. With an average time on market of 7 days houses are still selling quickly. The unique aspect to June this year is the drop in the number of new listings on the market and as a result the lower number of sales. There where 17% less homes listed this June compared to last June and down 29% from June of 2021. These numbers may seem alarming, but most home owners bought when interest rates where lower and have been hesitant to make a move in the current market. Moving forward we expect the number of listings to stabilize and not continue the current drop. Normal life changes for homeowners will always drive sales to some extent. New construction has also picked up to help absorb some of the buyer demand that we are currently seeing.
Home Warranties - Are They Worth It?
Home Warranties - Are They Worth It? When it comes to buying or selling a home, one of the many decisions that you will need to make is whether or not to purchase a home warranty. A home warranty is a type of insurance policy that provides coverage for certain appliances and systems within a home. This blog will explore the benefits and drawbacks of purchasing a home warranty, and help you determine if it is worth the cost. For Buyers: As a buyer, purchasing a home warranty can provide peace of mind. It can protect you from unexpected expenses related to the home's major systems, such as the HVAC, plumbing, and electrical systems. Additionally, home warranties can cover certain appliances, such as refrigerators, ovens, and dishwashers. This coverage can be especially beneficial for first-time homebuyers who may not have the experience to identify potential issues with these systems and appliances. However, it's important to note that home warranties can come with limitations and exclusions. For example, certain pre-existing conditions or issues may not be covered, and there may be a limit to the amount that the warranty will pay out. It's crucial to review the policy and ensure that you understand what is and isn't covered. For Sellers: As a seller, purchasing a home warranty can provide a competitive edge when marketing to buyers. It can demonstrate that you are committed to the home's upkeep and are willing to address any issues that may arise. Additionally, a home warranty can help protect you from potential lawsuits related to the sale of the home. When homes change hands the use is changed. It may be a larger family, more laundry, more wear and tear on different systems, but it seem what can go wrong will go wrong when selling. A warranty can take care of many of the issues that arise. However, sellers should also be aware of the costs associated with purchasing a home warranty. Depending on the size of the home and the level of coverage desired, a home warranty can cost several hundred or even thousands of dollars. Additionally, payments are typically made on an annual basis, and there may be a deductible that must be paid before coverage begins. Real Estate News: According to a recent study by the National Home Service Contract Association (NHSCA), homes with warranties sell faster and for higher prices than homes without warranties. The study found that homes with warranties sold an average of 11 days faster and for an average of $2,300 more than homes without warranties. Where to Find: Home warranties can be purchased through various providers, including real estate companies, insurance companies, and independent home warranty companies. It's important to compare policies and pricing to find the best fit for your needs. In conclusion, whether or not a home warranty is worth it will depend on your individual circumstances. If you are a buyer who wants peace of mind or a seller who wants to demonstrate commitment to the home, a home warranty may be a wise investment. However, it's crucial to review the policy and ensure that you understand the costs and limitations associated with the coverage.
Top Home Improvements that Add Value to Your Home
Whether you're planning to sell your home or simply want to increase its value and appeal, making strategic home improvements can be a smart investment. Not all upgrades are created equal, and some have a higher return on investment than others. By focusing on these key areas, you can enhance both the functionality and aesthetic appeal of your home while maximizing its potential resale value. Redo your kitchen: The kitchen is often considered the heart of the home, and a well-designed and updated kitchen can greatly increase its value. Focus on modernizing the countertops, cabinets, and appliances. Consider an open layout, ample storage, and energy-efficient features. Refinish or install hardwood flooring: Hardwood floors have timeless appeal and are highly desirable among homebuyers. Refinishing existing hardwood floors can restore their beauty, while installing hardwood flooring in areas currently lacking it can bring a fresh and elegant touch to your home. Upgrade your insulation: Investing in high-quality insulation not only improves energy efficiency but also adds value to your home. Proper insulation helps regulate temperature, reduces energy costs, and enhances the overall comfort of living spaces. Convert a basement or attic to a living area: Transforming an underutilized basement or attic into a functional living area provides extra square footage and increases the value of your home. Consider adding a bedroom, home office, or entertainment space to maximize the appeal and functionality of these areas. Replace siding: The exterior appearance of your home plays a crucial role in its overall value. Upgrading to new siding not only enhances curb appeal but also improves insulation and protects against weather damage. Choose durable materials that require minimal maintenance. Consider a new roof: A well-maintained roof not only protects your home but also adds value and visual appeal. Consider replacing old or damaged roofing with high-quality materials that are durable and complement the architectural style of your home. Replace your garage door: An often-overlooked aspect, the garage door can significantly impact the overall aesthetic of your home. Upgrading to a new, well-insulated, and visually appealing garage door can greatly enhance the curb appeal and value of your property. Install new vinyl or wood windows: Energy-efficient windows not only reduce heating and cooling costs but also improve the overall comfort and ambiance of your home. Opt for windows that offer good insulation, soundproofing, and durability. Vinyl and wood frames are popular choices due to their aesthetic appeal and low maintenance requirements. By focusing on these type of improvements, you can make investments that add significant value to your property. Whether you're planning to sell or simply want to create a more comfortable and appealing living space, these upgrades will not only enhance your daily life but also contribute to the long-term value and desirability of your home. Remember to plan your projects carefully, consider your budget, and consult with professionals when needed to ensure successful and rewarding results.
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