1-888-HEY GLEN!

Kitchen Gets a Facelift

2012-01-17T14:42:00.000-06:00

Clients of mine wanted some advice on what to do with their kitchen that needed a facelift. With the help of local staging expert, Lori Flatt from Casa Labella, we were able to give this home a much needed infusion. Check out the video for a quick peek of the transformation.

Walking Tour of Mineral Springs

2009-12-29T18:38:00.000-06:00

A quick walk through of my new listing in Pabst Farms located at 1786 Mineral Springs Blvd. For more information of this lovely home feel free to contact me at 1-888-HEY GLEN.

Rain nor sleet nor Relocation??

2009-12-26T16:12:00.000-06:00

No wonder stamps cost so much! The US postal service lost big bucks on relocating employees homes even the real big ones...over $1M!! Ouch...

Rainy Christmas Eve in Waukesha County

2009-12-26T16:02:00.002-06:00

The Squirrels Never Had a Chance

2009-12-26T13:19:00.000-06:00

My wife and I bought this squirrel feeder from Wild Birds Unlimited in Delafield for my parents back yard this Christmas. As you can see the Blue Jay is hogging all the peanuts. The squirrels never had a chance to get their little paws on the goods--poor guys. Dad said that the Blue Jays were lined up to take their respective turns on the wreath. As soon as one left the next flew in for some goodies. In less than 2 hours they had consumed half of this wreath. I hope you had a good Christmas and just enjoyed the fun with family or friends.

This is not Real Estate Related

2009-12-19T15:21:00.000-06:00

From time to time it is nice to depart from all things Real Estate. A friend of mine recommended this book, "Stumbling on Happiness" by Daniel Gilbert. I checked our local bookstore Books & Company to obtain my copy. They are not paying me for this endorsement, but I prefer to shop locally, if I can and I really like brick and mortar business'. Besides I figured that if I had waited 3 months to get around to the purchase I could easily wait another day for the book to come in, so I placed my order. I know that is a bunch of useless information but oh well. The book has an interesting premise--What really makes us happy? Or conversely what makes us unhappy? The first chapter is engaging and I will report what I think about this book, not that anyone is really interested. Blogging is a fascinating thing. More Later...

2009-12-12T13:46:00.000-06:00

One of the worries of professionals in my industry is that rates will go up forcing some potential home buyers from the market. The 30 year fixed rates averaged 4.81% as of December 10, 2009 up from last weeks average of 4.71%. While the rate is still low, compared to last year, the fear is that banks will have to raise rates since the Fed indicated that they will reduce the amount of mortgage paper they are buying by March 2010. This shift to the private sector has some worried that rates could climb at least 1% perhaps even 2% over the current low rates. That combined with tightening credit is giving everyone the jitters. Please see the Wall Street Journal Article.

Nantucket Home in Lac La Belle

2009-12-11T07:56:00.001-06:00

This stunning shingle-styled home is perched high on a hill with spectacular views of Lac La Belle. What I like most about this home cannot be summed up in just one feature. First I was impressed with the cherry floors. The entire home has cherry floors and they are everywhere! For entertaining this home has it all. Featured on Luxury Portfolio videos you can see the greacious spaces. The upper level playroom is stunning. The ceiling is a barrel vault in cherry! Built in desks, storage areas all in cherry! It is truly incredible.

For a private screening of this luxurious home you may reach me at the office, 1-888-HEY GLEN This home is offered at $1,499,900

Oconomowoc School District Links

2009-12-08T07:12:00.003-06:00

As a parent I am very proud of our school system in Lake Country. I thought a few web-links would be helpful for those parents who have not found the OASD (Oconomowoc Area School District) site or for those of you who are thinking about moving into our area. Oconomowoc Schools Media presentation is a colorful look at the School District.

OAC Box Office is a great site to save to your favorites on your computer. From this site you can purchase tickets for events at the OAC (Oconomowoc Arts Center). Having attended quite a few of the "non-professional" presentations I honestly don't know why they are called non-professional, because the kids rock. The signing, dancing, choreography, set design are all professional! It is truly amazing to watch.

If your child desires to go beyond spanish as a language and comes home one day and says, "nǐ hǎo" or Good Morning in Mandarin Chinese, they can learn this exotic language right here at the Oconomowoc High School. Scroll down on the page and you will find more information about the International Baccalaureate program or IB for short.

Do you want to know a little more about your child's teacher? Well there is a link for that as well on the staff page . Here you can quickly save the email address for easy contact.

All the athletic information from schedules to opportunites are located on the easy-to-use site. As a parent you are connected to everything your child may want to involve themselves in.

Are you moving into the area and you would like to know what Elementary or Middle School area your new home is located in? The easy to locate district map will provide you with all the information you will need.

Here's hoping this helps!

In Real Estate

2009-12-07T19:58:00.000-06:00

Headlines for Monday December 7, 2009

House Flippers Are Back!

House Of The Day

Fed NY Pres: "The recession now appears to be over"

Baltimore Lender gets boot from FHA

Naked Santa Causes Stir

Buying a Short Sale

2009-12-07T13:39:00.000-06:00

In today's ever changing Real Estate market, as a buyer you will undoubtedly come across a "short sale". A short sale is a process that the seller's market value of the house will no longer satisfy the current indebtedness. The banks in some cases will forgive the debt. This process is called a short sale. As a buyer there are a few factors that you should be aware of before putting in an offer on a short sale. Here is a brief list of questions to consider:

How many mortgages are on the property? If the seller has more than two mortgages against this property then chances of you obtaining the property in a relatively short period of time are almost nill.
Are there any unpaid HOA (Home Owners Association) dues? If there are the listing agent should try and work with the seller to get those paid ASAP.
Has the seller sent in ALL of the information that the lender has requested? If the seller has not done this and included their hardship letter then move on to the next house. This is not going anywhere. You can determine much about the sellers cooperation if they have not submitted a complete packet. Partial packets to lenders are deal killers.
Find out who the lender or servicer is. Some lenders/servicers are slower than others. Your Realtor should be able to assist you with this.

Just because the property is in the short sale process does not mean you shouldn't think about submitting an offer, but a little extra information before the offer can make the process easier.

Good luck in your search for the perfect home. Feel free to check out my other blog at Lake Country Blog where I regularly comment on life in Lake Country.

In Real Estate

2009-12-06T14:07:00.003-06:00

Wells Fargo to Lay of 26 in the Falls

Foreclosure Scams in AG sights

From Versace to Chainsaws

AM Trust Shut

Partents Give Downpayment money to kids

Rates pushed lower by low housing demand

Consumers on the hunt for personal loans

Short sales made easier

What Difference Do It Make?

2009-12-04T16:41:00.000-06:00

I recently blogged about a book I had read "Same Kind of Different as Me" by Ron Hall and Denver Moore, and how much I enjoyed the book. It is a moving story of friendship, redemption and healing. I was greatly moved by the book. The publisher saw my brief review and asked if I would be willing to read the new book that the authors penned, "What Difference Do It Make?" I said yes. Well the book arrived today so now I need to do my part. Hopefully I can get through the book in the next few days and will post my review here. From the brief introduction it looks like it will be as good as the first book. Developing...

Snow is Coming...Are you Ready for the Slush?

2009-12-04T07:33:00.002-06:00

It snowed last night, not much but just enough to remind us that winter is on the way. With the snow comes slush and wet shoes. I always have a pack of shoe covers handy for each listing. Most home-owners appreciate the gesture. When buying the covers I generally like to get the universal shoe size, or one-size fits all type. These shoe covers I found to work great for the "snow season" . Most
homeowners will be glad to provide some basket or container to hold these blue beauties in as long as I am providing the covers. If you have a better site let me know.

30 Year Low for Mortgage Rates

2009-12-03T11:58:00.003-06:00

With interest rates at a 30 year low down to 4.71% lower than last weeks reported low of 4.78% some buyers will sit on the sidelines and wonder if they will get even lower before they jump into the market. But before you hit the "snooze button" and check out remember that the market is changing quickly. If you are serious about buying your dream home, now is the time. Spring will bring other pressures to the market
and you don't want to miss out. That might sound like Realtor hype, but after 20+years of selling homes I have seen buyer after buyer loose great opportunities trying to time the market. I wish I could time the market, but I can't do that. What we look for are trends in the market. There is a good supply of inventory in our area and sellers are looking for a transaction. Now we have these incredible interest rates. This is the time to move. Call me, call someone just get out there and buy that house that you have always wanted.

Big Homes Still Hope For Buyers

2009-12-02T06:54:00.002-06:00

I thought this was an interesting article. Click on the title to link to the MSNBC article. The Mega-Mansions those 9 figure homes, yeah you read it right, $150,000,000 asking price for Aaron Spelling's home-these big priced tag homes are feeling the pinch too in the real estate market.

Luxury Condo in the Heart of Brookfield

2009-12-01T13:08:00.004-06:00

This luxury condo in the heart of Brookfield, Wi is probably one of the nicest condos I have seen in years. There is not a room that you wouldn't want to just sit down and relax in. Each space is carefully choreographed with furniture

and furnishings that elicit the WOW from each person who wanders through. What I like most about this property is the kitchen. The well organized space offers plenty of room for the serious cook or casual entertaining room to stand around the island with drink in hand. Some homes have "extras" well in this home the "extras" are all standard, like the steam shower, custom cabinets, luxurious carpeting and more. If you are looking for value this condo has it, but if you are a bargain hunter then this may not be your cup of tea. Luxury has a price and an address and Black Walnut is it. For more information please feel free to call me toll free at 1-888-HEY GLEN.

You Want to Wait?

2009-11-30T20:16:00.006-06:00

This article from the Washington Times on-line paper today states that soon the government will have to end its near total purchase of mortgages that have been generated so far this year. The extension of the first time home buyer credit will stabilize the already shaky real estate market, but only as long as the credit is available. With the eventual withdrawal from the market banks will have to pick up the slack with the mortgages. In a nutshell this means that rates will go up sometime in spring of 2010. Banks are in the business to make money and at 4.78% for a 30 year fixed note, banks generally are not too excited about these low rates. Many experts agree that rates will increase at least one percent to 6%. While this is still historically low, the increase in interest rate has a negative consequence to a buyers purchasing ability. This is what concerns most real estate experts and should most definitely concern soon-to-be home sellers. The old adage that "Spring" is the time to sell is gone in this market. If you are serious about selling NOW is the time to put your home on the market. Waiting could cost you thousands of dollars. If you would like to know more feel free to call me and we can talk, no strings attached, as to why this is the case. You can always reach me toll free at 1-888-HEY GLEN.

Q: My bank wants a hardship letter for my short sale. Can you give me some tips on what to write?

2009-11-15T16:20:00.002-06:00

A: A hardship letter is almost always required by every lender. This letter should be brief and to the point AND it should be no longer than one page. There are three elements to this letter too. First you should apologize to the lender for being in this situation. Second your letter must state what your situation is and why you are having trouble making your payments and finally the letter must indicate that you have exhausted all other efforts to resolve the situation. It goes without saying, but this should be all true. Don't make the mistake of writing more than one page. You will be submitting a lot of information along with the hardship letter and you want the loss mitigation department to actually read this letter. Keep it simple and direct.

Q: Someone at work mentioned that if I was behind in my mortgage payments I could do a short sale. What is this?

2009-11-15T16:10:00.003-06:00

A. A short sale is an agreement between you, the homeowner, and the bank to forgive a portion of your loan balance. For instance, if your mortgage is for $300,000 and the best price you can obtain for the sale of your home is $275,000, the bank may be willing to agree to forgive the $25,000 on your note. There are conditions to this. If you find yourself in this situation it is always a good idea to get good counsel from an attorney. Each lender has different requirements for a short sale, but if you are contemplating this route you will need to contact your lender and ask for a short sale package. The package will have requirements of what you need to submit to the bank before they will consider a short sale. Here is an important point. Whatever the bank asks for give it to them. This is not the time to argue with the lenders requirements. Short sales are growing in popularity and can be good options for homeowners in trouble who want to avoid foreclosure.

Beware of the Foreclosure Scam

2009-11-06T06:00:00.004-06:00

How could it possibly get worse? If you are in pre-foreclosure or foreclosure please be aware that there are scam artists out there who will prey on you in your distress. They will send you correspondence that looks like it came from your bank asking you to send your payment, partial payment or fee to this "specific department" at the bank. All sorts of promises will be made to you about the process and your ability to stay in your home. Meanwhile the real lender is not receiving the payments pushing you into further trouble. When in doubt call your bank or your attorney, but don't fall for these sick scams. Watch this blog for more tips on the foreclosure process.

3 Common Mistakes a Seller Makes

2009-08-29T15:58:00.005-05:00

There are three typical mistakes a seller makes when hiring a Realtor to list their home for sale. Avoiding these can save you money and lots of hassle.

First and foremost, sellers often think they know more than the agent they are hiring. Here is a good tip; If this IS the case then find a true expert. The real pro's in real estate are highly engaged in the business and are watching trends daily if not hourly. Unless, as a seller, you are in real estate, chances are you are not as up to speed as you think.

Second, and this really goes with the first rule, if you don't trust your agent you are probably in for a rough selling season and have a greater chance of leaving money on the table. The really good agents, the pros, will not list your home for what you want. They will suggest a listing price that will work in the market and will be perfectly willing to NOT take the listing if you want more than it is really worth. The sellers who get trapped by the "this is what my house is worth" notion generally loose out big time.

Third, and this is the big one, listen to your agent. The selling process is complicated and there are other factors besides price that can cost you big bucks. Just focusing on price is short sighted and you may miss other variables in the contract.

In this market some buyers give a seller only one shot at the offer. You need to make the most of every opportunity you have and the pro's know how to make the best of every opportunity.

Underwater Mortgages

2009-08-09T16:41:00.004-05:00

http://tinyurl.com/m7ftum

Most of the time I can agree with the WSJ and their respective authors' opinions as to the Real Estate market but with the above referenced article I take exception with Mr. Feldstein's take on the method in which we might stave off future foreclosures. In the article he suggests that the very people who are underwater with their current mortgage would somehow miraculously agree to the notion that the government will forgive a portion on their mortgage(not enough to make the bad situation an even break-even) and in exchange, the bank that holds your mortgage now has recourse against the borrower even if the borrower files for bankruptcy. Really? Who is going to stand in line for this ridiculous notion? Does Mr. Feldstein really believe that you would put yourself in this position because it will help everyone as he suggests? Let's be honest Mr. Feldstein; many of the problem loans that were generated that were "subprime" were not leant to people who were thinking of the common good. Those who find themselves severely upside down now due to a job loss are not thinking about the common good right now - they are thinking about how they can satisfy their family's "common good."

The problem stems from policy wonks who have little contact with the market, they wish to control, and their meddling into the free market system. The push to 'regulate' the masses into housing is what created our housing bubble and the FREE market is returning the level of home ownership back to 1985 levels.

The moral of the story is this; let the market work. There will be ups and downs. Interfere with the market and the ups and downs create more opportunities for a loss of our Freedom.

Remember GM?

The London Tea Room

2009-08-08T16:22:00.004-05:00

The London Tea Room St. Louis MO

Lori and I are away in St. Louis for a conference and while we had a few minutes between sessions we wandered up Washington Street in Downtown St. Louis to discover this fantastic Tea Room. We have been tea lovers for the past 10 years and love this great Australian tea from Madura Tea Company. http://www.maduratea.com.au/ We especially like their Earl Grey blend. Well when we found this place we thought we would try their blend as well. WOW what a cuppa! Smooth, rich flavor in a great setting. We loved sitting outside with our steaming cup at a little marble topped table with a nice sandwich (those are great by the way) and a small buttery english shortbread. The cook knows his or her stuff that is for sure, because these little delights are the real deal! We enjoyed it so much that we have been back every lunch for the week. The englishwoman, who hosted us, is a real delight too. If you are in St. Louis, love tea, you must check this place out. It is worth the trip to find it.

Recovery Market?

2009-08-04T10:36:00.003-05:00

http://tinyurl.com/mq5zn7 This link to the Wall Street Article mentions a home sellers dilema when pricing their home. The advice given is sound, from a professional's standpoint. When pricing your home one must really consider several factors that this article points out. First I would look at the what the competition is priced at and second, I would look at what the competition sold for. With the revised rules regarding appraisals, the price of a home is no longer what the seller is willing to sell for and what the buyer is willing to pay. The new third party to this equation is what is the appraiser willing to bless? Local experts are a valuable source of information, including appraisers.

Are we in a recovery market? I can't answer that question. But for starters Waukesha County lists 95 foreclosure sales are scheduled for the remaining days of August. I don't think we are in a recovery mode yet. Time will tell.

I Want What I'm Used To

2009-07-30T06:04:00.002-05:00

http://tinyurl.com/l67ofd I read this interesting article in the Wall Street Journal this morning about the death of McMansions. And I thought the end paragraph best summarized the article, when the autohr June Fletcher says, "I suspect that when the recession ends, and today's first-time buyers are ready to move up, they'll want a home just like the one they grew up in. In other words, a McMansion". It was an interesting read.

Tax Assessment--Fighting City Hall

2009-07-17T22:14:00.003-05:00

It is that time when the city will be sending out the reassement notices. Guess what? Taxes are not going down! Even with this economy. So here is a great article on how to fight City Hall with your property taxes.
http://tinyurl.com/mdsxy9

Values are plummeting in the city and across Lake Country. Go prepared to make your case. See what you think of the Wall Street Journal article and if it applies to you. The municipalities need to take notice that the citizens are watching how their elected officials are spending the money and if the reassessments are fair. Check the blog I posted a few hours ago about the values in Oconomowoc.

Family Fun in Grandhaven

2009-07-17T16:48:00.003-05:00

It looks impressive from the outside and inside it is equally impressive as well. Grandhaven in the Town of Delafield and is the setting of this fantastic property. Here is the really cool thing about this home. This past Tuesday I had a broker's open for the top agents in the area. We had a nice lunch catered for these professionals. These folks are in lots and lots of homes, some huge and rambling. The overall comment when they walked into this 9,000 plus square foot home with an indoor basketball court, was "This feels like a family home." WOW I was blown away. I knew the moment I walked in that this was a special home. It has 18 rooms, but each room is intimate, warm and inviting. So many of the larger homes have these cavernous rooms that leave you feeling less than invited. So when I heard that the other agents, competitors of mine, were saying how comfortable they felt and that this was a great "Family Home" I knew that this was a winner.
http://tinyurl.com/kj53ga. Click here to see the YOU TUBE video of this great home. If you know of someone who loves grandeur and comfort then this might be the place for them.

Feel free to call me at 1-888-HEYGLEN or shoot me an email for more info at ghanon@shorewest.com. This homes website can be seen at http://www.shorewest.com/1088908

Oconomowoc Housing Statistics

2009-07-17T16:20:00.004-05:00

For those of you who like the crunchy stuff here are some stats as to the state of real estate in the greater Oconomowoc area. The numbers are averages, but they give you an idea of what is happening in our city. The data is from MLS (Multiple Listing Service) and is for the greater Oconomowoc area only. Currently we have 311 homes actively for sale in all price ranges. Of the 311 homes the low is $105,000, the average is $515,886 with the high of $3.1M.

The solds in this sampling were from January 1, 2009 through today, July 17, 2009. There were 112 sales in that time frame with the low of $85,000, the average of $253,923 and a high of $995,000.

With that many homes on the market it is a good time to purchase a home in the city! If you would like more data or have questions about this data, feel free to contact me at ghanon@shorewest.com or you can call me at 1-888-HEY GLEN, toll free.

Ahh the Lake Life...

2009-07-12T17:32:00.003-05:00

Over the fourth of July we spent a little time at the lake and I have to say that this is one of the best times we have as a family. The boys can spend all day on the lake sailing and we can just relax and enjoy the warmth of Wisconsin in the summer. Probably the best part of being together as a family is after dinner playing dumb card games. Our only entertainment are silly games, but we are all together and I guess that is what makes those times at the lake the most special. No cares, at least for the moment, no telephone interruptions, just fun and family. Those breaks are essential, no matter what line of work one is engaged in. Those fun times are always highly anticipated and never seem to last long enough but I guess that is why they are the fondest memories. Ahhh the lake life....

The Condos at Pabst Farms

2009-07-12T16:39:00.004-05:00

Oconomowoc WI--

Centrally located the condos at Pabst Farms are a perfect addition to the single family homes. Of the 10 units that are constructed only 3 remain for sale. This aerial view shows the proximity to Summit Elementary School (on Valley Road) which is located at the top right of the picture. The homes on the bottom right comprise the western edge of Eastlake Village--a single family development. The condos blend in very well to the neighborhood feel of Pabst Farms. Everyone who attended the open house on Saturday and Sunday were impressed with the quality of construction in the units. Pella windows, tiled showers, Kohler fixtures, granite counters, underground sprinklers are just a few of the "standard" features of these very upscale condominium homes. As a Realtor holding open homes it is always interesting to hear what people think and say off the cuff. The other comment that comprised most of the attendee's was that these condos "don't feel like condos they feel like a home" That is due to the fantastic floor plans that this developement offers. So if you are in the area and want to see some outstanding condo-homes you should stop by on Saturday or Sunday from 1-2:30 or give me a call and I can set up a time for you to see these units at your leisure. You can reach me at 262-567-4349 or the Toll Free number 1-888-HEY GLEN. www.heyglen.com

Is Time Running Out?

2009-07-11T06:24:00.004-05:00

Yesterday while waiting for our respective clients at a closing, the other Realtor and I were discussing the market and the first time home buyers. We both could have pulled our hair out trying to convey the sense of urgency that is just around the corner. The hardest part of the job sometimes is informing people of what is really happening in the market. I guess it is a matter of trust and I can understand that. Here is what is happening with the first time home buyers who are applying for the credit. Most of those buyers are using FHA which is a government program that will allow you to have less down on the house and in some cases the interest rate will be better. (But not all cases) So with the lure of lower downpayment and a smaller interest rate buyers have flooded FHA with applications. Remember this is the government!! Have you ever waited in line for a drivers license at the DMV? Well that is what waiting for loan approval from FHA is like--a nightmare! Missed dates for loan commitment are the norm. What would normally take 30-45 days is now taking 60-75 days. So here we are in the middle of July and it appears as if you have half the year to make a decision. Hold that thought. You have about a month or two to find your home then you are going to be one of the scores who are trying at the last minute to get their loan approved, in an already swaped system. So time is running out and I am not kidding...if you are on the fence make a decision either way.

How to Keep Your House Show Ready

2009-06-30T15:11:00.002-05:00

Jeff Opdyke, from the Wall Street Journal muses in his June 25th column, http://blogs.wsj.com/juggle/2009/06/25/mastering-the-faux-clean-dealing-with-the-stress-of-selling-a-house that it is not easy to keep the house ready especially for those of you who work from home. I agree and I know it must be tremendously difficult to keep the kitchen clean when the Realtor calls for that last minute showing. This is an area that most sellers fret over and the only advice I can offer to sellers like Jeff is this: The Real Estate Community is invasive during the selling process and it is essential to price your home correctly from the get go so this inconvenience does not drag on too long.

As the listing agent I can help with this by screening the potential buyers. This is a delicate balance because if the buyer feels as though they are being given the third degree they will simply move on to the next property.

Daily task lists are good ideas for families on the go. One tactic I have taken with homeowners who have younger children is to have the parents create a reward system for their kids. Making beds, cleaning bathrooms etc. For each job that is well done the child receives a star. Accumulate so many stars and Mom and Dad will do something special for that child. I know it's bribery, but many of my clients have used it and it works very well. Besides everyone is working towards a common goal and the team work is great for the family. If poor Jeff is left to do everything himself then resentment builds frustrations will start to run high.

FDIC Chair Yanks House From Market

2009-06-28T18:55:00.003-05:00

As reported in the Wall Street Journal http://tinyurl.com/nwj6ca Shelia Blair, the Chairwoman of the FDIC removed her home from the market. The price reductions just did not work. Really? Well price reductions do work and they do help homes to sell. We have a lot of homes on the market, but as a collegue of mine says, "There maybe a lot of signs in front of homes but only a few sellers are willing to sell" What he means by that is that even in this market some sellers are still "trying" to see what they can get for their home. My advice--Pack it up and do like Shelia did and remove your home from the market. The last thing serious sellers need in this market are unmotivated sellers who are playing with the idea of selling.

I recently particiapted in a significant poll for the top agents in the Metro Milwaukee area and one of the questions that was asked was this: "How should a Seller price their home in this market?" The number one answer: Agressively. I have had the privilege of selling over 30 homes so far for the year and they all sold because the seller agreed to price the home agressively. That is the key even in a difficult market. In Real Estate right after location, location, location it is price, price, price.

Just my two cents!

Bravo, Bravo

2009-04-27T10:30:00.002-05:00

Kudos to Mike Duncan, the Director of the Oconomowoc Arts Center, in Oconomowoc, WI for landing the Waukehsa Symphony here at the OAC this October. The venue is simply stunning and it will be fantastic to have the WSO perform here at our very own Arts Center! Several other venues were announced in the JSonline article, which you can read here, http://tinyurl.com/d5vecw . But the really outstanding news is that Mike is working to make the already impressive building display outstanding talent as well. The first big step is to have a first class facility and now we are getting first class entertainment. I would encourage you, if you have not been to the OAC, to make it a priority to visit the OAC for a local performance or a professional performance like the WSO. You will not be disappointed, I can assure you of that. We have lived here in Oconomowoc for almost 23 years and it is a real joy to have such fine amenities available to us. We are very fortunate. Bravo Mike, Bravo!

Viva La Chilli's

2009-04-18T04:59:00.003-05:00

The other day the boys ( my two sons) and I had lunch at Chilli's and I have to say what keeps me coming back are those darn chips. Those are a meal in themselves. This Chilli's is nice and close to work so taking time off for lunch is easy. As we walked inside the restaurant, I noticed past clients, friends etc. so I started making the rounds saying hi. When we finally sat down, Robert said, "So is that what happens when you get old?" I guess what he meant was knowing more people, but I couldn't help to focus on the "old" comment. We have lived in Oconomowoc now for 22 years and it is fun to see new places like Chilli's pop up in our little community. Pabst Farms is just around the corner and the new Pick N Save is sure nice too. I love fresh fruit and great meats and personally I can't wait for the Brennans Market to open this fall. If you are thinking about a move to Oconomowoc give me a call and I can help you find the right place to call home. You can reach me via email at ghanon@shorewest.com or feel free to call me at the office, 262-567-4349, or maybe we will just bump into each other at Chilli's!

Time for ReDirection...

2009-04-16T09:51:00.004-05:00

http://tinyurl.com/cbbd6w. Time to redirect a little bit here to my other blog. If you have a chance check it out or follow me on Twitter at http://twitter.com/HeyGlen. There is so much happening in Oconomowoc right now that is so positive. By the way, now is a great time to buy that first house of yours especially witht he $8,000 credit out there.

Triple Net Leases

2009-03-12T19:17:00.005-05:00

Now that sounds interesting...I mean how boring of a topic can you write about? What exactly is a triple net lease anyway? For simplicity sake, triple nets are leases for commercial real estate where the tenant pays for the utilities, taxes and any maintenance on the building. The Landlord simply collects rent. Generally speaking, triple net tenants are highly rated, have great track records and are very dependable.

Well I was thinking the other day about residential real estate, an area that I am passionate about for the past twenty years. One of the downsides of residential rental real estate is that you are always dealing with leaky toilets etc. Many real estate investors simply do not want that hassle day in and day out. While this idea does not answer, completely, the triple net issue, I think it is intriguing. By the way this idea will not work for everyone, but it will work for some.

If you have a good equity position in your residential property and you want to sell it, rather than sell the home in a down market with a buyer who is using a bank, why not sell the property on a land contract. The land contract instrument works like any other mortgage document from a bank. As long as the buyer has a good down payment this is an avenue that can generate some good (triple net) income for the current homeowner.

Have you ever really looked at an amortization schedule on a 30 year note? Do you realize that most of the payment for the first 5 years is almost all interest, very little principal reduction takes place.

Some folks look at this and conclude that it is not for them because they want all of their money at once. However if you evaluate this option you may decide that you are willing to receive installments over a several year period and actually make more money than you would by selling the house outright. I can show you how this works in detail, but I think this is a great idea, especially in our current market.

Help Fund the Fringe

2009-03-04T08:47:00.005-06:00

Hey Oconomowoc here is a worthy cause that we all can get behind. The drama department at our very own Oconomowoc High School earned its place on the world stage with their selection to participate in the "Fringe" festival in Edinburgh Scotland this August. Just to let you know how amazing this honor is the high school theater director must first be nominated for excellence by a university faculty member or a state or regional theater organization. Then once nominated the school must submit a detailed application. This year 1,600 schools nationwide were nominated and only 42 schools across the country were selected to participate in the "Fringe" . This is a huge accomplishment for our community and something we can all be proud of. What an honor!

The kids need our help with raising funds to go on this fantastic trip. If you can help out check out their website at http://www.fundthefringe.com/ or call Tom Klubertanz, the Oconomowoc High School Theater Director, at (262) 560-3100 x 3211. All donations are tax deductible through the OHS Mamas and Papa Inc.

Oconomowoc is the shinning star in Western Waukesha County!

What Are My Options?

2009-02-18T14:59:00.004-06:00

The rate of foreclosures are up and families are struggling to make ends meet. Some unfortunate homeowners are forced into a horrible situation by no fault of their own. If you have found yourself in this spot there are options available other than foreclosure and bankruptcy.

Short sales are becoming more popular with struggling homeowners and banks. A short sale occurs when a bank agrees to take less for the mortgage than is owned at the time of sale. The sale price is obviously less than the balance on the mortgage note. For example; Mr. & Mrs Smith owe $200,000 on their mortgage, they need to sell the property, however the value of the home has declined and the property is now worth$180,000. The Smith's receive an offer for $175,000. The proceeds from the sale will not cover the first mortgage. The banks, while never preferring this option, will in some cases, agree to a short sale and thus forgive the $25,000 owed to them. This helps the bank in one fashion; their liability is now determined and fixed. Whereas if the bank takes the home through the foreclosure process their costs could be significantly higher.

Real Estate has now moved to the realm of mitigating the loss. Short sales generally have less of a negative impact on the credit score than a foreclosure does. Not all applications for short sales are successful, however, we have found them to be a way out for homeowners and banks -- a win win if you will. If you have questions about a short sale, feel free to contact me or let me know what you think of this blog.

Show Me The Money

2009-02-16T13:42:00.004-06:00

The much talked about Stimulus Package that Congress worked on last week has a housing stimulus component to it. In that bill that President Obama is likely to sign tomorrow, there is a $8,000 credit available to first time home buyers. Here is how we think this is going to work out. The credit will be given to the homeowner who meets the following criteria. Any single family residence, that will be used as a single family residence qualifies for the credit. The credit is available to individuals with adjusted gross income of no more than $75,000 or $150,000 for a joint return. The purchaser or their spouse may not have owned a principal residence 3 years prior to this purchase. There is no repayment required of the credit for homes purchased between January 1, 2009 and December 31, 2009. If the home is sold within three (3) years of the purchase the credit must be returned.

So let's give an example of how this will work. If you have not owned a principal residence for the last 3 years and you decide to purchase a home that is $160,000, and you and your spouse make a combined income of less than $150,000 you are eligible for this credit up to $8,000. When you file your taxes and your refund was $1,000.00 you would receive back from the government a check for $9,000.00.

Do you think this is a good idea or a lousy idea? Let me know. I am interested in your feedback.

Lake Country-A slice of Heaven

2009-02-13T14:51:00.004-06:00

I was just thinking the other day as I was working with this great horse, that Lake Country and specifically Oconomowoc, are really like a little slice of heaven. I remember when I was growing up as a kid that life seemed to be at a slower pace. We played outside (no video games), we invented things to do. People knew who you were and most things seemed to stay just the same year after year.

Well living in Lake Country is a little different that those 'fond memories' but when you think about it we live in a cool part of the county. There is so much to do out here. If you love horses, like I do, there are so many areas to trail ride with your favorite steed. If you are into biking (road bikes) there are so many back roads that you can ride for miles and miles on back roads or paved trails. If you just love the outdoors you can spend time hiking in one of the many county parks. Lake Country is truly unique and I love living here. The best kept secret though of our area are the people. Most are very friendly and willing to help out a neighbor or complete stranger. Sure there are the occasional self absorbed types who wouldn't lift a finger but they are not the norm. The friendly ones are and that is why Oconomowoc has been home for the past 20 years for our family.

Shorewest Mobile

2008-12-12T14:33:00.002-06:00

In a continuing effort to stay ahead of the competition we have just added this outstanding feature to our HOTLINE. If you are not familiar with our HOTLINE, this easy to use tool allows one to enter a five digit number for a listing while on your cell phone or land line and you can instantly hear a professionally voiced commercial about the home of interest. Now that 'smart-phones' are even more popular we have upgraded the HOTLINE to meet this growing demand. Here is how it works: After listening to a message on your smart-phone you press 9 and before you hang up you have received two text messages on your phone. One of the text's provides a link to the mobile version of the web with pictures, description and room dimensions that can be viewed on your smart phone. It is easy and requires no effort. Now here is the really good news. You can enter the address of any property, whether it is a Shorewest listing or a competitors listing and get a mobile version of the information that YOU want. This is just one more reason why Shorewest continues to be Wisconsin's #1 homeseller. We are making it easier each day to find the home of your dreams.

The Mall at Pabst Farms

2008-09-28T21:50:00.008-05:00

Will the Mall Come to Pabst Farms?

Recently in the local paper here in Oconomowoc an article mentioned that the mall at Pabst Farms may be in question. I would like to weigh in on this topic. Just because I am a Realtor does not mean that I am always for growth, in fact I like to think that I am in favor of "Good Growth". Good growth is development that makes sense and is not development for the sake of development.

Pabst Farms originally indicated to the community that the mall would be a regional pull. I think most everyone knows what a "regional pull" entails. This would be stores that will pull shoppers from the region to Oconomowoc. I know that is a little sarcastic, but let's be serious--Kohl's is not a regional pull store. I like Kohls and I know my wife shops there quite a bit. I have nothing against Kohl's, but let's face it, the folks from Mequon are not going to hop in their cars and drive 60 minutes to go to Kohl's when they can visit one in their own backyard. However if Nordstroms were located in Oconomowoc you can safely bet that they will make the 60 minute drive to Oconomowoc.

If the city allows the mall that features tenants that the local market will use and enjoy, then I think the hope that so many retailers have put in the mall, and its efforts to revitalize downtown Oconomowoc, will not materialize. If Oconomowoc is going to be on the map for a destination city for retailing then we must hold out for a mall that will have a larger draw than the city itself. We have lived with driving to Delafield for Kohl's and other stores and we can certainly live a little longer with this fact. But if we settle for second best now, the ability to attract stores that will draw from the region, in my opinion will be limited. Pabst only has so much land to develop, let's do it right from the get go and not settle for second best.

So to all the folks at Pabst and the City, for the sake of our community let's push for the best mall development that has been promised to our area.

Just Minutes From Oconomowoc

2008-09-28T21:40:00.003-05:00

I try to keep most of these entries about the local happenings around Oconomowoc, but I have to make this exception. My wife and I were spending some time in downtown Milwaukee last week and it was close to lunch time. I had been to Soup Bros before and thought that I would treat her to a different experience. Located on Florida Street just a block west of Water in the Historic Third Ward, Soup Bros is a real treat. As a Seinfeld aficionado, I love quirky places like this. The proprietor is not like the Soup Nazi, in fact he is a real nice guy, but can he make soup! For a little over $6 you get the best soup of your life and a large piece of freshly baked bread to dip into your little bowl of heaven. The establishment probably sits only 12 people ( I'm not exaggerating either) and if you get there when there is a crowd you will most likely be waiting outside, in line, for one of the days delights--BUT it's worth it. So if you want a little adventure head to Milwaukee for a bowl of soup that you will not forget anytime soon.

2008-09-25T10:25:00.020-05:00

Silver Lake Intermediate School

A few weeks ago a friend of mine, who is working towards his commercial pilots license, asked if I would like to go flying with him. Without hesitation I said YES! On a calm August evening we took off and I literally hung my head out the window as I feverishly snapped pictures of my favorite city-Oconomowoc. One of the first places I wanted to see was the new middle school just north of Silver Lake. This stylish and exceptional building looks great from the ground, but from the air you really sense how large the building is. What a beautiful site too! If you were in town this past weekend you may have stopped by the open houses for both intermediate schools. Oconomowoc has made such amazing progress with respect to our schools. The old middle school, which was severely outdated and in need of tons of repair is now replaced by two intermediate schools. Nature Hill Intermediate School is located off of Z and Lapham Road on the north side of town. If you have a chance stop by and check out the new digs!

Is Real Estate a Good Investment?

2008-09-19T19:29:00.004-05:00

Real Estate is still a great investment. In fact this year, with all the ups and downs in the financial markets, will probably be remembered as the best year to buy housing in the State of Wisconsin for quite some time. In fact if you can obtain financing for investment purposes now would be the time to act. However if you are thinking about flipping the house and making a bundle of money overnight --forget that notion. Part of the problem from years past, that we are now feeling the pains of, is that insatiable desire to make big bucks overnight. Real Estate was never meant to be a get-rich-quick scheme. Rather it should be a part of a well thought out portfolio.

Another reason why this is a good time is because the supply of good renters is increasing. Think about all those folks who have lost their homes due to the re-setting of adjustable notes. They need a place to live. Some are probably not credit worthy, but my guess is that you will be able to find several who are.

At some point the Fed is going to have to raise interest rates, so if you are buying your next home for yourself or as an investment now is the time. Rates have been artificially low for quite some time and as soon as we string together a quarter or two of good solid economic news you can bet that the Fed chairman will be raising the interest rates.

If you watch the stock market at all it was not too long ago that gold was near the $400 dollar mark. Folks are now saying, "I wish I would have bought more gold!" Well in a year or so people will be saying that about Real Estate as well.

Now is the time to act. Remember when you are watching TV that the national news is just a snapshot of the national market. Wisconsin, Southeastern Wisconsin is in a entirely different financial state. Don't make the mistake of making a decision on whether to buy or not buy based on a national snapshot.

Carpe Diem--Seize the Day!

What Do REALTORS Do?

2008-03-17T10:03:00.002-05:00

Here is a quick example of what your REALTORS do for the homeowners in the State of Wisconsin. The REALTORS lobby just defeated a proposal that would allow assessors to trespass on your property without your permission to conduct their assessments. These are just a few of the examples that your REALTOR community does on behalf of all homeowners, whether you are or are not selling your home.

Last year the REALTORS also defeated a proposal by Gov. Doyle to increase the state transfer fee from $3/1000 to almost $6/1000. This is a fee that is paid by the seller at the time of closing. Most homeowners do not care about this fee until it is time to sell their home. As REALTORS we know that this grab for extra dollars was particularly unfair. We successfully defeated this measure for you!

What Will Ben Do?

2008-03-14T06:40:00.005-05:00

The FOMC is set to meet very shortly and Ben Bernake, the chairman of the Fed, is expected to reduce the Fed Funds Rate 3/4 of a point. Some bets are now on a full 1 percentage point drop. The infusion of cash to the banking system this week was seen by Wall Street as a good sign and stocks rallied for a day. However if the news continues to, regarding the financial markets, be dire, some analysts conclude that Mr. Bernake must reduce the Fed rate by at least that 3/4 mark. With the upcoming election and a continuing sag in the credit markets some now are hinting that Bernake has a 59% chance of keeping his job. This is the worst thing that could happen. The minute the Fed is politicized we are all in deep trouble. For years Greenspan was free from populist pressure and Mr. Bernake should be free from that as well--Republican or Democratic. Monetary policy should never be governed by the 'flavor of the day' sentiment of a politician. If you are old enough you will remember the failed price controls of the 70's under Richard Nixon. Let's all hope that Mr. Bernake and the Fed governors next rate reduction is enough to provide some stability in the credit markets.

It's Time To Act!

2008-02-20T05:58:00.004-06:00

If you have a chance to pick up the latest Time Magazine read the article by Dan Kadlec on page 54, titled "Ignore the Headlines!", the author makes the point in this piece that waiting until you think the market has bottomed out may actually cost you money in the long run. He says, "...let's say you are emotionally ready to be a homeowner. You have good credit, plan to stay put for five years and have been waiting for the perfect entry point. It's time to get serious--before an inevitable rise in interst rates (italics mine)wipes out your advantage"

Did you notice the "inevitable rise in interest rates" part of that statement? The Fed has to raise interest rates. They are artificially low and they will go up. Kadlec goes on to point that even if the house you were interested in buying goes down in price a simple 1/2 point rise in interest rates will wipe out any gain in a lower price. John D. Rockefeller said, "The way to make money is to buy when blood is running in the streets"

Some parts of the country are feeling this "blood running" but in the upper mid-west we are not seeing the downturn to this degree. Personally I think we hit bottom last fall and are now starting to move out of that position. We have seen a retreat of sellers to just give in to buyer demands and buyers are now realizing that a "wholesale" purchase price is no longer available. The worst thing a buyer can do now is to wait. The inventory levels are receeding and I think we will see rates begin to creep up. That creep up may not be next month, but it is on its way.

HEY GLEN!

2008-02-09T17:01:00.001-06:00

This past Thursday evening House Hunters, HGTV's leading show, featured yours truly as the agent assisting a young couple find their first home. Erin and Jon, the buyers, were fantastic and very camera friendly. We had a great time shooting this show.

What I found interesting is how long it takes to make a reality show. We were in one home and I made a comment about the color of a bathroom. Everyone laughed and then the producer said, "Let's do that again, say the same thing." Well we re-shot that scene 5 or 6 times. For this 30 minute episode the filming consisted of a day in May, a full day in August and then another full day in October. They actually filmed this episode in 2006! I thought that our little show would never be aired, but then one day in late January I received a call from California and they said that we would be on air next week--that was exciting.

When you live in a city and then see it on TV it appears slightly different. The film crew did a fantastic job of showcasing Oconomowoc and all of its beauty. What an experience!

How Do I know If This is a Good Offer?

2008-02-09T14:04:00.000-06:00

I was asked the above question just the other day and I would like to share with you what I told my client. Any offer that you receive on your home, in a good market or bad market, must be assessed based on the current market. If a seller makes a decision to accept or reject the offer that is before them based on; what they want for the house, what the house cost to build, or what the seller has 'into' the house then those decisions generally result in lower net prices for the seller. Let me explain. The emotions of selling can run high, but as a seller you have to remember that the buyer is not that emotionally involved in your home--yet. The buyer has seen literally dozens of homes and has compared them to yours. By the time they make the offer they have done some research and have come up with a fairly good estimate of what they think the home is worth. I liken this to the stock market. If you buy a good stock at $30/share and for some reason, out of your control, that stock goes down to $25/share, just because you think it is a great stock does not change the value. Real Estate is a little more complicated than that but the same principles apply. Your home is only what it is worth in the current market. The hard part of all of this is when the market is in decline, you can not accept the new value or market price of your home. But conversely when the market is accelerating I rather doubt you would have a hard time accepting the accelerated value of your home. It works both ways.

Have One Of These?

2008-02-02T06:58:00.000-06:00

Yikes! If your electrical service looks like this you should consider upgrading your service to breakers. Currently real estate contracts do not forbide selling homes with old fuses, but insurance companies will not issue an home owners policy with the old style fuses; bottom line--you can't sell with fuses. With today's electronics, microwaves and hair dryers, the old fuses just can not handle the electrical load. So if you have this in your basement and you are thinking about selling, it will be a good idea to contact your electrician and have them install a circuit breaker panel--minimum of 100 amps. Taking care of this issue now will save you some greenbacks later when you have an offer on the table. What might cost you $500 now could literally cost you the deal later. So why wait? If you have fuses, currently in service, and are not thinking about selling why not change it out anyway. From a safety perspective it would be a great idea. Just a thought from HEY GLEN!

Tchotchke

2008-02-01T14:24:00.000-06:00

What?? Tchotchke (pronounced chotskee)... you know nick nacks around the house; like the greens around this lamp. You may or may not have heard of the term, it is used often when decorating a house. A designer or decorator may say "We need some more Tchotchke to finish off this space." When I first heard that I thought not on your life will I do that to a room. But then my lack of a good vocabulary didn't allow me to know what the decorator was talking about. Now that I know the word I feel like a big shot. But try working that into a conversation--it's not that easy. Just remember when selling your home. Let's have some good Tchotchke around the house, after all who likes lousy Tchotchke anyway.

Will We See Rates Drop?

2008-02-01T10:55:00.000-06:00

Now that the FED cut the Fed Funds rate for the second time this month down to 3% the question on the consumers mind is will we actually see lower rates for home mortgages. The answer is a likely--'Yes'. But wait a minute Glenn--You just wrote in the blog below that the interest rates will not go down, what gives? While it is true that some banks will not reduce rates we operate in a competitive business climate and some lenders will price their 15/30 mortgages accordingly to capture more business. But with all predictions I can be wrong. Interst rates have been hovering below the 6% mark now for quite some time--a historic low. We can and should anticipate that 15yr and 30yr rates will be in the low 5% range. There is a current pent up demand for housing, despite the negative media accounts. Families still plan moves and corporations still relocate people so there is demand out there. With this drop I think we will see more and more buyers get into the market. Time will tell.

What Will The Fed Do?

2008-01-30T06:24:00.001-06:00

Shortly we are going to find out what the Fed is going to do with the Fed rate. All bets are on another sharp delcine in the rate, perhaps 50 basis points. Will this translate into lower interest rates for homeowners? Not necessarily. Here is why. Banks are businesses and they want good loans. They are also aware that funding for many loans are tightening or have tightened up. So they are not interested in marginal loans or loans that generate little to no profit. So banks may actually do nothing with their interest rates, or we may see a slight increase. Case in point, when the Fed unexpectedly reduced the Fed rate 3/4 of a point, the interest rates on 15 year and 30 year loans acutally increased slightly. We shall see what happens today. At the end of the day what matters most to buyers is, can I get a loan to purchase the house I want? The answer is yes. But if you are a buyer who has shaky credit or conventional wisdom says that you should not be purchasing that house, you may find it more difficult to get a loan. All in all that is good for the economy right now.

Does Staging a Home Really Work?

2008-01-28T13:41:00.000-06:00

I have written about this topic several times and I think it is worth repeating. Often times I will hear a sellers frustration expressed like this, "Buyers are not very sharp when it comes to projecting how they will fit in a house!" My reply is often a yes and a no answer. Here is a classic example. If you have ever built a house this will make sense. Do you remember going over the plans and then the day finally comes when the builder digs your basement. If you were like me, when I arrived to the job site, I took one look at the hole in the ground and I said "They dug a hole too small!" Then when the builder capped the basement you looked at the first floor deck and said the same thing. It is not because you are not sharp it is because many people find it difficult to conceptualize space. Builders like to furnish their spec homes because it gives people an idea as to how the space can be used--and therein lies the rub. When a homeowner is selling their home they are not thinking like a builder or developer. They are thinking like sellers--and there is nothing wrong with that. BUT, in this market if you want to have maximum impact then you may want to consider staging your home to sell. Here is what staging accomplishes: first, the furniture that will be used is more in line with what is being sold, today, in showrooms. Second the color scheme for the house will also be current, based on today's demands of very very picky buyers. And finally, the room will be designed and shown to bring out your homes best features. Well placed furniture always makes a room look bigger. So if you are thinking about selling and you want to maximize your homes return then you should consider staging to sell! I highly recommend it.

Fed Cuts Rate

2007-12-13T21:08:00.000-06:00

The Federal Reserve cut the Fed rate from 4.5% to 4.25% on Tuesday. Many on Wall Street had hoped that the decrease would be more than the 25 basis points, however this is great news. Can the Fed keep reducing the rate? Only time will tell. If the losses by the major banks begin to end I think we will see a slowing of future Fed rate declines. Their chief concern is inflation. The constant lowering of rates will not alleviate those fears. With the looming real estate crunch what else can they do to spur the economy? So goes the wisdom. Part of the problem is Wall Street itself. If you look at Main Street USA for clues to the economy I think you get a different picture. I know this is anecdotal, but so are the economists so called models. How else could they be so drastically wrong on consumer spending for November? They predicted a .6% growth but when the numbers came out they were double the estimate. That is hardly close to the mark, if you ask me. The WSJ article this morning pointed to the fact that the economy is doing better than they (the economists) all thought.

So, on to my anecdotal experience. When I was in Kansas City last week, I went out for dinner on a Monday evening. The parking lots were full, the restaurant was 1/2 full, while most of the other eating establishments were packed. That was a Monday night in Kansas City! Now think about all the other cities around the country that were experiencing that same effect. The big banks may be feeling the pinch from their greedy money grabs with SIV's and CDO's and got caught with their collective pants down, but the average American isn't feeling the same pain. I think the reason that most of this is so sensational is that these are the 'elite' banks and they made several bad calculations. The media has pounced on this like a rabid dog. I realize that parts of the country are in turmoil, but the Midwest has done very well despite the zealous appetite of the newshounds to pronounce death to real estate every waking moment.

Guess what guys and gals at NBC, CBS and ABC? Average Americans are going about the business of buying and selling homes without giving into the hysteria and hype that you are selling. After all the news business is a business. Let's not forget that little point.

Interesting Interest Rates

2007-12-10T20:04:00.000-06:00

Will a lowering of interest rates spur housing activity? That is the million dollar question. While many of the potential home buyers out there waiting for the other shoe to drop (a national declaration that the real estate market has hit bottom) a word of caution. Some are waiting for the actual 'bottom' to occur, but the real problem is that we will not know when that day is since most of our data is historical. If one looks at the current interest rates compared to the history of rates since the 70's there are only a handful of times when the interest rates have been this low. What does that mean? It means that they will go up. They have to. The Fed is currently worried about the risk of inflation on our economy and raising interest rates is one of the tools that a concerned Fed can use to slow that monster. Lowering rates only encourages a higher risk of inflation. But with the housing slowdown reducing rates seems to be the effective tool for the moment to spur activity in the housing sector. Herein lies the rub. Buyers are waiting for that 'great low rate' and will probably miss it as the economy moves along. The good news for our real estate market is that we have not suffered like other parts of the country. We don't see the escalation of property values like California, Arizona or Florida. That does not mean that we have not seen our share of problems, but Wisconsin is doing well comparatively. With interest rates now below 6% and an ample inventory level I can not think of a better time to invest in Real Estate. A year from now some will be lamenting that they should have gotten into Real Estate. Oh well that is how it goes.

It is Easy...Really...

2007-05-30T15:46:00.000-05:00

If your home is currently on the market and you have moved to a new home you may want to make sure that your insurance properly reflects that you now own a vacant home. Don't make the mistake of thinking the insurance company will never find out. Most homeowners policies offer a vacancy rider that is very affordable--$40.00 per year! Who wouldn't want this very important coverage. If you suffered from vandalism without the coverage you will be on your own for the repairs. Many companies will not refund your annual premium, but it is a small price to pay for that peace of mind. No matter what you do check with your agent to get all the facts if you have a vacant home. Just another helpful hint from HEY GLEN.

One more thing...

2007-03-15T10:47:00.000-05:00

YOU CAN SIGH A BIG RELIEF--THIS MEASURE WAS DEFEATED. The Governor's proposal to raise the transfer tax had me thinking and thinking. Isn't this really double taxation? You already pay very high property taxes, but when you go to sell your home now you will have to pay a tax to sell. That seems like double taxation to me. I guess that is why they call it a fee. What happens to the seniors who sell their homes and are in dire need of every penny of equity that they can get out of that house? Well this proposal will strip that money right out of their hands. I could keep going and going but here are three additional points of why I think this is unfair to everyone.

This 'home tax' hurts the buyers and the sellers. Someone will be paying for this tax.
Seller's loose more of their equity.
The 'home tax' is unfair. The Governor wants to use the increased revenue to fund a Youth Aids Program. But the program will be funded by just the people selling their homes. So just a few citizens will be required to fund this project.

When we look to the government to solve our problems we get fees like this. Let's ask them to lower our taxes. If this goes through Wisconsin will be the 12th most expensive state in the Union for this fee. Not a distinction we can be proud of.

NO New Taxes?

2007-03-05T14:53:00.000-06:00

Governor Doyle

Before his re-election Governor Doyle promised to not raise our taxes. Ahhemm... No new taxes, seems like I have heard that pledge before. Any way, our Governor has decided that this does NOT pertain to raising certain fees in the state. Let's take for instance, the State Transfer FEE funny how it is called a fee, but in all reality it is a tax, but it is really a fee. My head spins on this one. Any way, the fee, a.k.a. tax is $3/thousand dollars of the sale price of your home. For example, if you sell a $300,000 home at the closing table you will pay the State of Wisconsin a $900.00 fee. The Governor, in all his, "I will not raise your taxes" wisdom has decided to raise the fee to $5/thousand. That would result in a $1,500.00 fee at the closing table for the above example. There is no way around this fee. You pay regardless. As a Realtor our organization is fighting this tooth and nail. We need your help though. Don't think that the Realtors will get this through. Call your representative and let them know what you think about this tax increase. I am in favor of limiting the spending at the state level rather than finding loopholes in campaign promises. Let's encourage the Governor to veto the pork in his budget and leave the State Transfer Fee alone. Wouldn't it be great if he would actually lower the rate! Now there's an idea.

Thumb on the Pulse

2007-01-05T10:41:00.000-06:00

2006 ended with a bang! The last 15 days of December saw a surge in showing activity for homes in the greater Lake Country Area. Showing activity is a good barometer for market activity and December ended up being the best month for 2006 for Glenn Hanon. This increased activity parallels what a number of other national commentators are saying. “60% of investors planned to increase their stakes in U.S. real estate this year...a majority and a vote of confidence”1 With interest rates still so low and a small likelihood that the Fed will change the rates in the first quarter, savvy investors are buying up real estate now. If you have thought about rental properties now is a good time to jump into the market. You may want to consult with an attorney to set up a LLC (limited Liability Company) that you can use for the purchase of rental properties or additional home.

1) Wall Street Journal January 3, 2007

Avoid the Headaches of a Remodel Project

2007-01-05T10:35:00.000-06:00

Here is a list of 10 things you can do to avoid the headaches of a home improvement project.

1. Plan your budget. Be realistic too when preparing for the remodel project and then add 10% to your budget for unexpected items.
2. Know your limitations. The biggest mistake people make when starting a remodeling project is they think they can do everything. “How hard can this be?” is not a good starting point.
3. Hire an expert. Don’t be afraid to hire a contractor to do some of the work.
4. Get the necessary permits. When it comes time to sell your home you will have to disclose if you obtained the proper permits for your job. It is more cost effective to pay for the permits than to pay later. Trust me on this one.
5. Plan your time. Many do-it-yourselfer’s do not plan on how much time this project will really require. Then in haste corners are cut.
6. Get it in writing. If you hire a contractor, get your bids in writing. Handshake deals can lead to higher than expected costs.
7. Don’t just buy on cost. Picking finishing materials just on cost alone can come back to haunt you. I look at hundreds of houses each week and I can spot in a minute which seller cheated on cost. Believe it or not it stands out like a sore thumb.
8. Eco Improvements. If you can buy materials that are Eco-Friendly or save money in the long run potential buyers like this.
9. Get good opinions. We all like to think we know what will work, but good advice from experts will save you thousands of dollars.
10. Think of re-sale. If you want to be compensated for your home improvement then think in terms of re-sale. “Will anyone else like what I have done?” is a good starting point. It is a good idea to run your project past a number of people and experts. If they think it is a good idea, then proceed. If not, you can proceed, but a future buyer may not reward you for your hard work.

Are Unemployment Rates Good or Bad for Interest Rates?

2006-11-06T10:08:00.000-06:00

Last Friday, November 3, 2006, the Department of Labor released the new unemployment figures which fell to 4.4%. This number represents an increase in jobs in the nation overall. The economy is doing better and better each day. In fact the Unemployment rate was almost 6% in 2004 and has steadily declined (more people going to work) each year. Now here is the interesting part of the story. The current interest rates are artificially low to encourage people back into the housing market. The Fed is concerned that with more people now working more homes will be bought so they will naturally try to fiddle with the interest rates. That is exactly what we saw happen on Friday. Rates were all over the map. So if you are a buyer now is the time to get into the market before rates go higher. Unemployment is a GOOD thing, just remember that with all market economies, the more people that want a particular item, in this case interest rates, the market will drive the price of that "thing" that they want upwards. This is a classic market force at work.

My Carpet is not That Bad!

2006-10-30T18:16:00.000-06:00

"I will let the buyer pick the carpet, after all what ever I choose they may not like!" So said a seller once to a Realtor. The response that the seller received was priceless. "If you're planning on orange shag then I would have to agree with you, but let's pick a color that 95% of the buyers will want." Amen! What I have learned over the past 20 years of selling homes is that what sellers are really saying is "I don't want the hassle of putting in new carpet." That is a fair answer. But let's take a look at this in detail. Most buyers, especially in today's market, do not want the hassle either. If the buyer has to go through this process they want to be compensated at the Seller's expense. So a wise Seller will re-think this and find a carpet that 95% of the buyers will want. So how do you do that? Well the first step is to consult with a Realtor who knows something about colors and what's in and what's not or get the opinion of a good decorator. Why spend needlessly on the wrong color and carpet when you can get maximum bang for the dollar with the right carpet. This does make a difference for buyers believe it or not. As long as you are replacing the carpet, why not consider putting a fresh coat of paint on the walls and ceilings if need be. If you are not a painter or do not like to paint, please do not do this by yourself. Do-it-yourself painters hurt their cause. I have been through too many homes that have paint on the trim, around doors and splotched on the ceiling. This is a real turn-off for buyers. Always check with a professional about any changes you are going to make to your home before you proceed. A good Realtor can save you lots and lots of time and money.

Have we hit the bottom?

2006-10-25T20:33:00.000-05:00

The media is full of reports today that real estate has not hit the bottom and we are in for a few more months of declining prices. Well that may be the case for parts of the country (the coasts) but for the stable Midwest this is the bottom. The irony is this. For the past 5 months the local Realtor community knew of the precipitous slide in prices and we tried to convey that to our sellers. Some listened and preserved their profits, while others insisted that we were 'trading in fear'. That was hardly the case at all. We look for indicators in the market that will give us clues as to what the 'market' will and will not do. A classic example is showing activity. Over the past several months--a usually good time in real estate, the showing activity was slowing quickly. Was it because of interest rates? No, those are still low. How about the oversupply of homes? Yes, that was it. Some sellers are beginning to realize that we were in a price slump. It is better to realize it at some point then not at all. On the other hand many of today's buyers are still under the impression that the prices will fall even further, using national data as their support for this position. What they will realize this spring is that the bottom was indeed in the fall of '06--the best time to buy, and that the spring '07 market will not yield as many great deals as the 4th quarter of 2006. The real winners are those who look ahead, plan and take decisive action. So, have we hit bottom? Yes that happened a few weeks ago. We are now moving forward.

Squirrels & Ice Makers

2006-10-17T07:14:00.000-05:00

I was startled to discover that there are two items that all home insurers will not cover which could add up to big dollars. Not completely convinced that I was correct I then asked a good friend of mine who is in the business and he was startled too! How did these get by me and possibly you too. The first item is "Squirrel" damage. Let's say you leave for an extended period of time and while you are away a squirrel manages to get into your home. Can you imagine the damage that little critter will do trying to find his way out. Insurance companies will not cover for the little beasts who have a one way ticket to destruction in your home. Now the odds of this happening are very very slight, but nonetheless Squirrels are not covered.

The next item is interesting. If you have an ice maker in your refrigerator chances are the line that feeds that ice maker is plastic. If it leaks it is generally a slow leak which left unchecked, could cause damage your floor under the refrigerator before you notice it. This is not covered under all insurance policies. A good idea is to replace that plastic tubing every 8-10 years. If you have copper you're in good shape, but it is worth an inspection from time to time.

Squirrels and ice makers now have something in common.

Cold Weather is Approaching--Tips

2006-10-11T16:28:00.000-05:00

With the heating season just around the corner it is wise to have your furnace technician do a regularly scheduled cleaning and inspection. While they are there, have them replace the furnace filter (it's usually recommended to do this twice a year) and perform a CO test. Carbon monoxide is a typical problem on some older forced air furnaces. If you do not have a good CO detector, they are a good investment. You can purchase one of these from your local hardware store. I have my furnace checked and cleaned twice each year, once in late spring and once in late fall. An ounce of prevention is well worth it. If you have a recommendation on a good CO detector let us know about it.

The one that got away

2006-10-11T16:10:00.000-05:00

I was talking to a friend of mine the other day who was fishing off the pier on Fowler Lake. He was not having any luck with the fish so he thought "I will just finish up with this last worm and then I am gone." Just then he saw a small fish start to nibble on his bait. Thinking that this would not last long he continued to hang out as the sun started to set. Just then the little fish took a bite of the worm. Knowing full well that the fish was not of a legal size he thought he would reel the little guy in and release him. Just then a lunker appeared and as he was pulling the little guy out of the water the lunker lunged up out of the water and grabbed what now appears to be bait for the bigger fish. The little guy didn't make it. The worst part of this story is that my friend had no one there to witness this event. I believe him though.

Oconomowoc is ready to move up

2006-10-11T14:55:00.000-05:00

Little Oconomowoc Wisconsin, once the quiet rural community west of Milwaukee Wisconsin was known in the late half of the 20th century as the "Newport of the Midwest". The beautiful terrain dotted with tranquil blue lakes this small community boasts many a large 'lake cottage' for the wealthy. Well things managed to stay the same for quite some time until now. Houses now dot the landscape and the need for shopping and activities dominate the requirements for those living in and around Oconomowoc. Pabst Farms is now a reality with homes everywhere and a new mall is now in the planning stages with the City. What does all this mean to the local residents. Well with any growth some like and it and others do not. Let's look at the glass as half full rather than half empty. We will have more opportunities for shopping and entertainment than we have ever had in the past. When we moved here 20 years ago the closest place for entertainment was Brookfield or downtown Milwaukee. I personally do not want to drive 30-40 minutes each time I want to see a movie or dine at a nice restaurant. So we have much to be thankful for. Growing pains are just that. It happens and we all move on. The best part of a city like Oconomowoc is that all the voices are heard. We live in a great city!