Summerfest Henry Maier Festival Park, Milwaukee, July 2, 7-9:
Summerfest is The World’s Largest Music Festival, including a little something for everyone!
Bastille Days Cathedral Square Park, July 14-17:
Bastille Days is one of the largest French-themed celebrations. Storm the Bastille Run and Wine Tastings!
Waukesha County Fair July 20-24:
The 180th Fair (the oldest in the state). This is the largest event in Waukesha County offering something for everyone with live entertainment on 5 stages, food, games, rides, animas, shopping, special attractions like demo derby, truck & tractor pulls and more.
Milwaukee Air & Water Show July 23-24:
The Grand Return of the U.S. Navy Blue Angels. Grab a lawn chair, some earplugs and head to the lakefront for an amazing show.
German Fest Henry Maier Festival Park, Milwaukee, July29-31:
Authentic German food and entertainment including the Annual Dachshund Derby.
Brady Street Festival Brady Street, Milwaukee, July 30:
Brady Street will be rockin’ the night and day away with live entertainment, including some of our fav local bands.
Located in the beautiful city of Port Washington, Wisconsin, The event includes: a Thieves Marketplace, a Gruel Galley, a Buccaneer Bash, Children’s activities, demonstrations, educational exhibits, musicians, comedians, a Pirate Ship & much more. Locust Street Festival of Music and Art Locust Street, June 12
Polish Fest Milwaukee, June 10-12:
America’s Largest Polish Festival includes Children’s Activities, Youth Piano Competition, Polish Sheepdogs and learn to cook with Polish Flair!
Milwaukee Food Truck & Craft Beer Festival, Waukesha, June 11:
Food trucks will be rolling into the Waukesha Expo Center on Saturday, June 11th. From 12 – 5 pm there will be eating, drinking, fun….and more eating! Along with the trucks, attendees will find 30+ craft beers, activities for the family, and lawn games.
Summerfest Henry Maier Festival Park, Milwaukee, June 23-25, 30, July 2, 7-9:
Summerfest is The World’s Largest Music Festival, including a little something for everyone!
Strawberry Festival Cedarburg, June 25-26:
Art, vendors, strawberry everything, including wine! A pancake breakfast, pony rides, petting zoo, Strawberry Shortcake Eating Contest, Strawberry Bubblegum Blowing Contest, Strawberry Ice Cream Licking Contest and more.
Longer days and warmer nights are perfect for entertaining and relaxing in your own outdoor space. But if your porch, balcony, or patio does not feel very inviting, it may be time to invest in comfortable outdoor seating. But that alone may not solve the problem completely. The wrong setup could spoil the view from your balcony or make dining outside cumbersome.
The sense of pride you’ll feel when you purchase a home can’t be overstated. For first-generation homebuyers, that feeling of accomplishment is even greater. That’s because the pride of homeownership for first-generation buyers extends far beyond the homebuyer. AJ Barkley, Head of Neighborhood and Community Lending for Bank of America, says:
Achieving this goal can create a sense of pride and accomplishment that resonates both for the buyer and those closest to them, including their parents and future generations.
In other words, your dream of homeownership has far-reaching impacts. If you’re about to be the first person in your family to buy a home, let that motivate you throughout the process. As you begin your journey, here are three helpful tips to make that dream come true.
1. Reach Out to a Real Estate Professional
It’s important to reach out to a trusted advisor early in your homebuying process. Not only can an agent help you find the right home, but they’ll serve as your expert advisor and answer any questions you might have along the way.
The latest Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed first-time homebuyers to see how their agent helped them with their home purchase (see chart below):
It’s important to reach out to a trusted advisor early in your homebuying process. Not only can an agent help you find the right home, but they’ll serve as your expert advisor and answer any questions you might have along the way.
The latest Profile of Home Buyers and Sellers from the National Association of Realtors (NAR) surveyed first-time homebuyers to see how their agent helped them with their home purchase (see chart below):
As the graph shows, your agent is a great source of information throughout the process. They’ll help you understand what’s happening, assess a home’s condition, and negotiate a contract that has the best possible terms for you. These are just some of the reasons having an expert in your corner is critical as you navigate one of the most significant purchases of your life.
2. Do Your Research and Know What You Can Afford
The second piece of advice for first-generation homebuyers is practical: do your research so you know what you can afford. That means getting your finances in order, reviewing your budget, and getting pre-approved through a lender. It also means learning the ins and outs of what it takes to pay for your home, including what you’ll need for a down payment.
Many homebuyers believe the common misconception that you can’t purchase a home without coming up with a 20% for a down payment. As Freddie Mac says:
The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.
The chart below shows what recent homebuyers have actually put down on their purchases:
Advice for First-Generation Homebuyers
On average, first-time buyers only put 7% down on their home purchase. That’s far less than the 20% many people believe is necessary. That means your down payment, and your home purchase, may be in closer reach than you realize. Keep that in mind as you work with a real estate professional to better understand what you’ll need for your purchase.
3. Don’t Lose Sight of What Home Means to You
Finally, it’s important keep in mind why you’re searching for a home to begin with. Overwhelmingly, first-generation homeowners recognize the financial and non-financial benefits of owning a home. In fact, in a recent survey:
73% of first-generation homeowners say the safety and security homeownership provides is increasing in importance.
Nearly two-thirds of first-generation homeowners say the importance of building equity in a home is growing more important as well.
As AJ Barkley explains:
For many first-generation homeowners and their families, homeownership has a unique importance, given the collective efforts to overcome financial challenges that can often span generations…
Bottom Line
If you’re a first-generation homebuyer, being prepared and working with a trusted expert is key to achieving your dream. Connect with a real estate professional in your local area today to get started on your path to homeownership.
Information courtesy of https://www.keepingcurrentmatters.com
If You Think the Housing Market Will Slow This Winter, Think Again
From the opportunity to take advantage of today’s low mortgage rates to changing homeowner needs, Americans have more motivation than ever to buy a home. According to the experts, buyers are making moves right now, creating an unseasonably strong housing market for this time of year.
As we wrap up the fall season and move into the winter months, here’s a look at what several industry leaders have to say about the continued momentum in the current market, and what it means as we head into the early part of next year.
Lawrence Yun, Chief Economist, National Association of Realtors (NAR)
This solid buying is a testament to demand still being relatively high, as it is occurring during a time when inventory is still markedly low. The notable gain in October assures that total existing-home sales in 2021 will exceed 6 million, which will shape up to be the best performance in 15 years.
Odeta Kushi, Deputy Chief Economist, First American
So far in November, purchase applications point to another strong month in sales. Still low rates and demographic demand support this strength, even as affordability and inventory headwinds remain.
The M Report
The demand for housing in the United States has reached a fever pitch, a trend that opposes the norm of this time of the year when the market cools as the winter months set in.
Mark Fleming, Chief Economist, First American
Strong demographic demand will continue to act as the wind in the housing market’s sails.
What does this mean for the winter housing market?
Buyers are actively in the market, and they’re competing for homes to purchase. With the momentum coming out of this fall, all signs point to the winter housing market picking up steam, making it much busier than in a more typical year. And as we’ve seen in so many ways, 2020 and 2021 were anything but typical in real estate. It looks like 2022 may be joining that list before we know it.
Bottom Line
If you think the housing market will slow down this winter, think again. Whether you’re considering buying a home, selling your house, or both – reach out to a local real estate professional to determine if this winter is your best time to make a move too.
Information courtesy of https://www.keepingcurrentmatters.com
What Do Supply and Demand Tell Us About Today’s Housing Market?
There’s a well-known economic theory – the law of supply and demand – that explains what’s happening with prices in the current real estate market. Put simply, when demand for an item is high, prices rise. When the supply of the item increases, prices fall. Of course, when demand is very high and supply is very low, prices can rise significantly.
Understanding the impact both supply and demand have can provide the answers to a few popular questions about today’s housing market:
Why are prices rising?
Where are prices headed?
What does this mean for homebuyers?
Why Are Prices Rising?
According to the latest Home Price Insights report from CoreLogic, home prices have risen 18.1% since this time last year. But what’s driving the increase?
Recent buyer and seller activity data from the National Association of Realtors (NAR) helps answer that question. When we take NAR’s buyer activity data and compare it to the seller traffic during the same timeframe, we can see buyer demand continues to outpace seller activity by a wide margin. In other words, the demand for homes is significantly greater than the current supply that’s available to buy (see maps below):
This combination of low supply and high demand is what’s driving home prices up. Bill McBride, author of the Calculated Risk blog, puts it best, saying:
“By some measures, house prices seem high, but the recent price increases make sense from a supply and demand perspective.”
Where Are Prices Headed?
The supply of homes for sale will greatly affect where prices head over the coming months. Many experts forecast prices will continue to increase, but they’ll likely appreciate at a slower rate.
Buyers hoping to purchase the home of their dreams may see this as welcome news. In this case, perspective is important: a slight moderation of home prices does not mean prices will depreciate or fall. Price increases may occur at a slower pace, but experts still expect them to rise.
Five major entities that closely follow the real estate market forecast home prices will continue appreciating through 2022 (see graph below):
What Does This Mean for Homebuyers?
If you’re waiting to enter the market because you’re expecting prices to drop, you may end up paying more in the long run. Even if price increases occur at a slower rate next year, prices are still projected to rise. That means the home of your dreams will likely cost even more in 2022.
Bottom Line
The truth is, high demand and low supply are what’s driving up home prices in today’s housing market. And while prices may increase at a slower pace in the coming months, experts still expect them to rise. If you’re a potential homebuyer, connect with a trusted real estate advisor today to discuss what that could mean for you if you wait even longer to buy.
Information courtesy of <a href=”https://www.keepingcurrentmatters.com/blog/” target=”_blank” rel=”noopener”>Keeping Current Matters</a>
Are you looking to buy a home? If so, we’ve got good news for you.
While there’s no denying the housing market is having a great year, many of the headlines are focused on the perks for sellers. But what about buyers today? As a buyer, you’re likely braving bidding wars and weighing low mortgage rates versus price appreciation as you search for your dream home. If you find yourself a bit discouraged, hear this: there are clear signs buyers may have more opportunities this fall.
According to realtor.com, the sweet spot for buyers is just around the corner. In a recent study, experts analyzed housing market trends by looking at data from the past several years. When applied to the current market, experts determined the ideal week to buy a home this year. The research says:
“Nationally, the best time to buy in 2021 is the week of October 3-9. This week historically has shown the best balance of market conditions that favor buyers.”
So, what’s that mean for you? If you’re looking to buy a home, there’s a golden window of opportunity coming. Here’s what you can expect from that week.
Increased Housing Supply
The number of homes available for sale should increase. According to realtor.com, you can expect to see more new listings come to market the week of October 3. The findings estimate we’ll see roughly 17.6% more homes available than we saw at the start of the year.
This means you’ll have more options to choose from which should be a welcome relief in a market with tight housing supply.
Fewer Bidding Wars
With more homes available, you should also see a slight decline in the number of bidding wars. Having more options means buyers may not be competing as intensely for the homes on the market because there are more choices to go around.
This means when you write an offer, you may have less competition and a better chance of being the top bid. Just remember, it’s still important to come in with a strong offer.
Adjusted Homes Prices
As we move into the end of the year, the findings from realtor.com note this week may also be one of the peak weeks for price reductions in 2021. Historically the data shows an average of 7.0% of homes have a price reduction that week. Why? When housing supply ticks up, sellers need to look for other ways to make their house stand out.
This means, while home prices are still appreciating overall, you may see some homes with price adjustments from eager sellers. The process of closing a house takes time. To close before end of year, sellers may be more motivated this October.
Bottom Line
If you’re in the market for a home, don’t lose steam now. Data shows early October may give you the long-awaited opportunity to find the home of your dreams. Lean on a trusted real estate professional as your ally and advisor to help keep you motivated so you can find the perfect home.
The pandemic created a tremendous interest in vacation homes across the country. Throughout the last year, many people purchased second homes as a safe getaway from the challenges of the health crisis. With many professionals working from home and many students taking classes remotely, it made sense to see a migration away from cities and into counties with more vacation destinations.
The 2021 Vacation Home Counties Report from the National Association of Realtors (NAR) shows that this increase in vacation home sales continues in 2021. The report examines sales in counties where “vacant seasonal, occasional, or recreational use housing account for at least 20% of the housing stock” and compares that data to the overall residential market.
Their findings show:
Vacation home sales rose by 16.4% to 310,600 in 2020, outpacing the 5.6% growth in total existing-home sales.
Vacation home sales are up 57.2% year-over-year during January-April 2021 compared to the 20% year-over-year change in total existing-home sales.
Home prices rose more in vacation home counties – the median existing price rose by 14.2% in vacation home counties, compared to 10.1% in non-vacation home counties.
This coincides with data released by Zelman & Associates on the increase in sales of second homes throughout the country last year.
As the data above shows, there is still high demand for second getaway homes in 2021 even as the pandemic winds down. While we may see a rise in second-home sellers as life returns to normal, ongoing low supply and high demand will continue to provide those sellers with a good return on their investment.
Bottom Line
If you’re one of the many people who purchased a vacation home during the pandemic, you’re likely wondering what this means for you. If you’re considering selling that home as life returns to normal, you have options. There are still plenty of buyers in the market. If, on the other hand, you want to keep your second home, enjoy it! Current market conditions show that it’s a good ongoing investment.
5 Benefits of Hiring a Buyer’s Agent When Searching for Your Dream Property
Whether it’s a dream vacation property or a place that you’ll want to call home forever, buying a house on Martha’s Vineyard is an exciting adventure. It’s can also be overwhelming. There are so many steps between the first time you set eyes on the property you want as your own and the day you sign on the dotted line.
What many home buyers don’t realize is that they don’t need to go through the process alone. There are real estate professionals that work for the buyer only, keeping their needs and best interests in mind while making the process of becoming a homeowner much easier. These professionals are called buyer’s agents, and here are five reasons why you should work with one when purchasing a property on Martha’s Vineyard.
Reason #1: Buyer Representation
Many buyers work directly with listing agents, feeling that they have a broad enough understanding of the market and available properties that they will be able to help them find their dream home. The only problem is that listing agents are middle players. It’s one of their responsibilities to connect buyers with homes, but they’re far more invested in protecting the seller’s interest.
Listing agents receive a commission based on the sale price of a property. This means that they’re going to try to get the best deal possible for the seller, not the buyer. A buyer’s agent only focus is on you, the buyer, which brings us to the next point.
Reason #2: Buyer’s Agents are Powerful Negotiators
Once you find the perfect property, you want to pay the best price for it. Listing agents are skilled in the art of price negotiation, but most buyers aren’t. This means that as a homebuyer, you’re placing your financial future in the hands of someone who isn’t entirely on your team.
A buyer’s agent is an individual who understands price negotiation and can advise you on the how to make the best offer, what the property’s negotiating factors are and help you get the best deal on your new home.
Reason 3: They Know What to Look For
When you’re looking for a property, you probably have a pretty good idea of what features you absolutely want. A buyer’s agent can not only help you find the right property, but also give you honest advice about a home that seems perfect from the outside but might not live up to your dreams further down the road.
There are so many small details that get past home buyers but are easily picked up by the skillful eye of a buyer’s agent.
Reason 4: They’re Prepared for the Hurdles
Very few home buying experiences go through without a hitch. From appraisals and inspections to drawn-out price negotiations, something is bound to occur to set back the process and leave the buyer discouraged. A buyer’s agent comes to you already prepared for the potential setbacks and is proactive in their approach to getting you through them as quickly and smoothly as possible.
Reason 5: You Have Nothing to Lose
During the buying/selling transaction, it is the responsibility of the seller to pay all fees and commissions. This includes the fee for your buyer’s agent. Personal representation, with zero investment? It doesn’t get any better than that.
When you’re ready to become part of the wonderful community on Martha’s Vineyard, we’re the buyer’s agents that will stand by your side. Contact Martha’s Vineyard Buyer Agents today to learn more.
