Lake Geneva Real Estate News

General Real Estate News

Is a Fixer Upper the Right Choice for You?

~ bwebster

Looking to buy a home but feeling like almost everything is out of reach? Here’s the thing. There’s still a way to become a homeowner, even when affordability seems like a huge roadblock – and it might be with a fixer upper. Let’s dive into why buying a fixer upper could be your ticket to homeownership and how you can make it work.

What Is a Fixer Upper?

A fixer upper is a home that’s in livable condition but needs some work. The amount of work varies by home – some may need cosmetic updates like wallpaper removal and new flooring, while others might require more extensive repairs like replacing a roof or updating plumbing.

Because they need some elbow grease, these homes typically have a lower price point, based on local market value. In fact, a survey from StorageCafe explains that fixer uppers generally cost about 29% less than move-in-ready homes.

And that’s why, according to a recent survey, more buyers are considering homes that need a little extra work right now (see below):

a blue and grey pie chartIf you’re looking for an option to get your foot in the door, and you’re willing to roll up your sleeves and do a bit of work, a house with untapped potential may be a good option.

Tips for Buying a Home That Needs Some Work

Before you buy a home that may need a makeover, here are a few things to keep in mind:

  • Choose a Good Location: You can repair a house, but you can’t change where it is. Make sure the home is in a neighborhood you like or one with increasing property values and a growing number of local amenities. This way, even after you spend money fixing it up, the house will be worth more later.
  • Budget for Surprises: Fixing up a house can take more time and money than you might think. Make sure you save room in your budget for unexpected repairs or other unknowns that might come up while you’re working on the house.
  • Get a Home Inspection: Before you buy, hire an inspector to check out the house. They’ll help you determine the necessary repairs, so you don’t end up with expensive surprises later.
  • Plan Your Priorities: When deciding what to tackle first, it helps to categorize your goals. Think of your home in three ways: the must-haves (essential repairs), the nice-to-haves (upgrades that would make life easier), and the dream-state features (luxuries you can add later). This will help you prioritize and stick to your budget.

Remember, the perfect home is the one you perfect after buying it. By starting with a fixer upper, you have the opportunity to customize a home to your liking while saving money on the initial purchase price. With careful planning, budgeting, and a little bit of vision, you can turn a house that needs some love into your perfect home.

Real estate agents are great at finding homes with potential. They know the local market and can guide you to homes where smart upgrades can add value. With their help, you’re more likely to find a house that fits your total budget and has room for worthwhile improvements.

Bottom Line

In today’s market, where the cost of homeownership can be intimidating, finding a move-in-ready home that fits your budget can feel like a real challenge. But if you’re open to putting in a little work, you can transform a fixer upper into your ideal home over time. Let’s explore what’s possible and find a place that’ll work for you.

How Real Estate Agents Take the Anxiousness Out of Moving

~ bwebster

Feeling a bit unsure, or even afraid, to move with everything going on right now? The decision to move shouldn’t be scary, it should be exciting. And the best way to eliminate any fear is to work with a pro.

Real estate agents are so much more than just transaction facilitators; they’re trusted guides to help you navigate the complexities of the housing market with confidence and ease. And a great agent can turn what may feel like a daunting process into a manageable—and even enjoyable—experience.

That’s why, in a Bright MLS survey, respondents agreed partnering with an agent is essential and helps cut down on their stress:

a blue pie chart with white textHere are just a few examples of why that expertise can give you so much peace of mind.

1. Explaining the Current Market

You may be seeing misleading headlines about a potential market crash, falling prices, and more. And when you’re not an expert yourself, it’s easy to get swept up in the clickbait and let that scare you. As Jason Lewris, Co-Founder and Chief Data Officer at Parcl, says:

“In the absence of trustworthy, up-to-date information, real estate decisions are increasingly being driven by fear, uncertainty, and doubt.”

A real estate agent is there to help you separate fact from fiction and to debunk any headline that does more to terrify than clarify. With their deep understanding of local market trends, home values, inventory levels, and more, they’ll help you feel more confident in your decision.

2. Walking You Through the Process Step-by-Step

Is this your first time going through the process as a buyer or a seller? Don’t worry. Your agent will walk you through every step along the way, from the initial conversation all the way to closing day. As NerdWallet explains:

“If it’s your first time buying — or selling — you’re likely to come across terms you don’t recognize and tasks that seem baffling. What’s the difference between pending and contingent? Why do you need title insurance? How thoroughly do you need to fill out disclosure forms? Your agent should be able to confidently and competently explain it all.”

And if you’ve done this before, but it’s been a while, an agent will tailor how they explain it all to your previous experience. They won’t bog you down with details, they’ll only give you as much of a refresher as you want and need.

 3. Advocating for Your Best Interests

Does the thought of dealing with the back and forth of the transaction make your palms sweaty? Put that anxiety aside. Your agent is a skilled negotiator trained for these exact scenarios. And the best part is, they work for you. So, it’s your goals they’re using that expertise to fight for.

They’ll work to secure the best possible terms for you, whether it’s getting a better price as a homebuyer or negotiating a higher sale price as a seller. This removes the fear of a bad deal or being taken advantage of during the process.

4. Solving Any Unexpected Problems Quickly

Worried something is going come up that you don’t know how to handle? Rest assured, your agent has you covered.

Agents are skilled problem-solvers. They not only address issues, but they get ahead of them before they become deal-breakers – and that helps keep the process on track. So, if any challenges do pop up, know your agent has the skills and experience necessary to find a solution that works for you.

Bottom Line

Don’t let fear or uncertainty hold you back from achieving your goals. Let’s connect so you can move forward with confidence.

Why Home Sales Bounce Back After Presidential Elections

~ bwebster

With the 2024 Presidential election fast approaching, you might be wondering what impact, if any, it’s having on the housing market. Let’s break it down.

Election Years Bring a Temporary Slowdown

In any given year, home sales slow down slightly in the fall. It’s a typical, seasonal trend. However, according to data from BTIG, in election years there’s usually a slightly larger dip in home sales in the month leading up to Election Day (see graph below):

a graph of a person with an orange squareWhy? Uncertainty. Many consumers hold off on making major decisions or purchases while they wait to see how the election will play out. It’s a pattern that’s shown up time and time again, and it’s particularly apparent for buyers and sellers in the housing market.

This year is no different. A recent survey from Redfin found that 23% of potential first-time homebuyers said they’re waiting until after the election to buy. That’s nearly a quarter of first-time buyers hitting the pause button, likely due to the same feelings of uncertainty.

Home Sales Bounce Back After the Election

The good news is these delayed sales aren’t lost forever—they’re just postponed. History shows sales tend to rebound after the election is over. In fact, home sales have actually increased 82% of the time in the year after the election (see chart below):

a blue and white chart with numbersThat’s because once the election dust settles, buyers and sellers have a sense of what’s ahead and generally feel more confident moving forward with their decisions. And that leads to a boost in home sales.

What To Expect in 2025

If history is any indicator, that means more homes will sell next year. And based on the latest forecasts, that’s exactly what you should expect. As the graph below shows, the housing market is on pace to sell a total of 4.6 million homes this year, and projections are for 5.2 million total sales next year (see graph below):

a graph showing the sales of a companyAnd that aligns with the typical pattern of post-election rebounds.

So, while it might feel like the market is slowing down right now, it’s more of a temporary dip rather than a long-term trend. As has been the case before, once the election uncertainty passes, buyers and sellers will return to the market.

Bottom Line

It’s important to remember that while election years often bring a short-term slowdown in the housing market, the pause is usually temporary. Those sales are not lost. Data shows home sales typically increase the year after a Presidential election, and current forecasts indicate 2025 will be no different. If you’re waiting for a clearer picture before making a move, just know that the market is expected to pick up speed in the months ahead.

How to Make Your House Will Shine in Today’s Market

~ bwebster

Even though there are more homes available for sale than there were at this time last year, there are still more buyers than there are houses to choose from. So, know that if you’ve got moving on your mind, your house can really stand out.

There are several key reasons why there aren’t enough homes to go around and understanding them will help you see why the market is working in your favor if you’re ready to make a move.

What’s Causing the Shortage?

1. Underproduction of Homes: For years, the industry hasn’t built enough homes to keep up with demand. As Zillow explains:

“In 2022, 1.4 million homes were built — at the time, the best year for home construction since the early stages of the Great Recession. However, the number of U.S. families increased by 1.8 million that year, meaning the country did not even build enough to make a place for the new families, let alone begin chipping away at the deficit that has hampered housing affordability for more than a decade.”

2. Rising Costs: Building materials, labor shortages, and supply chain disruptions caused by the pandemic have all made it harder and more expensive to build homes. This can either limit or stop new home construction in some areas.

3. Regional Imbalances: Some markets are more affected by the shortage of homes than others. Popular and more desirable areas have more people moving in faster than new homes can be built. The number of new building permits issued doesn’t always keep pace with job growth in these regions, and that leads to even tighter markets and higher prices.

How Big Is the Problem?

According to estimates from Real Estate News, the U.S. is facing a housing shortfall of roughly 3.3 million homes, based on an average of several expert insights (see graph below):

a graph of blue squaresThis shows there’s a significant number of homes that need to be built just to meet current demand from buyers. But what about future demand?

According to John Burns Research and Consulting (JBREC), over the next 10 years, the U.S. will need about 18 million new homes to meet projected demand, including homes for new households, second homes, and replacements for aging or unusable homes.

So, even though more homes are on the market compared to last year, there still aren’t enough of them to go around. This is where you can really win if you’re ready to sell your house.

What You Need To Remember

If you’re thinking about selling, the shortage of homes for sale means your house is likely to get some serious attention from buyers. It’ll take years to climb out of this inventory deficit, and the market is still very tight. So, when buyers are competing for relatively few homes like they are right now, that creates more interest in the houses that are on the market, putting upward pressure on prices and ultimately working in your favor.

And since every market is different, it’s important to work with a real estate agent who understands local trends. They can help you price your house right and create a strategy to attract the right buyers.

Bottom Line

While there are more homes for sale than there were at this time last year, there’s still a shortage overall. And this puts you in the driver’s seat as a seller. Let’s connect so you have someone who can help you take advantage of today’s market.res

Spacious Home Closing in Abbey Spring Condominium Complex in Fontana

~ bwebster

We closed on this spacious home in Abbey Springs in Fontana this week. The property was on the market for $849,900 and closed for $835,000. If you’ve ever considered selling your Abbey Springs property, this could be the prefect time. Call Bob Webster of Keefe Real Estate in Lake Geneva with any questions on the real estate market in Lake Geneva at 262-348-3233 or Email Bob Webster at [email protected]. 

Home for sale in Abbey Springs

Spacious Visner built home located on the 10th fairway in Abbey Springs. Comfortably designed open floorplan with two-story high Great Room and fireplace, wood floors and access to the huge wrap around deck facing the golf course overlooking the private back yard. The master bedroom suite is on its own level with soaking tub, separate shower, sitting room and sauna. The upper level loft features an open den/office with an additional bedroom and full bath. The walk out lower level includes a family room, wet bar and fireplace along with two bedrooms and a full bath. Oversized screened porch, large paver patio and 2.5 car garage. Just a short golf cart ride to the nearby Rec Center with indoor and outdoor pools and lake access to Geneva Lake including a large sand swim beach area.

**SOLD** – Abbey Harbor Dockominium Boat Slip

~ bwebster

This Abbey Harbor Dockominium boat slip is the largest “AA” size, 14’ x 44’, and is located in a highly desirable and convenient area on the East wall, opposite of the beautiful Fontana sand swimming beach. This slip will accommodate the larger sized boats and offers the advantage of vehicle parking very close by, adjacent to the slip. Enjoy the outdoor pool and restroom and shower facilities of the Harbor House just a short walk away, as well as The Abbey Resort restaurants and lounges right next door. The six-million-dollar Harbor restoration project was just completed earlier this year, if you have not seen the new slips up close and personal and walked on the new piers, you owe it to yourself to check it out. This is an impressive and affordable way to enjoy boating on Lake Geneva.

**SOLD**

Walworth County Wisconsin Housing Stats for the Month of May 2017

~ bwebster

Here are the May 2017 Housing stats for Walworth County. The number of sales was 214. Take a look at the chart below, notice anything interesting? I’ll give you a hint, 214 is the 3rd highest number of monthly sale over the last 10 years, only June of 2016 and June of 2015 was higher. Based on this, I predict June of this year will break that record. Stay tuned!

 

Immaculate Home in Move-In Condition Near Fontana with Lake Views and Boat Slip

~ bwebster

Near Fontana with Lake Views and Boat Slip Immaculate Home in Move-In Condition This immaculate lake home is located one house off the lake with views of Geneva Lake, a transferable boat slip and is in move-in condition ready for immediate enjoyment by the new owner. The kitchen has been beautifully updated with granite counters, new cabinets and stainless steel appliances. A natural fireplace accents the spacious living room and a sun porch/family room faces directly towards the lake and association park. Three bedrooms, two baths, a cozy den and a deck facing the lake make this a very affordable way to experience all the benefits of lake living at Lake Geneva. Conveniently located near Fontana on the west end of Lake Geneva. Check out the details here.

What is the Best Part of a Real Estate Closing?

~ bwebster

A recent real estate of Bob Webster of Keefe Real Estate

We had a real estate closing today on a modest home that was an investment property for my seller client, located in Country Club Estates in Fontana, a subdivision with lake access to Lake Geneva. I imagine if you asked most people what they think the answer would be to the question asked of a Real Estate agent “what is the best part of a real estate closing”, most answers would center around the fact that it usually means it’s payday for the agent. Honestly for me, the best part of this transaction was after we had gotten to the point of having an accepted offer and were dealing with issues raised by the buyer from the Home Inspection and were getting some tradespeople in for estimates of some work to be done. I was speaking with my client the seller at home one evening when in the middle of the conversation he said to me, “Bob, I’ve bought and sold a fair amount of real estate over the years and I have to tell you, I’ve never dealt with anyone as professional and diligent as you and your team are”. My client, who also happened to be a friend as well as my dentist for as long as I can remember, didn’t realize it at the time, but when he said that, it truly was the best part of the transaction for me and is primarily what I strive for in every transaction I’m involved in after being in this business for 39 years. Don’t get me wrong, I do enjoy getting paid and I take pleasure in being known as the leading agent in sales production in the Lake Geneva real estate market and specifically the Top Producing Agent in the Lake Geneva lakefront market over the last 10 years. But having the opportunity to return the favor of working with a guy I consider to be a true professional and to be able help him navigate through what turned out to be a fairly complicated transaction to a successful conclusion is what me and my team strive for everyday in our real estate practice.

If you’re looking to work with a Real Estate Professional in the Lake Geneva Real Estate Market, contact Bob Webster of Keefe Real Estate at 262-348-3233 or go to the Best Lake Geneva Real Estate Web Site for searching for property in the Geneva Lakes Area.