Stats and Stories

The Benefits of Buying a Fixer-Upper

~ bwebster

There’s no denying affordability is tough right now. But that doesn’t mean you have to put your plans to buy a home on the back burner.

If you’re willing to roll up your sleeves (or hire someone who will), buying a house that needs some work could open the door to homeownership. Here’s everything you need to know so you can decide if this is the right move for you.

What’s a Fixer-Upper?

A fixer-upper is a home that’s livable but requires some renovations. Think cosmetic updates like wallpaper removal and new flooring or more extensive repairs like replacing a roof or updating plumbing.

While fixer-uppers need a little TLC, here’s why they may be worth considering, especially right now:

  1. They Usually Have a Lower Price Point. Because of the repairs involved, these homes are usually less expensive up front than move-in-ready options. According to a survey from StorageCafe, fixer-uppers come with price tags that are about 29% lower, making them a solid choice if you’re having trouble finding anything in your budget.
  2. Less Competition. When you’re ready to make an offer, you’re less likely to deal with competition from other buyers who are focused on move-in-ready homes.
  3. Build Equity Faster. From choosing how to redo the floors to picking which cabinets you want in the kitchen, a fixer-upper allows you to design a space that fits your needs and style. And with smart renovations, you can increase your home’s value faster and potentially see a big return on your investment.

As The Mortgage Reports notes:

“If you’re a house hunter who’s not afraid of sweat equity, buying a fixer-upper could be your ticket to homeownership. Doing so could lead to big savings, even in some of the nation’s largest and most popular housing markets. Plus, adding the right features could help your investment.”

What To Know About Buying a Fixer-Upper

The possibilities that come with a fixer-upper are exciting, but there are a few things to think about first.

  • Do You Have a Gameplan? Consider if you have the time, skills, or budget to tackle renovations. Be honest about what you can handle yourself, what you’ll need to hire out, and if a fixer-upper is truly a good fit for your lifestyle. Remember, you’ll likely be living in a construction zone at least for a little while.
  • Prioritize the Repairs and Upgrades: Don’t stress yourself out thinking you’ve got to do all the work up front. Space out renovations over time in a way that makes sense for your budget and what’s most important to tackle first.
  • Location Matters: You want the money you’re spending to fix up a house to be worth the investment. So, make sure the home is in an area with increasing home values and amenities locals love, like parks and restaurants.
  • Get a Home Inspection: Hiring an inspector to do a thorough inspection before you buy is a must. What they find will help you understand what needs to be updated, renovation costs, and if it’s a project you want to take on.
  • Budget for Surprises: Renovations rarely go as planned. So, be sure to set aside extra money to cover things like extended repair timelines, an increase in the cost of materials, or other unknowns that may come up.

Talk to a Lender About Financing Options: There are some renovation mortgages designed for homes that need a little work. But they may have requirements like spending and timeline limits, so talk to a trusted lender to understand the fine print.

Bottom Line

Fixer-uppers aren’t for everyone, but if you’re open to doing a bit of work, they can be a great way to overcome today’s affordability hurdles and find something in your budget.

With the right mindset and careful planning, you could turn a less-than-perfect house into the perfect home for you.

If you found a fixer-upper that fits your budget and goals, would you consider taking the plunge? If so, let’s connect to explore what’s out there.

Geneva Lake Access Home with Lake Views

~ bwebster

Impressive 4 bedroom, 3.5 bath home located directly across the street from Geneva Lake and just 3 doors from the expansive Knollwood Association park and sand swimming beach. Living room with fireplace, wet bar, vaulted ceilings and access to the spacious deck facing the lake. Bright open kitchen with center island, skylights and stainless appliances, adjacent pantry and laundry. Family room with second fireplace, main floor primary suite with full wall of windows facing the lake and deluxe bath with dual vanities, soaking tub and tile shower. Walkout lower level features second kitchen, bunk room, full bath, large screened porch, recreation room facing the lake with access to lower level paver patio and covered outdoor game area. Spacious yard, attractive landscaping, 2.5 car garage. Offered for sale at $1,975,000, closed on 12/9/2024 for $1,875,000.

“AA” Boat Slip Located on the West Wall of the Abbey Marina

~ bwebster

This ”AA” Abbey Dockominium Boat Slip is located on the West wall of the Abbey Marina directly in front of Abbey Villa Building 12 offering very convenient access to the slip from the Abbey Villas, Abbey Ridge and all the condo-tel units located in the Abbey Hotel. It’s the largest of the 3 sizes accommodating boats up to 14′ in width and 44′ in length offering boat owners secure, weather protected mooring privileges. Enjoy use of the Harbor House restroom/shower facilities, the indoor bar and the Commodore’s Corner outdoor bar. The impressive pool and recreation area are a great place for family and friends to gather for outdoor swimming and sunbathing enjoyment. The Abbey Harbor is just a short walk across the street to the Fontana municipal beach, Chuck’s and Gordy’s. Offered for sale at $375,000, closed on 11/28/2024 for $380.000

2 Bedroom, 2 Bath Lake Geneva Condominium

~ bwebster

Check out this affordable two-bedroom, two-bath unit at The Oaks in Lake Geneva with brand new carpet and freshly painted interior that is neat, clean and ready to move into. The unit has an eat-in kitchen with access to a deck overlooking the courtyard entrance as well as an additional deck off the living room facing a wooded area at the southwest corner of the complex. Attractive wood floors, vaulted ceiling in the living room and attached garage. An ideal opportunity for primary home living or as a second home with low monthly condominium fees and conveniently located on the east side of Lake Geneva just a block south of Main Street at the intersection with Highway 12 for easy access traveling to the north or south. Offered for sale at $299,900, closed on 10/25/2024 for $295,000.

Country Club Estates Home with Geneva Lake Access

~ bwebster

Beautifully updated and ready to move into, this 3+ bedroom, 2 bath ranch home located in Country Club Estates in Fontana will impress you the moment you step inside. Brand new kitchen, bright and open with quartz countertops and stainless appliances. All new bathrooms with custom tile and quartz vanities, all new Restoration Hardware lighting and luxury vinyl flooring throughout. Spacious living room with natural fireplace, beamed cathedral ceiling and slider outside to attractive patio area. Den/TV room or 4th bedroom. Covered front porch area. Move-in condition and ready to enjoy the 2024 season. Enjoy lake access to Geneva Lake with the private CCE Association pier and adjacent public sand beach area, CCE 9-hole golf course, tennis court, new pickleball courts and playground area. Offered for sale at 675,000, closed on 10/11/2024 for $660,000.

Fontana Home with Geneva Lake Access

~ bwebster

Here’s a great opportunity for rehabbers and builders looking for a remodel/renovation project or the possibility of using this attractive building site for a new construction home. The home has two bedrooms, 1.5 baths, a natural fireplace, a modern kitchen, a 30′ wide screened front porch and an oversized 3 car detached garage. Located just two blocks from the Country Club Estate 9 hole golf course with Association tennis court, playground area and pickleball courts. The CCE parking lot is conveniently located across from Geneva Lake with use of a private association pier and municipal sand swimming beach. The majority of the value here is in the spacious oversized lot with Geneva Lake access, not the current condition of the existing improvements. Offered for sale at $454,900, closed on 9/20/2024 for $455,000.

The Personal Benefits of Having a Home To Call Your Own

~ bwebster

There’s no doubt that owning a home comes with significant financial benefits. And this time of year is a great time to reflect on the other reasons why owning a home is so meaningful.

A house is more than four walls and a roof – it’s a place where memories are made, connections are built, and life happens.

From the sense of accomplishment that comes with owning your own home to the joy of creating a space that’s uniquely yours, the emotional connections we have to our homes can be just as important as the financial ones.

Here are some of the things that turn a house into a happy home.

1. It’s an Accomplishment You Can Be Proud Of

Buying a home is a significant milestone, whether it’s your first or your fifth. You’ve worked hard to make it happen and achieving this goal is a reason to celebrate. There’s nothing quite like stepping through the door of a home that’s yours and knowing you’ve accomplished something truly special.

2. It’s a Place You Can Call Your Own

Compared to renting, owning a home can give you a much greater sense of security and privacy. It’s your own place – not your landlord’s – and that just feels different. No one else has the keys but you and that gives you your own personal safe place to retreat to at the end of a long day.

3. It’s a Space That’s Yours To Customize

Owning a home means you have the freedom to personalize it however you like. While there can be HOA guidelines you may have to follow depending on where you buy, you can still make it a reflection of your style and create a space that feels just right for you. As Freddie Mac explains:

“As the homeowner, you have the freedom to adopt a pet, paint the walls any color you choose, renovate your kitchen, and more. You can customize your own space without approval from landlords.”

4. It’s a Foundation for Building a Sense of Community

Homeownership often means putting down roots in a neighborhood and becoming a part of the local community. According to groups like Habitat for Humanity, owning a home increases your interest in getting involved with your neighbors and local organizations. Whether it’s through joining a neighborhood group, volunteering, or simply getting to know the people next door, a home is a great foundation for building meaningful connections.

Bottom Line

Owning a home is about so much more than financial benefits – it’s about the pride, well-being, and sense of belonging it can bring. When you’re ready to take the next step toward buying a home, let’s connect.

Being Closer to Family and Friends is the #1 Reason People Move

~ bwebster

Have you ever thought about packing up and moving to be closer to the people who mean the most to you? Maybe you’re tired of long drives to see your family or wish your kids could spend more time with their grandparents. Clearly, a lot of other people feel the same way.

According to recent data from the National Association of Realtors (NAR), the desire to be near family and friends is the #1 reason people move (see graph below):

a screen shot of a graphThat’s because moving isn’t just about finding a new house – it’s about living a life where you’re surrounded by the people who matter most. Whether it’s catching up over weeknight dinners, watching your kids play with their cousins, or just knowing someone’s there when you need them, living near loved ones changes everything.

Let’s dive into why so many people are making this move and how it could be the best decision for you, too.

Why Family Comes First

Living near family and friends is a universal motivator that cuts across all types of buyers, whether you’re buying your first home or making a big lifestyle change.

But it’s especially important to repeat buyers. Unlike first-time homebuyers, who may be more focused on looking in more affordable areas, repeat buyers often have more flexibility on where they live. Many Baby Boomers, for example, have built significant equity in their homes, giving them the freedom to prioritize what matters most – like retiring near their grandkids. As Ali Wolf, Chief Economist at Zonda, says:

“25% of Baby Boomer households plan to retire near their children and grandchildren . . .”

Making a move to be closer to friends and family is all about creating a meaningful next chapter in your life where loved ones are just around the corner.

The Benefits of Living Near Loved Ones

But moving closer isn’t just a lifestyle choice – it’s a decision that offers real benefits:

  1. Spending More Time Together Whether it’s joining family dinners, going to weekend activities, or simply having someone nearby to talk to, these moments strengthen relationships and make life more fulfilling.
  2. Sharing Resources Living close to family can provide practical advantages, too – like sharing childcare, tools, or household items.
  3. Cutting Down on Travel Instead of spending hours on the road to spend time together, you can enjoy more spontaneous visits. This not only enhances your quality of life, but it also provides peace of mind in case of emergencies.
  4. Being There for Big Moments It also offers both emotional and practical support during life’s milestones. From graduations to tough times, being close to loved ones helps you feel connected and cared for.

Ready To Make Your Move?

At the end of the day, home isn’t just a place you live – it’s where your people are. Whether you’re looking to spend more quality time with family or enjoy the practical benefits of being closer to loved ones, the decision to move closer to those you care about is a deeply personal one.

Bottom Line

If you’re thinking about making a change, let’s connect. Together, we can explore neighborhoods that bring you closer to the people and places you love most.

Home Equity May Help You Buy Your Next Home in Cash

~ bwebster

Building equity in your house is one of the biggest financial advantages of homeownership. And right now, homeowners across the country are sitting on record amounts of it.

Here’s a look at how that equity could be a game changer for you, and why it’ll flip your perspective from “Why would I move right now?” to “Why wouldn’t I?”

Home Equity: What Is It?

Home equity is the difference between how much your house is worth and how much you still owe on your mortgage. For example, if your house is valued at $400,000 and you only owe $200,000 on your mortgage, your equity would be $200,000.

Why Equity Is Such a Big Deal for Homeowners Looking To Sell

Recent data from the Census and ATTOM shows how significant today’s home equity really is. In fact, more than two out of three homeowners have either completely paid off their mortgages (shown in green in the chart below) or have at least 50% equity in their homes (shown in blue in the chart below):

a pie chart with textAnd that’s a big deal. Think about it: 2 out of 3 homeowners have at least 50% equity in their homes. To put a more tangible number on it so you can think about what that really means for someone like you, CoreLogic shows the average homeowner has $311,000 worth of equity built up. That kind of net worth can go a long way if you’re trying to make a move.

And that’s part of the reason why the share of all-cash buyers recently reached a new high. According to an annual report from the National Association of Realtors (NAR), 26% of buyers were able to buy without a mortgage (see graph below):

a graph with numbers and linesImagine buying your next house in cash. No mortgage. No monthly payment. No interest rate to mess with. If you want to find out how much equity you have to see if that’s an option for you, connect with a real estate agent and ask for a professional equity assessment report (PEAR).

Who knows, you may find out you have enough equity to buy your next place outright– and with today’s mortgage rates, not having to take out a home loan is pretty incredible. Even if you don’t have enough equity to buy in all cash, you may still have enough to make a larger down payment, which has its own benefits too.

Bottom Line

Homeowners have an incredible amount of equity today – and that’s why the share of all-cash buyers is on the rise. To see how much equity you have and talk through how it can help fuel your next move, let’s connect.

What Are The Biggest Perks of Buying a Home This Winter?

~ bwebster

Waiting for perfect market conditions often means missing out. Because what you may not realize is, if you’re ready and able to buy, this time of year could actually give you an edge. Here’s why. As the weather cools down, the housing market can too – and that works in your favor.

You Likely Won’t Feel as Rushed

Homes tend to take a little longer to sell during this time of year. Data from the National Association of Realtors (NAR) shows the average time a house sits on the market jumps up during the winter months (see the green bars in the graph below):

a graph of blue and green barsThis is partly because fewer buyers are active at this time of year – and that decrease in buyer competition means the houses that are on the market aren’t going to be snatched up as quickly. So, if you decide to buy a home in the next couple of months, you’ll likely have more time to consider your options and negotiate a deal without feeling as pressured.

Sellers May Be More Willing To Negotiate

And since homes generally take longer to sell during the winter, sellers are often more motivated to close a deal. That can work in your favor, too. According to NAR:

“Less competition can lead to better deals. While homes are not selling as fast as during the summer, sellers may be more willing to negotiate.”

Whether it’s compromising on price, covering closing costs or repairs, or including extras like appliances, you have more room to ask for what you need.

Homes Are Less Expensive in the Winter

With less competition from other buyers and sellers who are more willing to negotiate, you may see slightly lower prices too. In fact, according to NAR, homes are typically about 5% less expensive now compared to when prices normally peak in the summer.

That might not seem like a huge difference, but on a $400,000 home, it could mean savings of $20,000 on the purchase price.

You can see this expected seasonal shift in home prices taking place this year. Take a look at the graph below showing the median sales price of existing homes (homes that were previously owned) over the past 12 months. You’ll notice in the green bars that prices were lower in the winter months last year, and it seems like that’s going to happen again this year. That gives you the chance to make your budget go further:a graph of a number of people

Bottom Line

Buying a home during the winter means less competition, motivated sellers, and potentially lower prices, too. Let’s work together to find the right one at the right price for you.