Home Ownership Still A Dream For Americans

Home Ownership Still A Dream For Americans

Homeownership has long been seen as a big part of achieving the American dream. And that hasn't changed, according to recent data from the National Association of Realtors. An analysis of their Housing Opportunities and Market Experience survey found that 87 percent of non-homeowners said they want to one day own a home of their own and 80 percent of all respondents said homeownership was part of their American dream.

So what are some of the concerns that keep people from pursing their dream of homeownership? Well the number one answer was affordability, followed by people who need the flexibility of renting. But there are also Americans that have postponed buying a home because of misconceptions they have about the buying process and what is required financially. 

For example, nearly 9 out of 10 survey participants said a down payment of 10 percent or more was required to buy a house – which is untrue. In fact, the median down payment for first-time buyers has been 6 percent for the past three years, while repeat buyers put down closer to 14 percent. William Brown, NAR's president, says “There are mortgage options available for creditworthy borrowers with manageable levels of debt and smaller down payments.” 

If you haven't bought a house before, you may not be as far off as you might think and the dream of owning your own home may become a reality.

2017 American Birkebeiner

2017 American Birkebeiner 

Birkie week is here! The American Birkebeiner is the largest cross-country ski marathon in North America and it's held right here in the Hayward area. The race spans 50 kilometers from Cable to Hayward for Skaters and 55k for Classic Skiers. The race draws in more than 10,000 skiers from 46 states and 22 countries.

Because of the recent warm temperatures and rain, the race will not be finishing in downtown Hayward this year.  For updates on where the events will be held and trail conditions, visit the Birkie website: http://www.birkie.com/birkie-trail-wax-weather-info/

We wish all of the skiers good luck and hopefully mother nature will provide good weather for race day!

The Top Buyer Fears and How To Fight Them

The Top Buyer Fears and How To Fight Them

For a lot of people, buying a home is both exciting and a little bit intimidating. On the one hand, it's seen as a vital part of achieving the American dream and, on the other, it's a major financial undertaking that comes with some real risks. 

So what are some of the top fears of potential home buyers? Well, according to one recent article, the biggest fear is that their new house will fall in value. Considering recent history, this isn't a surprising concern, but it is one that can be addressed. With the help of a knowledgable real-estate agent, you can pinpoint the dangers of a particular property and weigh them against potential positives like good schools and nearby amenities. Sure, you can't be 100 percent sure about what the future holds, but you can protect yourself by buying in a good neighborhood with a history of holding its value. 

The costs of homeownership are another big concern among prospective buyers. Not only do buyers worry about being able to handle their mortgage payment but they also worry about potential maintenance costs. One way to protect yourself is to make sure you know what you're getting. Look for a property that has had some of its major features – such as the roof or furnace – recently upgraded or replaced. 

Another fear is buyer's remorse. This is natural. The best way to handle it is to be sure you know what you're looking for, what you will compromise on, and what you won't consider. Also, lean on the experienced professionals you've hired to help you along the way. The best insurance against any future regrets is doing your homework and heeding the advice of your agent and mortgage lender. 

How Long Does It Take To Break Even On A House?

How Long Does It Take To Break Even On A House?

Conventional wisdom says, after buying a house, you should stay there at least five years before selling. The reason is that, due to the substantial upfront costs of buying a home – including the down payment, closing costs, etc. - you need to allow yourself some time to build up equity in order to recoup that money.

However, the exact amount of time it takes to break even will vary from market to market. After all, home values don't rise at the same exact rate in every town across the country. In fact, according to Zillow's Q4 2016 Breakeven Horizon report, the typical break even point can be anywhere from just under a year and a half to over five years, depending on where you live.  

Of course, there are a lot of factors that go into determining how long it'll be before you have enough equity in your house to make back the money you put down to purchase it. But with the national average at just under two years, planning on staying in your home for five years seems like a safe bet.

Record Setting Year For Wisconsin Home Sales

Record Setting Year For Wisconsin Home Sales

Wisconsin’s housing market ended a record-setting year with solid growth, pushing annual sales to an all-time high and driving prices up well above the pace of inflation, according to the most recent analysis of the existing home market by the Wisconsin REALTORS^® Association (WRA). December home sales rose 4.1 percent compared to December 2015, and median prices rose 7.4 percent to $161,000. Home sales for the year 2016 increased 6.1 percent compared to 2015, making this the strongest year for sales since the WRA re-calibrated its tracking system in 2005. Median prices for the year rose to $165,000, which is 5.9 percent higher than 2015. By comparison, the average inflation rate for 2016 was just 1.3 percent according to the U.S. Bureau of Labor Statistics.

“This has been a truly remarkable year for housing in the state with sales exceeding 81,000 units for the first time on record,” said WRA board chairman Erik Sjowall. The previous peak recorded using the current tracking system was last year when just over 76,000 homes sold. Comparing 2016 sales to the previous year, solid growth was seen in every region of the state. The most robust sales were seen in the North region, up 7.8 percent; the Southeast region, up 7.2 percent; and the Northeast region, up 6.8 percent. Home sales were also healthy in the West, which was up 5.9 percent; the South Central, up 3.7 percent; and the Central, up 3.6 percent. “We’ve been experiencing very low inventory this past year, and the supply continued to tighten in December, which makes these record sales all the more impressive,” said Sjowall. Statewide, there were just 4.9 months of inventory in December, with the available homes dropping to 33,560. While inventory levels naturally fall during winter months, this is the lowest level seen since the WRA began tracking these figures in late 2009. 

Credit: (WRA)

Home Size Shrinks For First Time Since 2009

Home Size Shrinks For First Time Since 2009

For many years now, the average size of a newly built home has been going up. In fact, by 2015, the typical new home was 2,689 square feet – by comparison, the average was 1,660 square feet in 1974.

That longtime trend took a step back last year, however. In 2016, the average new home fell 55 square feet. And, though that doesn't sound like much, it is the first time in eight years new homes were smaller than the year before, according to Rose Quint, the National Association of Home Builders assistant vice president for survey research. “The data on new home characteristics show a pattern,” Quint said. “2016 marked the end of an era that began in 2009 when homes got bigger and bigger with more amenities. I expect the size of homes to continue to decline as demand increases from first-time buyers.” 

But though Quint believes home size will continue to fall as more first-time buyers enter the market, she doesn't expect added features and amenities to become less popular. In fact, Quint says a majority of home buyers would prefer amenities and features over square footage. “More than two-thirds are willing to trade size for high quality products and features,” Quint said. Among the most coveted home features, a separate laundry room, energy-efficient windows and appliances, outdoor living space, exterior lighting, and a full bath on the main floor rank high. 

Urgent Care Facility Opens in Hayward

Urgent Care Facility Opens in Hayward

The Hayward Area Memorial Hospital Urgent Care is now open. In 2015, HAMH conducted a survey asking the community what would improve our community's access to health care. The top response was urgent care at 49%. Typical conditions they treat in Urgent Care include sore throats, earaches, sprains, strains, colds, coughs, tick bites, and minor lacerations.

Before, the next closest hospital that had urgent care was over 50 miles away. This makes it much easier for our community to get their health needs taken care of quicker and for a lower cost right here in Hayward.

They are open Mon-Fri 5-10pm and Sat-Sun 10am-10pm. You can learn more by visiting their website: haywardmemorialhospital.com or by clicking here.

The Cost of Renting Continues to Climb

The Cost of Renting Continues to Climb

Naturally, affordability is a concern for anyone deciding whether they'll rent or buy their next home. Buying a house is a significant undertaking and involves a number of costs and responsibilities that renters don't have to worry about. That, however, doesn't necessarily mean that renting is always going to be the more affordable option. In fact, rent has been climbing for years and continues to increase, according to a recent analysis from ABODO.

The analysis determined that the average renter last year paid $1,001 per month for a one-bedroom home and the average month-over-month increase was .67 percent. In short, the average rent increased about $85 from where it was at the beginning of last year to where it ended up at the end of the year. Still, when looked at on a state-by-state basis, rental prices vary greatly.

For example, the average rent in states like Georgia, Tennessee, and North Carolina is far lower than it is in areas like the District of Columbia, California, and New York.

Rents in the Hayward area tend to be lower than the metro areas of Madison, Milwaukee and the Twin Cities.  Additionally the Hayward area has little to offer in terms of rental opportunities, just ask anyone who has recently moved here. Many who seek to rent for awhile often find it financially beneficial to purchase since our area has many affordable homes to offer.

Free Ice Fishing Weekend

Free Fishing Weekend

Come Ice Fishing in Hayward this weekend! (January 21-22,  2017)

This weekend, the Wisconsin DNR is holding a free fishing weekend. There is no need for a fishing license or trout stamp. You can fish almost anywhere! The only place you can't fish is in spring trout ponds. Just remember to be very cautious when you head out onto the ice and that all other usual and seasonal regulations are in force. Get more info or find events across the state at the DNR website by clicking here.

Test out your luck and maybe you will find another hobby to enjoy in Hayward!

2017 Seeley Big Fat Race

2017 Seeley Big Fat Race

One of the many winter events in the Hayward area is this weekend! The 2017 Seeley Big Fat Race will be held on Sunday, January 22nd.

Here is the description of the race from CAMBA...

"The Seeley Big Fat Race is a low-key, self-supported, 15-mile fat bike race with a Le Mans style start and finish in Seeley. Take a chance along the course to win a prize, or just flat out haul tail and see how you do at the end of the day. Be sure to bring water, food, tools and anything else you might need on the trail, as you are on your own." 

Its a race with a definite twist and you're not going to want to miss it. Register or find out more by clicking here.