The Polly Blog has moved to a new platform. If you have saved this site through blogger or just ventured here that way and like what you see, please visit ThePollyBlog at our new hosting location.
I have enjoyed Blogger for years, but now I need a more expressive platform.
See you there.
Polly Briley
Wednesday, February 18, 2009
ThePollyBlog has moved
Monday, February 09, 2009
Interest Free Home Loans From City
The city of Oshkosh is once again offering interest free loans for qualifed residents in Oshkosh. The loans are available to homeowners whose annual imcome is below $36,050 for individuals. The loans increase with family size, but are capped at $41,200 for couples.
These funds are used to help homeowners who are in need of serious repairs and not for renovation. Covered are repairs for heating, plumbing, electrical or significant structural issues.
Pick up your application at the city's planning department on the second floor of city hall.
Longer than we thought
The new website and blog roll out has been delayed for another day. Putting all the pieces together, design, framing, links, is slow but will be well worth it.
Word is tonight will be the big reveal. The urls will not change, so just hit your normal bookmark and rss feed and you will visit these dynamic and information rich sites.
Thursday, October 30, 2008
My first listing
I have my first listing, okay it is my house, but I think it counts (my broker said yes). As it is my first listing, I have been experimenting with many ways to market it. I have no preconceptions of what is good or bad when it comes to home marketing so I will try pretty much anything.
Of course I went with the few musts: Realtor.com, Balloonhomes.com, my site and the MLS. To not do these would be malpractice. But what after that?
The first Sunday after I listed it, we held an open house. To drive folks to the listing I mailed out 160 invitations to the neighbors, friends and folks I thought would be great advocates. I also put an open house ad in The Oshkosh Northwestern's Sunday homes addition. During the two hour open house 33 separate "buyers" attended. This does not include identifiable neighbors and friends. I think this was a pretty good attendance.
The next week I expanded my reach and added a Facebook page for the house. I also scheduled another open house for that Sunday, but no invitations. On the Facebook page I sent out invitations to all my Oshkosh friends alerting to the open house event. Another ad ran in the Northwestern. A dear friend and colleague of mine, Kris Villars, hosted the open house this time. She reported 15 additional buyers came through, including one who saw the house on Facebook.
I also purchased a domain for the house and gave it its own website: http://www.1249MerrittAve.com. I added more pictures to Realtor.com and twittered about the house. I sent out fliers to other real estate agents who had buyers looking for houses like mine. I got slapped for doing that. Apparently an agent in Oshkosh took offense and requested the MLS board make me stop mailing new listing fliers. Don't understand that one.
So, how is it going? There is a lot of interest, phone calls, emails, showings, but no offers, yet. I am open to all ideas for further marketing options. I am going to post to Craigslist and will continue to mail out fliers to targeted parties.
When your first listing is your own house, you can learn a lot and try anything, your client won't mind.
Sunday, October 26, 2008
September Oshkosh Housing Report - A Little Late
The average sold price for a home in the city of Oshkosh in September was $140,613. It sold for 94.8% of its listed price and spent 179 days on the market. This was an increase of 47 days on the market from 132 days in August. In 2007 a house sold in Oshkosh for an average price of $144,551, sold for 93.9 of its list price and spent 165 days on the market.
The total number of residential sales in the city for September was 88, a drop of 12 houses sold from September of 2007. A monthly change from 117 homes sold in August.
Homes selling under $100,000 made up 34% of the homes sold in September, with homes selling between $100,000 and $200,000 making up 50%. Homes selling over $200,000 made up 16% of all residential sold.
Of the 114 homes sold in September 42% had 3 bedrooms and 48% had 2 bathrooms.
Into October, the city of Oshkosh had 1125 homes currently for sale. That number is down from the 1197 homes in inventory at the beginning of September and an inventory of 1227 homes listed at the beginning of October 2007.
Analysis:
Year over end Oshkosh is holding its own. Our home prices are only down .9% on average from September 2007, $140,613 vs. $144,551. Days on market increased by 14 but the home sold for a higher percentage listing price.
Our inventory of homes for sale continues to drop significantly. The 102 fewer homes on the market from last year is making the options for home buyers smaller. A home seller might see this drop as a great opportunity to take advantage of less competition.
Still, the tight credit market is a primary concern for both sellers and buyers. There are great mortgage programs available for all price ranges. Down payments still run the gamut as well. First time buyers can qualify for a 3.5% down programs, but you need pretty good credit to get a low interest rate.
F.I.C.O. scores of 750 are now the norm for the best rates. This DOES NOT mean you can't get a loan, it just may cost a little more. When things get better, and frankly they have to sometime, you can refinance into a lower rate.
Life goes on and changes continue. If you need to buy a house because you need more space or less space is now better, don't try to game the housing market. If now is your time, go for it.
Friday, September 19, 2008
Oshkosh Housing Market for August 2008
The average sold price for a home in the city of Oshkosh in August was $133,098. It sold for 95.8% of its listed price and spent 135 days on the market. This was a reduction of 25 days on the market from 160 days in July. The total number of residential sales in the city for August was 114 a drop of 56 houses sold from August of 2007.
Homes selling under $100,000 made up 33.08% of the homes sold in August, with homes selling between $100,000 and $200,000 making up 47..05%. Homes selling over $200,000 made up 18.01% of all residential sold.
Of the 114 homes sold in August 60% had 3 bedrooms and 55% had 1 bathroom.
Looking ahead into September, the city of Oshkosh had 1176 homes currently for sale. That number is down from the 1237 homes in inventory at the beginning of August and an inventory decrease of 72 homes listed in September of 2007.
Analysis:
The great news in this report is the large drop in the number of days homes are sitting on the market before selling. We carved off 25 days while holding on to 95.8% of list price. Our inventory is still down which might account for the drop in days on market, the fewer properties available the lower the days on market, maybe.
Each month we are seeing fewer homes being listed and a drop of 72 listings over last year is large. Perhaps many home owners are just holding on for the market to turn around and prices to increase again. The concern over this plan is just how fast or even if the market will rebound. We are lucky in Oshkosh to have not seen a real boom and are not now suffering from a bust, but we do seem to have been stricken with concern.
Our real concern should be credit constriction. The real worry on main street is loan denial. Many average credit buyers are not getting a loan than just a month ago would have been no problem. Until the credit squeeze is over the odds of a rise in inventory and sales are dim.
Tuesday, August 26, 2008
Preservation Pays
In Sunday's Northwestern I was quoted as saying:
"I'd like to see some citywide preservation efforts," she said. "You can change a lot of things to make homes more comfortable, more modern, more efficient without changing the nature or soul of the house. You want to make sure what you put into it you will get out of it. And if your neighbor's not doing to the same thing, it's going to reflect on you, your property value and your resale value."
To expand on that quote, preserving our history, our neighborhoods and our older homes isn't just about real estate.
Yes, a historically intact home does have a higher resale value than one that has become a hodgepodge of renovation projects, but a historically intact home is a story of us as a community. Many people love going to the genealogy sites to learn about their families. An older/historic home is a physical manifestation of our family history. A church, a school, a downtown building tells us about our past as a community.
When we lose these our history goes with it. Think of all the wonderful buildings we have lost. How many of us look at the pictures of the Athearn Hotel and imagine it still standing in our grand downtown. How about that incredible William Waters designed building that occupied the 100 Block of N. Main and Otter? If the preservation efforts of our community hadn't been successful and The Grand had been lost, would we today feel a deep sadness and remorse?
We are in serious danger of losing our communities collective conscious.
The warehouse district on the south-side is disappearing. There was a request about 12 years ago by an investor to create residential space in one of the buildings on South Main. It was denied. Now gravel blights are littered throughout with more to come.
The light house is going, going, gone. A beacon for travelers and boaters to guide them safely to Oshkosh is turned off. The metaphor as reality.
Raze it and they will ignore it. An empty lot, so the myth goes, will attract a buyer. How many times does this painful line have to be proved wrong before we stop destroying what we have in hand? Retrofit and reuse are green and cost effective. If they don't build it who will come?
There are people in this community who are advocates and investors in our past as future.
The Waters lays out the planning guidelines for what we as the Oshkosh community must do to thrive. A grand example of how new meets history. This showcase will bring local and tourism monies to Oshkosh.
River Mill condominiums are a reuse project that proves a good investment in keeping our history. As manufacturing changes many older builds will be left vacant and some abandoned. As we consider plans for the space, our commissions must look to what has worked - River Mill and what hasn't.
There are small and grand examples of preservation throughout Oshkosh. Brooklyn Fire House, The Bent Building, Wagner Opera House and so many others show what can be done and will with a serious mindset change from our elected officials, city staff and most important, our business "leaders" in the Chamber, OCDC and BID.
As important as our historical commercial arena, our homes are the fibers that intertwine to keep Oshkosh history seamless. Each neighborhood - south, east, university, north - is important in telling the Oshkosh story. Who we are, where we came from, what we did is written in the wear of our of our homes.
Preserving our history isn't a death lock of regulation for homeowners. We are not and cannot be a covenant dictatorship. Our preservation must come from a collective will, a joint belief that this is important and good. The payoffs for our decisions can be enormous.
When we mention the Washington or Algoma neighborhoods, there is general agreement that these are desirable streets with beautiful homes. A place we would love to live. Why can't the same desire come from Parkway, Waugoo, Grand, South Park, Winchester, 18th, Idaho, etc.? Each of these streets have wonderful older homes that have been protected by generations of families. Each also have houses where the owners, usually landlords, have allowed the properties to lose their luster.
Why has Washington and Algoma maintained their grandeur while the others have not? There is a pressure, unspoken, when you live in a historic district. No one demands these homes are kept up, yet driving down the blocks shows the neighbors support each other and provide a communal spirit. The near east project is an attempt, with governmental prodding, to create that same sense. To get started is hard and sometimes irritating but for the homeowners and the neighborhood the results are tangible.
As a real estate agent specializing in older homes, I know a home in a preserved neighborhood brings in new owners excited to live here at a price to make all the neighbors very happy.
Preservation pays.
Thursday, August 21, 2008
Agent as Client
Today I am a client. I put in an offer on a 7800 SQ FT church in our town. After six months of waiting to hear from the diocese that the church would be sold, two months of investigation with contractors on the feasibility, and a month of wrestling with my husband on the price, I just faxed the offer. Now we wait ...
Tonight is the parish council finance committee meeting. Next week is the community meeting with the parish as a whole. Then we have all the city council meetings for use permits and plat changes.
Has any one out here ever worked on a project like this, taking a church or even a school and turning it into a single family residence?
Any advice?
Polly
Wednesday, August 20, 2008
Oshkosh Housing market for July 2008
The average sold price for a home in the city of Oshkosh in August was $128,234. It sold for 95.5% of its listed price and spent 160 days on the market. This was a reduction of three days on the market from 163 days in June. The total number of residential sales in the city for July was 102 a drop of 17 houses sold from July of 2007.
Homes selling under $100,000 made up 35.28% of the homes sold in July, with homes selling between $100,000 and $200,000 making up 47.13%. Homes selling about $200,000 made up 14.7% of all residential sold.
Of the 102 homes sold in July 60% had 3 bedrooms and 59% had 1 bathroom.
Looking ahead into August, the city of Oshkosh had 1,186 homes currently for sale. that number is down from the 1,215 homes in inventory at the beginning of July. That is an inventory decrease of 61 homes in August of 2007.
Thursday, August 14, 2008
Chuck Chvala Sells Real Estate?
Did anyone know the Former Leader of the Wisconsin State Senate was a Real Estate Agent? Did you know he lost his license because he "forgot" to tell the licensing board he had been convicted in 2005 for FELONY misconduct in office? Ooops.
Well it seems all is well and good again because Mr. Chvala has gotten his license back after a six month suspension.
Do you think he has gotten his law license back?
Not a good day for the new ethics movement in real estate.
Sunday, August 03, 2008
Newspaper article reports local real estate sales up in 2nd Quarter
In the three county area (Winnebago, Outagamie and Calumet) real estate sales are up 14.1 percent in the second quarter of 2008 over 2007, according to a report on the WISINFO site.
Winnebago county sales are up 19.9 percent comparing 2008 with 2007. Outagamie sales were up 18.3 percent.
The report does not separate out commercial versus residential which can be wildly different. The report states the statistics are provided by the Realtor Association of Northeast Wisconsin. My attempts to find the report on our local board websites were unsuccessful. When the report is made available to the membership as opposed to the media, I will post the numbers.
Wall Street Journal Advice on Selling Now
An article in last weeks Journal offered seven steps to selling your home in today's market. Most of it was sound if not a little alarmist. Here are their 7 steps:
1. Don't wait around
The advise here was basically it is going to be years for the home market to turn around. Sell now if you have to sell and on the bright side be glad your not a Hummer salesperson.
2. Fix it up and clean it up
The essential make a good impression.
3. Price it cheaply
Price the house BELOW current comparable nearby properties. Also price the house at the current home sales level, not what it was worth three years ago.
4. Hire a top real-estate agent
Interview agents about their marketing plans for your property. Make sure your home will be on all the leading real-estate web sites. "This is no time to quibble over a couple of percentage points of commission."
5. Promote, promote, promote
Don't rely on your agent to do all of the work. Pay for extras if you want more expensive or untraditional promotions. Get creative, advertise your property in unique places such as your companies newsletter and church bulletin. Make sure every one you know receives an e-flyer promoting your property.
6. Play the banker
If you have no mortgage to pay off consider financing some or all of the buyer's purchase. You might be able to charge a higher interest rate and command a higher sale price. Hire a real-estate lawyer to make sure everything is done to protect you. As the WSJ says, "Worst case? Your borrower defaults and you take the property back. And sell it again." Of course that year in foreclosure might be a little tougher on you and your house than the Journal lets on.
7. Take the offer
A buyer has a reasonable offer, take it. Find out the percentage difference between the asking and selling price today. It is a good way to determine an appropriate monetary offer. Your house is only worth what some one will pay for it and the Journal says, "that unfortunately will probably be a lot less than you think."