Wisconsin Real Estate Blog - Buying & Selling

Where do I find a Home Stager?

nospam@example.com (First Weber Group Realtors) — Thu, 01 May 2008 18:48:02 +0000

By now, everyone has probably HEARD of Home staging. It certainly helps to sell vacant homes, as well as spruce up homes for sale that are maybe just too cluttered, need a fresh look etc. Staging, although an expense, is much less expensive than a price reduction in your home if your home does not sell right away. Why not present your home professioanlly staged to attract the most buyers right off the bat?

Finding a home stager is just one more thing to do! You can click the links below or just contact us and we can get you set up. First Weber Group's Concierge desk has several stagers available to help get homes staged for sale.

You can contact them through clicking into a region of our Concierge desk here and visit their websites.

Selling a home? Try Feng Shui

nospam@example.com (First Weber Group Realtors) — Fri, 25 Apr 2008 18:08:00 +0000

You may or may not believe in the art of Feng Shui, but if you are selling your home, you should try everything possible. The following article from RIS Media highlights 8 Feng Shui mistakes to avoid while selling a home. Sounds interesting... My house could use some help, I'm sure.

5 Do's and 5 Don'ts for first time home buyers in Wisconsin

nospam@example.com (First Weber Group Realtors) — Wed, 09 Apr 2008 14:19:05 +0000

2008 is a unique real estate market in Wisconsin. Wisconsin does not have the serious problem other states do, thank goodness. For first time home buyers with good credit, there are opportunities aplenty to buy real estate. Read the full article about the do's and don't for first time buyers here, as reported in RIS Media. Here is a summary and some additional commentary on the article:

5 DO's

1. DO take time to know your credit score - it may get you a better mortgage rate. By learning your credit score, you can also see how you are doing in managing your finances. Free credits reports are available all over the internet.

2. DO explore mortgage preapproval before you start looking for homes. You'll know what you can afford and not waste time looking at what you can't. A preapproval also shows you are a serious buyer

3. DO start off with profesional help. Your Realtor can help you do number 1 and 2 above as well as make your home search easier by sending you new listings via email that match your criteria. A good Realtor keeps their eyes peeled for what their customers are looking for. You don't have to do all the work yourself. Consider signing a Buyer Agent agreement for the best representation.

4. DO anticipate your future needs. How long do you plan to stay in the property? Will it work for you 5 years from now? People move often for lifestyle reasons so keep your changing lifestyle in mind.

5. DO set priorities on what you are looking for in a property - but separate them into the "Must-Have features" and the "Nice to Have, but not imperitive" features. It is possible that no house will have absolutely everything you need and want and you will need to decide what is most important.

6 DON'TS

1. Don't fall in love with the first home or neighborhood you see. It is best to look at several homes to make sure of your purchase. Buying a home is a big step and you should take your search seriously. You may go back to that first house, if it is still available, but you will be making a wiser decision because you are more familiar with your wants, needs and what is available. When you ARE certain of a home, do move quickly.

2. Don't buy beyond your means. Just because on paper, you qualify for "X" amount of a mortgage payment doesn't mean you have to go that high. Are you comfortable with paying that amount? Borrow only what you feel comfortable taking on.

3. Don't treat your home like a bank. Buy for your lifestyle and for long term investment. Quick profits do nto always happen and should not be the main goal of purchasing a property.

4. Don't try to time the market. By the time most people sense a turn in the market, the tables have already turned. Buy for long term and buy at a time that seems right to you.

5. Don't get an exotic or confusing mortgage. If it sounds too good to be true, it probably is. Use a reputable local lender and ask all the questions you want. It is important for you to be able to understand the type of loan you choose.

Happy house hunting! Let us know if we can help in anyway.

Buying a Home is Wisconsin: prices good, lending tougher

nospam@example.com (First Weber Group Realtors) — Tue, 18 Mar 2008 14:08:15 +0000

Prices are right for first time home buyers or move up buyers, but financing, which in recent years was quite easy to get, is getting tougher. Save your pennies for that downpayment because you are going to need it. While maybe harder for buyers to enter into homeownership, the article below points out some changes that just seem to make good sense. If you are going to borrow, have a down payment, have good credit. Borrow smart, lend smart. Home ownership is a responsibility and one well worth it.

From Real Trends email update #987:

"Falling prices in many parts of the country have improved affordability for those interested in becoming homeowners for the first time, but financing the purchase has become a bigger challenge. Lenders, in general, are requiring larger downpayments and higher credit scores, criteria that can trip up first-time buyers. It's typically first-time buyers who have the toughest time scraping together a downpayment.

According to the National Association of REALTORS, 45 percent of first-time homebuyers opted for 100 percent financing between July 2006 and June 2007. The median percentage that first-time buyers financed was 98 percent.

No-downpayment loans "are still happening, but with a lot more restrictions than before," says Barton Pitts, president of Downers Grove (IL).-based Professional Mortgage Partners.

Borrowers today are going to have to verify their income and verify their financial assets to lenders, says Frank Nothaft, chief economist for Freddie Mac, the government-sponsored mortgage agency. A FICO credit score of 660 to 680 is now the minimum most lenders will consider to prove your creditworthiness, he says.

Some in the industry figure that many borrowers will need about a five percent downpayment on a typical loan these days. Others are predicting heftier restrictions to entry. According to Guy Cecala, publisher of the industry newsletter Inside Mortgage Finance, a first-time buyer in many markets will soon need even more money down - perhaps 10 percent. "And I think before too long we're going to see it up to 15 percent to 20 percent," he adds.

Time Magazine on real estate & stocks

nospam@example.com (First Weber Group Realtors) — Mon, 25 Feb 2008 17:45:21 +0000

Time Magazine article by Dan Kadlac in full here. An excerpt relevant to home buyers is shown below:

But let's say you are emotionally ready to be a homeowner. You have good credit, plan to stay put for five years and have been waiting for the perfect entry point. It's time to get serious--before an inevitable rise in interest rates wipes out your advantage. "The thing that will make home prices stop falling is the very same thing that will push mortgage rates higher," says Jim Svinth, chief economist at mortgage firm Lending Tree. So anything you gain by a further drop in prices might be offset by rising financing costs.

Consider a typical home that sells for $218,900. You put down 20% and get a 30-year fixed-rate mortgage at today's rate of 5.5%. Monthly principal and interest come to $994.31. Let's say that 12 months from now the same house goes for 10% less, or $197,010. But by then the recession is history and the Fed is jacking up rates to stem inflation. If mortgage costs rise a point, to 6.5%, your monthly payment would be $994.94 and you'd have saved nothing. Meanwhile, home prices might steady and sellers might become less willing to negotiate. And you have spent a year living someplace you'd rather not be.

It's more complicated if you must sell before you can buy. But that logjam won't persist forever--and if it appears you'll be trapped for a few years, try to refinance at today's lower rates. Risks always seem most acute when the headlines give you ulcers. But that's exactly when you should think long term--and get off your thumbs.

Luxury Market faring well

nospam@example.com (First Weber Group Realtors) — Mon, 18 Feb 2008 20:54:55 +0000

Luxury property varies widely by market.

Wisconsin has our fair share...

But not too many like these. The good news about the Luxury market is home prices are on the rise in the high end market and luxury home buyers typically do not need to rely on a mortgage loan - so they can bypass that mess. Two articles that go into more detail can be found at the Institute for Luxury Home Marketing and the original article by Newsweek is here.

How to get up-to-date real estate listing information without really trying

nospam@example.com (First Weber Group Realtors) — Thu, 17 Jan 2008 18:35:49 +0000

Lord knows there are real estate sites out there on the web, some local, some national, some good and some really worthless. National web sites are going to aggregation where they include the most listings they can find. Have you ever used one of these national giants (Trulia, Zilow or realtor.com for example) to find local Wisconsin real estate? If so, how was your experience?

Local brokers like First Weber work very hard at keeping individual websites on the cutting edge. A good customer experience and returning customers is what we are after. How are we doing there?

There are many options on most real estate web sites. I think a lot of people are in a hurry when they look. That's why I ask -did you know that for a few moments of your time you can set up a "My First Weber" account? When you do that, you have the ability to receive emails on properties that match YOUR criteria. Whether they are new listings, open houses or even price changes, My First Weber can send you email updates, keeping you informed even if you are not seriously looking. It is a service, free. You can sign up here - and you can unsubscribe at any time. This is not hard sell - that doesn't work on a blog, or anywhere really, and it is not what we are about. It is just a useful tip. If you are serious about buying or selling Wisconsin real estate, you should sign up. If you don't like it, unsubscribe easily.

We hope you stay around because We're here to help!

Go Packers!

Secret Room of deception and non-disclosure

nospam@example.com (First Weber Group Realtors) — Thu, 10 Jan 2008 15:42:50 +0000

If your home has a mold problem, or any other defect, do not hide this fact! It is unconscionable what this seller tried to hide. See the story of the Secret Room that I found over at the Sellsius blog

REALTORS are obligated to provide notice of defects that they are aware of through a visual inspection of the property, even in seller did not disclose the defect. And, even if a mold inspection was requested in the offer it is not a guarantee that a Home Inspector would have even discovered such deception of the "secret room". Full disclosure is the best practice. For buyers, inspections are yours for the asking. But these must be requested in writing in the offer to purchase.

Short Sales - we hope you do not know what one is...

nospam@example.com (First Weber Group Realtors) — Wed, 09 Jan 2008 19:15:21 +0000

Short sales have been in the news these days, and have been a topic of conversation in First Weber offices lately. They are unfortunately becoming more common. Maybe you know what one is, maybe you don't. If you DO know what one is I bet you wish you didn't...

What is a short sale? (and may you never be in this predicament...)

A short sale is a term most commonly used to describe a situation where the proceeds of the sale of a home will not be enough to satisfy all liens on the peoprty, including mortgage payoff, closing expenses, and possibly including an agent commission. The seller often has to BRING money to the closing. THAT is just NOT what people have come to expect when selling real estate.

Short sales may occur when the seller is in bancrputcy, or the mortgagee is foreclosing on the property or when the total of all liens on the property exceed what the property brings in today's market.

If you absorb the news, you may have heard that if you are having trouble meeting your mortgage payment, it is best to contact your lender right away to work out a possible solution. If you are currently selling, it is also imperative for your to provide your First Weber agent with as much information as possible about whatever liens and encumbrances may exist against your property.

A lot more than you think...

nospam@example.com (First Weber Group Realtors) — Wed, 09 Jan 2008 18:22:25 +0000

I've heard before "Consumers don't know what REALTORS do". That's probably true - how could a member of the general public, or even an involved seller, ever really know what it takes to get a home to a successful close? So much is behind the scenes and rarely is a transaction a simple one. If you could be a fly on the wall of the technical side of your home sale, or sit in at the required continuing education REALTORS in Wisconsin must complete every 2 years you'd be amazed at the legalities, disclosures, addendums, policies, and deadlines that an agent better have down pat - or else.

The entire list of tasks a REALTOR needs to complete would bore you. One list I know of has 167 items on it. Granted not all 167 things need to be done in every home sale, but anything is possible. But just as an FYI, to prepare for a listing presentation for a home seller, an agent may complete almost 10 steps prior to that first meeting, some of which may include:

1. Research all comparable currently listed properties

2. Research sales activity for past 6-12 months from MLS

3. Research "Days on Market" for this propetry type, price range and location.

4. Review property tax roll information

5. Prepare Comparable Market Analysis (CMA) to establish fair market value

6. Research public records for lot size & dimensions

7. Verify legal description of property

8. Research property's land use/zoning

9. Prepare to make the best presentation they possibly can, pulling from past eperience and local knowledge.

...All done before they are even hired.

More on the "what REALTORS do" topic bit by bit.

11 things home buyers will pay more for in a house

nospam@example.com (First Weber Group Realtors) — Tue, 06 Nov 2007 20:57:05 +0000

To attract the most buyers and likely increase the sale price, sellers may consider certain upgrades before listing their home for sale. But what do buyers want? And how much will they pay for them?

The following statistics are from the 2007 NAR profile of Buyers' Home Feature Preferences report. Some are very easy updates to make-- go out and buy fancy new appliances! Others, like distance to work, you can obviously do nothing about.

Feature	Percent of Buyers willing to pay more for the feature	Median Amount buyers are willing to pay for the feature
Central Air conditioning	65%	$1,880
Walk-in closet in master bedroom	60%	$870
Hardwood floors	57%	$1,900
High-end kitchen appliances	56%	$1,660
Garage for 2 or more cars	56%	$2,120
Patio	54%	$1,340
One or more fireplaces	46%	$1,220
Fully or partially finished basement	38%	$2,970
Professional Landscaping	38%	$1,530
Location close to work	35%	$1,970
Single Level Home	21%	$2,510

Some of these numbers are surprising to me, but to each his own. I myself would pay more for professional landscaping than is listed here. And probably not as much for hardwood floors. The above stats provide no guarantee that such improvements WILL increase the value of a home, but they certainly would not decrease it either.

Sellers, what have you done to spruce up your house, and have you seen any results? Home Buyers here in the Wisconsin real estate market - what would you add to this list ?

As always, happy to have you readng the blog. Drop us a comment or suggestion anytime.

Newsflash from the National Associate of REALTORS

nospam@example.com (First Weber Group Realtors) — Fri, 02 Nov 2007 17:48:49 +0000

Foreword: all statements in quotes are taken from a NAR release.

"Buying a home is a great way to build long-term wealth." Most of us know this, and never questioned it. Especially because of the hot, hot market in years past. Maybe some people are now questioning that statement because of the slow down this year and are hesitant to buy a house. But real estate is cyclical, always has been and always will be. If we are at a low, now is the time to buy, kind of like the stock market.

"If you have been waiting for the right time to buy a home, you should know the facts about homeownership. Right now, interest rates are at historic lows, conventional financing is available and FHA-insure mortgage applications are on the rise. The more you know, the more you'll realize it is a decision you should not postpone any longer."

Other NAR statistics:

"On average, the value of a home nearly doubles evert 10 years."

"The average homeowner today has 36 times the wealth of the average renter."

"Sixty percent of the average homeowner's wealth is their home equity"

Interesting trend in home buying

nospam@example.com (First Weber Group Realtors) — Fri, 02 Nov 2007 17:23:12 +0000

There are More Single Women Buying Homes according to this article which points out many women buy for financial independence or for investing in their future. The percentage of single women buying homes was just 14% in 1995 and now is at 22%. Home builders and condo developers have noticed this trend and decorate and provide amentities attractive to women.

Maybe its just me, but I find this interesting. I was one of the 14% in 1995. Glad to have more company now! It was a very good move for me financially and I have no regrets.

Regardless of the real estate market, homeowners are investing in their homes

nospam@example.com (First Weber Group Realtors) — Fri, 02 Nov 2007 16:23:38 +0000

Despite tougher times in the real estate market these days, most homeowners feel strongly that their home was worth more than they paid for it - and they are spending on improvements. The most common improvement, 2/3 of respondants, was to kitchens, which is not all that surprising. A large portion of respondants also said that if by chance someone gave theim their dream price for their home, more of them would downsize rather than move to a bigger home.

I'm Looking for a Wisconsin Real Estate Seller's opinion

nospam@example.com (First Weber Group Realtors) — Wed, 17 Oct 2007 02:09:01 +0000

Numerous times we hear it said that the only people looking at the newspaper for home ads are sellers and agents- in other words, ads are placed to placate sellers who think that is where their buyers are coming from, or agent looking at the competition. What is your opinion?