About Vilas County, WI

Real Estate in Northern Wisconsin is a definitely a different market than most places but there are certain true statements about what affects market value that run across many borders and markets. To this respect Northern Wisconsin properties are not that different.

One of the most common questions I'm asked as a local professional is: " What will affect the market value of my home???" People have many different ideas about how market value is arrived at and who determines it. The most amusing to me is the belief that the REALTOR affects market value by pricing the homes they sell. Some people still think agents set the listing price and real estate in Northern Wisconsin just doesn't work like that.

So, what does affect market value of a home???

• Location - This can be the single greatest factor affecting value. Where you are in relation to what school district and how far you are from local amenities. In Northern Wisconsin this can also be what lake area are you in, what body of water are you on and what proximity are you to additional recreational activities.
• Competition - Buyers compare your property against other properties offered in the market place. What is your lot size, frontage amount, home size, home age, floor plan, are you steep or level to the lake, are you year around or seasonal and who are we targeting and in what price range.
• Timing - The current real estate market may reflect either a buyers' or sellers' market. Are lending practices lenient or stringent and what financing is available. How low are interest rates? Seasonally, is it the right time to be on the market. Are the buyers actively looking or just shopping online. What is buyer demand versus current inventory?
• Condition - Property condition affects price and speed of the sale. Optimizing physical appearance and preparing in advance for marketing maximizes perceived value. Staging can increase value and decrease time on market.

There are certain items that have no real value to a home no matter how much we want them to:

1. Purchase price of the home
2. Amount of money in the home
3. What a neighboring property sold for 3 years ago
4. Assessed value of the home

The above reasons often lead to the overpricing of a home and every seller needs to be made aware of the real risks of overpricing a home, especially in a volatile market like the one we are experiencing now.

Some of the risks of over pricing include:

• Missing the peak selling market b/c your price was too high. The longer the days on market the more a buyer feels he is going to be able to negotiate.
• Helping your competition sell. If you are priced above your competition you are actually making their home more attractive to potential buyers because their home appears to be a better bargain.
• By over pricing you may have to eventually drop your home below market price to compete with new well-priced listing.

You run the risk initially of loosing buyers to other properties because they feel you would not be willing to negotiate and come down in price. You could then loose them again because when you do reduce your price, months later, their perception of the market has also changed for the negative thus lowering what they are willing to pay for your home in this "new" market. So, you have lost some control in the negotiation.

So, the key to selling real estate in Northern Wisconsin is to price your property competitively from the start to avoid any of the risks above and generate good buyer and broker activity from the start!!

For more information on Northern Wisconsin real estate and to view all MLS listings click here

Copyright©by Julie Paez, All Rights Reserved, Selling Real Estate in Northern Wisconsin- What affects market value?

When buying real estate in Northern Wisconsin it is best to use a full time agent. It can be tricky if you are not familiar with many of the different aspects of the transaction. In the tucked away counties of Oneida and Vilas counties where the majority of our business is selling dreams in the form of second homes and vacation properties we have some different issues that you want to be aware of so that the transaction goes as smoothly as possible. None of these should make you wary if you are working with a full time local professional.

Several of the issues I am going to address are-

• Septics
• Wells
• Surveys

One of the items I am referring to are issues with septic systems. We are such a remote rural area that we have septic systems rather than city plumbing. There are many different types of system's from conventional systems to mound systems and ,as a buyer, you want to inspect the system and find out as much as you can about it prior to closing. Many parcels sold for sale by owner don't address this issue and it can come up to haunt a new buyer after closing. The counties of Oneida and Vilas, in particular, have enacted ordinances that will require systems to be tested and put on the county program and if they fail you may end up having to put in a new system at a good expense to you. Again, not a big deal if you have someone helping you through the process.

Another item that can be unique to Northern Wisconsin real estate can be surveys. While not unique in themselves because of our rural setting we have many easements and shared drives that until title work is ordered you , as a buyer, may not be aware of. Your local professional should help you discover whether there are easements, shared drives, and recent surveys on file. We are not standard in lot sizes like in many urban areas so what you find is that many lots are irregular or split off of a larger piece so for your protection it is always a good idea to ask for a survey in your offer to purchase.

We also have wells versus municipal water and there are different types of systems there as well. You can have a drilled well or a point driven well and it is also good to have a water test with your purchase while you are investigating what type of well you have and if it is compliant or non compliant with current county ordinances.

The bottom line is truly that to leave satisfied you must arrive prepared and the best way to insure that when buying property in Northern Wisconsin is working with a local full time professional. I often recommend buyers agency and this can often make the transaction smooth and painless for you. For more information on Buyers Agency in Northern Wisconsin click here and discover the painless way to purchase property in Northern Wsconsin.

For more information on Northern Wisconsin real estate and to view all property listings click here.

Copyright©by Julie Paez, All Rights Reserved, When Buying Real Estate in Northern Wisconsin it is best to work with a full time agent

The March real estate market has “come in like a lamb” … with few inquiries and offers. This week, Team Rondello will attend and exhibit at the Milwaukee Journal / Sentinel Sport Show at State Fair Park in Milwaukee. It will be very interesting (and telling) to see the overall activity and turnout for this event; to measure the interest in real estate by the number of attendees who visit our booth, and also to hear their comments. We remain hopeful that some of the new administrations policies will “trickle up” to help real estate sellers and buyers here in the North. The 1^st time buyer tax credit will have a minor effect, as most homes here are secondary recreational properties. As I write this, the temperature is well below zero; a warming trend is forecast for late in the week, and this warmer weather should start getting folks thinking of spring, summer, and fun on the lakes. We are working each day to serve our clients and reach the most available customers.

When purchasing Northern Wisconsin property you may want to ask for Buyer's Agency. Northern Wisconsin has some built in challenges that if you, as a Buyer, are not too familiar with may cause you a bit of head scratching. I really feel like in my real estate business in Northern Wisconsin I am selling dreams and helping families make memories and in this market I want to be able to help my buyer's to make certain they are confident in their purchase and are buying no surprises. For this reason I always discuss Buyers Agency with buyers before getting to far along in the home buying process.

In Buyer's Agency the REALTOR and the buyer sign a WB-36 Exclusive Buyer Agency Agreement that includes a Disclosure of Real Estate Agency. The Disclosure lists the fair treatment duties owed to all parties and the duties owed to you as the client, and indicates that the buyer's agent is the agent of the buyer. I think of it as "listing" the buyer as I list a seller when I list their home for sale.The buyer's agent works for the interests of the homebuyer, but also must know how to work with the listing agent. A buyer's agent can-Give a negative opinion or critique of a seller's property beyond disclosing defects.

• Recommend or suggest an offering price or give you an opinion about whether a particular house is priced too high or too low.
• Structure the offer and draft offer provisions with the buyer's best interests in mind.
• Recommend and assist the buyer with negotiation strategies for the best price and terms.
• Disclose all information and research a property's history and liens so the buyer can make an informed decision.
• Give advice within the scope of the agent's expertise as a licensed real estate professional.

It is importanct to point out that your REALTOR whether they are working as a buyers agent or sellers agent owe you, the buyer, honesty surrounding any negative factors affecting the property. However, representing the buyer means the ability to give and interpret comparable sales and pricing information. When working with a buyers agent you can simply give an opinion on pricing where a sellers agent simply cannot. This can be very helpful for people purchasing in a market they are unfamiliar with, like ours in Northern Wisconsin where secondary homes are a large part of our market.

So, call your local REALTOR for more information on Buyers Agency and see how they can assist you! In an economy like this a service like Buyer's Agency can be more beneficial than ever. So, when looking to invest in Northern Wisconsin property call a local expert and don't miss this local resource for all buyer and seller information as well as all listings!!

For more information on Northern Wisconsin Real Estate and property listings

Copyright©by Julie Paez, All Rights Reserved, When purchasing Northern Wisconsin Property you may want to ask for Buyer's Agency

In Northern Wisconsin's Vilas and Oneida Counties we have been hard hit by the past 18 month market slowdown and have alot of work to do to show our Sellers how we can get their homes sold in this current market. Pricing will be the key in the next 18 months and a good agents' job is to price their Seller's homes realistically to SELL, as well as, to show your Seller's how you have come to the numbers you are at. Price tags from the booming markets in years prior need to become a thing of the past if our Seller's want to move on in this market. So, in Northern Wisconsin pricing will be the key if you want to sell you home in 2009.

Our most recent numbers show that in Vilas county our volume from 2008 to 2007 was down an average of about 40 percent. There were 736 units sold in 2007 and only 430 units sold in 2008. Our average price also fell by about 20% with our average sale price in 2007 being around $150,000 and our aveage sale price on 2008 being around $120,000. We are better off that many states in the union but still far from where we would like to be.

These stats coupled with the medias obsession with foreclosures has created a "deal or no deal " mentality in the buyer. They want a deal or what they perceive as a deal or they will not make a deal. We are that Banker on the phone trying to meet both the sellers expectations of what they want/need in order to sell and the buyers feeling that it has to be a great steal in order to purchase.

For the above reason buyers are scouring the interent looking for new listings, new reductions, and new foreclosures so that the average well priced listing just doesn't appear as desireable unless you, the agent, can show the value there. The best approach is to try and get your listings 3-5% below current market price , we are able to exclude the foreclosures in our market, and then buyers will see the value. The good news is that they tend to not dicker in pricing if they feel it is marketed well. Pricing competitively will be be key to motivating buyers to move NOW and take the risk to buy. It will also begin to create a demand in our marketplace.

So if your thinking of selling start preparing now , read this article for some helpful hints click here, and call a local expert, TODAY..

Remember dreams are what we sell in the Northwoods!

Julie Paez, GRI, REALTOR, Coldwell Banker Mulleady. Click Here to visit my website for all home selling information.