Eagle River, WI

Selling real estate in our current Eagle River, Wisconsin market place is showing certain challenges in Northern Wisconsin. As we head into the second half of our year, normally known as our busy season, we are seeing several trends appear in our ever changing market. Doing business today is not only a challenge getting a prospective buyer to make an offer but then trying to hammer through all the details that follow. As always, working with a license REALTOR who is knowledgeable about changing banking and appraisal standards is always best.

• One of the first problems in the Eagle River, Wisconsin market place is actually getting a buyer to look at your home. While offers are down in number we are seeing that buyers know a value when they see it and if you want your home shown you must get it priced "ahead of the declining curve". Many agents like to appease their seller's with pricing and in some years that was okay because there were less homes on the market and prices were rising so you had more demand for everything. This market is different. We have loads of supply and a small number of buyers so if you want to sell you MUST be as attractive as ever. Unfortunately, that attraction comes from pricing. Price it ahead of the curve so it stands out against the competition.

• So, you get an offer and you already feel as if you have made concessions in pricing so what do you do when they don't come in as high as you would have liked? You have your REALTOR re-evaluate pricing and see if there are any new or recent comparable since listing your property, and then you decide truly where your bottom line is and how much you want to sell. This is very important b/c offers come far and few between and if this one does not work you have to be prepared to be on market for a lengthier amount of time and if the decline continues you may end up selling for less than what you are at now. You should also have your REALTOR discuss with the agent working with the buyer what their motivation is. This is key in this market because we are seeing more buyers walk after making one attempt at purchasing and if the Seller does not concede to a price they deem appropriate they simply walk away to another property.

• Buyer's are buying with their pocketbooks and NOT their heartstrings and this is making a huge difference in pricing and commitment to an offer to purchase. They are shopping amenities and looking at homes for features rather than charm and ambiance. Talk to your REALTOR about where you stack up against your competition in these categories and price appropriately so you are selling yourself and NOT your competition! Another way to think of this is to realize they are not buying the emotions you have wrapped up in the parcel. You must try and separate yourself from the transaction, this will help you to avoid having your personal pride and emotions afflicted by the entire negotiation process. Again, this is something your REALTOR should be able to coach you through.

• So, now you have an accepted offer and you must get through the grueling inspection, appraisal, and lending portions of the process to get to a closing. These issues can cause more stress to seller's than the actual negotiation process.... Be prepared for items to come up .. no home will go unscathed by a good home inspector, so be proactive and have your own done when you first list. This will help you to understand how it works, see what inspectors, look for, and give you a to do list so you have everything completed when an offer comes in. The appraisal and lending processes have also changes quite a bit recently. We are hearing that appraisals can take 4-6 weeks to be completed, and are being completed by out of town appraisers who are unfamiliar with our properties so this can take longer and be a source of aggravation for our seller's... Lastly, we have the lending process and we are beginning to hear stories about lender's only using 80% of appraised value. So, we are an ever changing market place...

So, when selling your home in beautiful Eagle River, Wisconsin start by working with a full time, professional agent that is trying to get you ahead of the market curve!. Northern Wisconsin real estate is experiencing a different market and you need to know what is happening in your neighborhood if you want to sell in 2009!

Copyright©by Julie Paez, All Rights Reserved, Selling your home in Eagle River Wisconsin's market place

Real Estate in Northern Wisconsin is starting to pick up! More specifically my area of Vilas and Oneida counties as well as the surrounding Eagle River area!!! Blame it on the media, blame it on the stock market or blame it on the new commander in chief... I don't care who takes credit I am just glad to see offers getting put down in writing! Over the last 30 days we have seen approximately 45 offers get accepted in my area of Vilas and Oneida counties compared to 10 the month before. The better news is that our supply is coming down and buyers are starting to believe the bottom is NOW!!

I still, personally, have buyers unwilling to believe that this is true but as they continue to miss out on housing opportunities I know their ideas will change. Until these properties close we have no way of knowing what our average value is but from my personal experience, while the buyers are writing offers lower than normal they are not necessarily get accepted at discounted prices.. Northern Wisconsin is correcting their pricing.

As the snow melts we generally see a pick up of activity but seldom a buzz like this. We generally see our true summer kick off start in June, rather than in May, but as local experts educate sellers as to the market conditions and how to price their homes for sale we are seeing the results. Allot of the homes "popping" are in that 100k to 300k range but there were a couple of exceptions and those exceptions this early in the season are welcomed. This is especially true because the higher end market is what we completely lacked through the last selling season in Vilas counties real estate market.

Things to remember in this market for buyers:

• Ask for Buyers agency, no DEMAND it.. Now that the market is starting to move you want to be abreast of recent homes sold comparable to what you are looking at to help you determine value.
• Keep in contact with your REALTOR and when they say to come and look at a property before its gone.. simply listen...
• Remember, when you see a value out there the chances are that all the other buyers out there in cyber-space do as well so move on the property and don't hesitate.
• Pre-Approval.. Talk to your banker so when you are ready you have NOTHING holding you back and a letter from a bank can make your offer far stronger than your competitions!

For more information on buyers agency check out this recent blog by clicking here

So, it is with optimism that I write today because Real Estate in Northern Wisconsin is starting to pick up and I am willing to give credit to anyone wanting it! In my humble opinion it is the agents on the forefront continuing to educate sellers as to how to make their home stand out in this market price wise that are making the true difference and as we all know with a decrease in supply our demand should increase as well. So, buyers, jump off that fence and into the Northern Wisconsin real estate market before it is too late!

Copyright©by Julie Paez, All Rights Reserved, Real Estate in Northern Wisconsin is starting to pick up!!

What determines real estate values in Eagle River Wisconsin???It is not the job of a REALTOR to tell you what your home is worth because, quite honestly, it is worth many different things to many different people. The appraiser will put their market value on it, the assessor will put a tax value on it, the insurance company will place a replacement value on it and the prospective buyer will put a purchase value or and you will place sentimental value on it.

The difficult job of the REALTOR is to determine what that value will be in the current market based on the current conditions, the competition, and the potential value to a prospective buyer. The best price obtainable in any market can only be determined by thoroughly watching the market and analyzing the competition. In the final analysis, the market dictates value, based on current conditions, the current supply of buyers and the current competition. In Eagle River Wisconsin this is most certainly true!

The key thing to remember, as a seller, is that buyer's are back to comparison shopping. We are no longer in a seller's market where buyers were scrambling to grab properties as they hit the market. We are in a buyer's market now and buyers are, again, looking at multiple homes at a time before making a decision. Many even writing offers on multiple homes because price is their biggest motivation to the purchase process and they are not committing them selves to one home because they want to be able to negotiate without having sentimental attachments.

All of this means that, basically, the best obtainable price for your home will be determined by the market, not the REALTOR, or the appraiser or the assessor. The buyer will shop based on amenities and features of the home and it is unlikely that your home will sell for more than could be paid for another home with similar features and amenities. You may, in fact, end up helping your competition sell if your agent does not properly position you against the competition.

So, pricing is the key in this market and what determines real estate values in Eagle River Wisconsinis not the agent, the appraiser, or the assessor ...it is the buyer and what they are willing to pay. So, you want to make certain that your home finds a niche where it sparks interest and showings so valuable time on the market is not lost with your home over priced.

For additional information on what can affect your market value in Eagle River Wisconsin just click here.

Copyright©by Julie Paez, All Rights Reserved, What determines real estate values in Eagle River, WI ???

Buying real estate in Eagle River, WI is going to require a full service agent who is working for you, getting you new listings and price reductions as soon as they hit the market. It is no longer the time for doom and gloom it is the time for watch, be patient and be ready!! In Northern Wisconsin,where I sell real estate, most sellers are starting to realize that if they want to sell they are going to have to be somewhat flexible with their pricing. Buyers are also starting to see that when something is priced at market value they better spring and do so quickly or the property will simply be gone. Eagle River, WI IS selling real estate it is just not business as usual...

According to MLS numbers in my marketplace in Eagle River, WI ( the counties of Vilas and Oneida) we have sold 13 waterfront properties since the first of the year. Those properties that sold were to in the 100-400,000 dollar range. From my experience with this set of buyers I know that they are ready to buy, have financing in order and know exactly what they are looking for. The key for these buyers is service and aaccessibility. They want to know what is hitting the market when it is hitting the market and they don't want to have to wait for information b/c they might lose a buying opportunity.

While it is true that both volume and sale price are down it is not what you would expect. Our average sale price is down about 8% but we are seeing list to sale ratios up to about 91%. The reason for this increase is that Seller's are starting to move their homes into market value range and when they do the buyers come quickly and with high offers. This alone is the reason to be prepared and be working with a professional in the area you want to buy in. In Eagle River, Wisconsin's real estate market it can mean the difference between getting that dream vacation home and not!

There are several things your REALTOR should be going over with you prior to even setting up a property search:

• How ready are you? Do you have financing in order? If the property you decide is a foreclosure whether or not you have a pre-approval letter could make the difference between you getting the property or someone else.
• Are you ready to write a good offer when your property comes available? Trying to low ball an already discounted property will surely waste precious time when you could be locking that property in for what you already know is a good and fair value.
• Know exactly what you want so you don't have to waste time shopping around when your ideal properyt does come up. This will eliminate you second guessing yourself. A good REALTOR will have no problem getting your feet wet in their marketplace.
• Let your agent know how and when to reach you if something does become available and you are perhaps at an alternate workplace or home office. If they can't reach you they can't let you know what's happening.
• Lastly, work with a REALTOR you trust and , I recommend, just one! Find someone who you believe is getting you accurate information in a timely manner and someone who talks to you about Buyers Agency and the agency relationship. This is so important because when someone tells you to make a good offer or that another offer has come in on a property you are considering ... you really want to believe them and this can be crucial in your decision making process. So, interview, ask questions of them like you would with any other professional and ask for testimonials. A good agent should be able to provide everything you need to start building that trusting relationship.

So, when you are thinking about buying real estate in Eagle River, WI. look for a full service agent it will make the difference, especially in today's Buyer's market.

For information on all Eagle River, and Northern Wisconsin listings and foreclosures go to this local resource.

Copyright©by Julie Paez, All Rights Reserved, When buying real estate in Eagle River, WI look for a full service agent, it will make the difference.

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?