Eagle River, 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 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.

Father's Day weekend had to be shared this year by our own Eagle River, WI Sport & Home Show. It was wonderful seeing so many familiar faces and old friends and clients. I look forward every year to working this event b/c it is a great opportunity to show support for our community by being present.

The weekend had good traffic and was in a new spot...our new high school. What an amazing facility and that was probably one of the top ten comments I heard. Many members of our community felt like this was their opportunity to come out and take a look at both the vendors and the school. It is an honor to have this new facility in our home town and many individulas were feeling the pride as they came through this weekend.

We did a free home giveaway as well as a gorgeous floral basket giveaway for our customers & people were generally pretty excited about the idea of giving away a home... Did I mention it was a condo unit for the birds???? It was cute and people responded well. I think you can see the home and the basket below in the photo..

I did have a couple of my Seller's request that while they may look at Offer's from Buyer's at this time they are not yet ready to do a "giveaway". Again, most everyone felt it was a cute idea.

In closing I just wanted to take a moment to say thanks to everyone who stopped by the booth to say Hello!!! It is a pleasure being in this community with you all and it was great to see everyone support the Home Show again this year!!

Amazing Condominums that have just been reduced in price!!

They say location is the key and these have it.. In the heart of Eagle River, WI, on Yellow Birch Lake of the Eagle River Chain of Lakes, and across the street from our municiple Golf Course, so you'll never have to buy golf balls again!!! Out your front door is the green of Number 1 and out your back door is the chain of lakes.

These condo's have everything from 3 levels of finished living space to a 2 car attached garage, master suite , & your own pier. Designed for ease everything you need is on the main level.

They are also extensively landscaped and priced to sell.

Go to www.ertownhomes.com for additional info or call for your personal viewing!!!