Monday, May 16, 2022 / by Julie Winter-Paez
How do you cover the gap? If you're a buyer and you're purchasing a home, no matter where you are and your appraisal comes in under value, you have what is called the gap. And we've had that happen a couple of times this past week and the question we're getting from the buyers is, what do I do?
Well, in a particular market that we're in, it presents an interesting problem. Normally, the buyer goes back to the seller and asks the seller to reduce the purchase price to reflect what the bank's appraisal value is. But when the market is as hot as it is right now, if there's a gap, you have choices. You can bring more money to the closing table, not rock the boat and keep plugging forward. You can sort of fight the appraiser. You can give the appraiser a bunch of additional information to try to argue that the appraisal value is too low. It should have been higher, but you have to have a lot of data and facts in order to be able to combat that appraisal.
So, for example, if they didn't ...
Thursday, May 12, 2022 / by Julie Winter-Paez
If you're in the process of buying real estate in Wisconsin, check this out! Using a local bank or credit union lender can make the home or vacant lot buying experience so much easier!
3 reasons why when your realtor tells you to work with a local lender, you should believe them:
1. The local lender in that specific marketplace will understand that marketplace more than anybody else. And if they have a relationship with the realtor who's listing the property, they will want to seal the deal and make sure that it happens because they will work together a lot.
2. Getting the appraisal pulled is a lot easier when you're working with a local lender because the local appraisers understand who they are working with and what the requirements will be. The out of area lenders have a harder time getting that appraisal picked and pulled.
3. When one of our local lenders tells us that buyer is going to close on that property, we believe th ...
Monday, May 9, 2022 / by Julie Winter-Paez
At the JWP Group, we've been doing a lot of Open Houses lately... If you're looking to buy Real Estate in the Northwoods, should you be jumping on the chance to stop in? Check out this video from Julie on our Youtube, click here!
Open houses! from the buyer's perspective.. I know last month we talked a little bit about why it's good for a seller to do or have an open house at their property. But we also wanted to touch base a little bit about why it can be a benefit for you as a buyer.
One of the main things is that the realtors can put pretty pictures online. Again, the realtor or the listing agent's job is to market that house and to drive as much traffic to that house as possible. But there are certain things that pictures can't show you and that is going to be privacy, sometimes condition, elevation, grounds and land. As well as we always say, there is no sniff test for Zillow or for MLS pictures. Is there a musty odor in the home? Is it a cabin? Year round or seasonal? ...
Thursday, May 5, 2022 / by Julie Winter-Paez
If you're planning on listing your Northern Wisconsin real estate for sale, why would you choose to work with a realtor? Even one of the best realtors in Wisconsin? Let Julie Winter-Paez give you some of the reasons! Get the most money out of your decision by working with one of the top real estate groups in the state!
Why should I pay you when everything on the market is selling like that? Probably one of the biggest objections I get from sellers when I go to their house and we sit down to talk about why they should choose Julie Winter-Paez and the JWP Group to sell their home. And they say it a lot; everything is flying off the shelves right now, why do I need a Realtor. And I wanted to share with you that you are not really paying me for my marketing in this particular market. You are paying me for my ability to negotiate and navigate the market as well as navigate the traffic.
I've got the spreadsheet from the last set of listings that I had go live on a Saturday with over 25 ...
Wednesday, May 4, 2022 / by Julie Winter-Paez
In the last few weeks, the average 30-year fixed mortgage rate from Freddie Mac inched up to 5%. While that news may have you questioning the timing of your home search, the truth is, timing has never been more important. Even though you may be tempted to put your plans on hold in hopes that rates will fall, waiting will only cost you more. Mortgage rates are forecast to continue rising in the year ahead.
If you’re thinking of buying a home, here are a few things to keep in mind so you can succeed even as mortgage rates rise.
How Rising Mortgage Rates Impact You
Mortgage rates play a significant role in your home search. As rates go up, they impact how much you’ll pay in your monthly mortgage payment, which directly affects how much you can comfortably afford. Here’s an example of how even a quarter-point increase can have a big impact on your monthly payment (see chart below):
With mortgage rates on the rise, you’ ...