State of the Market Report 4/30/2019

Here are the latest statistics for the Wisconsin Rapids area Housing Market…

Currently, in the City of Wisconsin Rapids there are 66 homes on the market. Out of those 66 homes, 25 have accepted offers on them. 

So far in 2019 there have been 59 homes sold in the City of Wisconsin Rapids.

YTD the average sale price is: $97,878. This is UP slightly from the 2018 average sale price of $96,832.

In the Town of Grand Rapids, there are currently 31 properties on the market. Of those 31, 13 have accepted offers on them. 

So far in 2019 there have been 10 homes sold in the Town of Grand Rapids.

YTD the average sale price is: $222,240. This is UP significantly from the 2018 average sale price of $173,155.

In the Village of Port Edwards, there are currently 5 properties on the market. Of those 5, only 1 has an accepted offer on it. 

So far in 2019 there have been 9 homes sold in the Village of Port Edwards.

YTD the average sale price is $121,844. This is UP from the 2018 average sale price of $111,269.

In the City of Nekoosa, there are 17 homes on the market right now. Of these 17, 6 have accepted offers on them. 

So far in 2019 there have been 5 homes sold in the City of Nekoosa. 

YTD the average sale price is $70,580. This is DOWN from the 2018 average sale price of $85,495. 

So what does all this mean for you?

Simple. The market is great! If you have been thinking of selling, now is the time. You might be very surprised to find out your house is worth more than you think. Please don’t hesitate to contact me to find out more!

 

Welcome!

 

Welcome!

Whether you’re a first time buyer or an experienced investor, you’ll find useful information about how to choose the “right” property, making an offer, negotiating, financing, mortgage rates, moving, and everything involved in making an informed home buying decision in today’s market. If you currently own property and are thinking about selling it, this site contains information about preparing your home for sale, selecting the right agent, pricing your home appropriately, marketing it effectively, going through the inspection process, and receiving a timely market evaluation.

Please use our website as a continued resource and if you need more information on anything, please feel free to call or email us. Our contact information is listed above in the Meet Brian, Renee and Tonya section.

Thanks for visiting us!

“Our Legacy is Helping You Create Yours.”

Horizontal Luke

Buyers Agent vs. Sellers Agent

Do you know the difference? Most people don’t. So let’s lay out the facts.

In the State of Wisconsin when a Realtor is working with a Buyer they are automatically an Agent of the Seller, unless they have a Buyer Agency Agreement with that Buyer, then they become a Buyers Agent.

What does this mean?

It’s actually pretty simple. When I’m showing properties to a Buyer as an Agent of the Seller, I can not give that Buyer advice on price, location, resale. etc. I’m still obligated by my Code of Ethics and the laws in the State of Wisconsin to represent that Buyer honestly and fairly, but even if I believe a property is over priced, I can not tell the Buyer that.

When I’m showing properties to a Buyer as a Buyers Agent, then not only can I give that advice, I’m contractually obligated to do so.

It is very important for potential Buyers to know the difference between a Buyer and Sellers Agent, but it’s also important for the Sellers in a transaction to understand this.

If you are in the process of selling your home and you get an offer on it, lines 1 and 2 of the offer indicate what side of the transaction the Agent that wrote the offer is on.

BE AWARE… If the Agent that wrote the offer on your home is acting as a Buyers Agent, then he/she may be advising the Buyer to make a lower offer based on comparable sales in that neighborhood. Just because you think your home is worth ‘X’ doesn’t mean everyone else agrees. As the Seller, you still have every right to counter or reject an offer you don’t like. No one can force you to take a lower offer.

No matter who your Realtor is, they should be explaining this to you in detail.

Questions – Comments – Concerns? Let me know.

~ Keith

 

Full Disclosure

As of July 1, 2018 the State of Wisconsin has changed the Real Estate Condition Report that is completed by anyone selling a property.

The previous version was 3 pages long, and the new version is 6 pages long.

This may sound annoying, but really it’s not. For the typical home owner, not everything on this document will apply to you.

So what is the purpose of this document? Simple. It is your opportunity as the Seller to detail any issues there might be with the house. These “issues” can range from something major like a structural problem, or something as simple as not having the appropriate smoke and carbon monoxide detectors.

When completing this document, it is in YOUR best interest to be as honest as possible. If one of these “issues” is not disclosed properly, this can cause major problems later. Even if you are selling a property “AS IS” this does NOT excuse you from liability. You MUST disclose any issues that you are aware of.

As Realtors, we are not allowed to give you advice on what is an “issue”. Therefore, when completing this document your best bet is to always be cautious and disclose anything you might be concerned about. When in doubt, write it down!

Questions, comments, concerns? Let me know.

~ Keith

Questions?

Let’s face it, everyone has an interest in real estate. I can’t tell you how many times I over hear people in bars and restaurants talking about real estate. I think it’s just human nature for people to wonder what their home is worth, how much their neighbors home sold for, etc.

In addition, there is a lot of false information out there. This relates to not only property values, but also how Realtors work.

So what questions do you have? No question is off limits!

Feel free to PM me on Facebook

Email me at kwilkes@nexthomepartners.com

Call/Text me at 715.459.1282

I hope to hear from you soon!

Can you help?!

If you have talked to anyone looking for a house recently, I’m sure they have told you how difficult it is. The inventory in our market is quite low, so when certain properties come on the market they go very quickly, and usually in multiple offer situations.

Because of this tight market, I have several people looking to buy a home. Can you help?

Here is some of what I’m looking for…

  1. East side – 2+ bedroom home, prefers a 2 stall garage and natural gas heat. Under $80k.
  2. Nekoosa school district (not in city limits) 3 bedroom home with 2 stall garage. Under $100k.
  3. Grand Rapids – 3+ bedroom home with main floor laundry/mud room. Under $230k.
  4. Country home with privacy. Needs to be 3 bedrooms. Under $250k.
  5. Vesper/Arpin/Auburndale area home with privacy and finished basement. Under $150k.

If you are thinking of selling, or know of someone who is thinking of selling something like this, let me know.

~ Keith

 

Multiple Offers?

In today’s market we are seeing multiple offer situations happening a lot! What causes this? Simple. There is a lack of homes available. This mainly pertains to the City of Wisconsin Rapids and Grand Rapids, but we are still seeing similar situation in some of the outer communities.

How does a multiple offer situation work? This is where it gets a little tricky. When a Seller receives multiple offers on their home they have several options. They can accept one offer and reject the others. They can accept one offer and counter another offer with the option to be in Secondary position. They can do a Multiple Counter to all Buyers.

How does a Multiple Counter work? Let’s say a Seller has 3 offers on their home. They can issue a Multiple Counter to each Buyer. The price and terms on this are confidential, so the Buyers don’t know what the others is. If all 3 Buyers accept this counter, then it goes back to the Seller and they decide which offer to actually accept. As the Buyer, you would also have the option to counter the Multiple Counter, and it still goes back to the Seller for acceptance.

What should you do in a multiple offer situation? When making your offer your best bet is to make it strong. Go in with your best price and terms, because you are NEVER guaranteed a second chance. Make sure the price and terms you offer is something you are comfortable with, and if you don’t get the house you can walk away knowing you gave it your best shot and don’t have any regrets.

Some other things to consider that might give you an edge…

Make sure you have been Pre-Approved for financing, and make sure your Pre-Approval letter is submitted with your offer.

You can include Earnest Money with your offer.

A Home Inspection is optional, not required, so you may consider taking the risk of not having one.

Find out what the best closing date is for the Seller and do your best to work with them on that.

Overall, in most areas it is a Seller’s market right now. As a Buyer, in order to win you will need to be aware of this. Your best bet is to have a Buyers Agent working FOR you. Make sure this is a Realtor you like, trust, and knows what they are doing.

Questions, concerns, comments? Let me know.

~ Keith

Home.

Last week I traveled to San Diego to attend our annual NextHome conference. Typically I don’t get to travel that much, so when a conference like this comes along I jump at the chance to attend, partly so I can experience a new city.

San Diego did not disappoint. The weather was great (low 60’s which is perfect for me) and the city itself is beautiful. In our free time we were able to check out Coronado Island, Pacific Beach, and the Gas Lamp District.

We arrived in San Diego last Tuesday and stayed until Saturday morning. Our hotel was beautiful and overlooked the harbor. I was lucky enough to have a room all to myself. This was probably the nicest hotel room I have ever stayed in. King size bed, walk-in tile shower, and a balcony overlooking the city and the harbor.

However, even with such a nice room in such a nice city, you really miss home. For me I miss things like my own bed, and drinking regular coffee (the stuff they give you in hotel rooms is just crap). So after a few nights in this great city, I was sick of eating out, and longing for a good night sleep in my own bed followed by a good cup of coffee.

All of this got me thinking, how do people handle traveling all the time for work? I love to travel and experience new cities, but I don’t like flying or being stuck in an airport, and after a short time that beautiful hotel room get’s old.

Are we all just creatures of habit and that is why we long for home so much, or is it just me?

Just my thoughts for today.

~Keith

 

Is it worth it?

Are you considering making some upgrades to your home, but you are not sure if it’s worth the investment?

Are you attempting to make your home more appealing to potential Buyers but don’t want to spend a fortune?

I can help with that! Actually I get these kinds of questions all the time, and I love being able to give my opinion (those of you that know me well will agree with this).

Everyone’s situation is different. Maybe you are planning on staying in your home for 5 years and are considering some changes, but are worried you won’t get that money back. That’s good, you should be worried. Because making the wrong changes will cost you money. The same thing is true if you are just trying to get your home ready to go on the market. You don’t need to spend a fortune.

At the end of the day, the most important thing is your home is CLEAN. Don’t just run the vacuum, clean EVERYTHING!

A coat of paint in the right color can also go a VERY LONG way.

Are your kitchen counters dated? Replacing laminate counters isn’t all that pricey and can make a big impact. After all, kitchens are one of the main things people look at when purchasing a home.

So whether you just have questions about making the right upgrades, or you want some advice on getting your home ready go on the market, please don’t hesitate to give me a call. I’m always happy to answer questions and even stop by your house for a quick tour to point out some options.

~ Keith

 

FHA/VA/USDA/Conventional… What does it all mean?

Today I had lunch with Laura Leonhard from Waterstone Mortgage, and she provided me with some great information detailing the different loan options available to Buyers. Don’t think you can qualify for a mortgage? You might be wrong.

Conventional

Minimum Credit Score: 620

Private Mortgage Insurance required if Down Payment is less than 20%

Down Payment Options: 3%, 5%, 10% **GIFT FUNDS ALLOWED**

Seller contributions for Closing Costs up to 9%

FHA

Minimum Credit Score: 600-620 (debt to income limits apply)

Down Payment: 3.5% **GIFT FUNDS ALLOWED**

Private Mortgage Insurance required

Seller contributions for Closing Costs up to 6%

VA

**This type of loan is for military Veterans only**

Minimum Credit Score: 620 (debt to income limits apply)

Down Payment: NO DOWN PAYMENT REQUIRED

NO Private Mortgage Insurance

**GIFT FUNDS ALLOWED**

Seller contributions for Closing Costs up to 4%

USDA

Minimum Credit Score: 620

Down Payment: NO DOWN PAYMENT REQUIRED
Seller contributions for Closing Costs up to 6%

 

Information provided by,

Laura Leonhard

715-384-3838

lleonhard@waterstonemortgage.com