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
Thank you so much for your time and your business. and for LISTENING!
Happy House Hunting!!!
Julie Winter-Paez Broker/Owner, CRS, GRI
ReMax Property Pro's, LLC
602 Michigan St. PO Box 1058
Eagle River WI 54521