Julie Sells Dreams in Wisconsin's beautiful Northwood's

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?

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.

Thinking of Selling in 2009 then now is the time to start getting prepared.

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If you are thinking that you may want to sell this spring then I suggest you take a proactive approach to getting your home and property prepared for sale. In this market when all we keep hearing is " it's a buyer's market"  the best way to get top dollar for your home now is to get a head start on the process. 

If you want to feasibly have your home on the market, sign in the ground, and showing ready by May 1st then March 1st is not a bad time to start meeting with your local REALTOR.  A good agent will help you sit down , go through your home, and get a plan of attack. Sure, this will mean some homework assignments for you but if it means less time on the market and more dollars in your pocket then isn't it worth it??

A good agent can generally lead you through your home , inside and out, and tell you small things that you can do to make a difference to prospective buyers.  Some of this is staging and some of this is basic maintenance that you often will not think about when you live in a  home every day.  A few small examples of this I will list below:

       - Clean up the front door and door knob .. make your buyers first impression of your home functional and clean not sticky and hard to open.  These first impressions leave a buyer with the idea that everything inside will be as functional as this 1st experience is..

        - Open doors and cabinets in your home.. You know buyers will, so do it yourself.  Is everything orderly and tidy? Is there room so they have the idea that the home is spacious and large or is everything shoved in and disorganized leaving the impression that you have outgrown the home and it is small and contained.

         - Depersonalize! Make your home spacious enough so buyers can see themselves living there but not Baron so that it has a cold, empty feel. Again, a REALTOR in your area can help you see the difference.

Many people often ask about vacant land.. How can I prepare that for sale?  Well, a local expert will go over with you the best way to stage your land so that a prospective buyer can actually "see"it.

So, if spring is when you were thinking of selling don't be discouraged call an expert. Now, is not the time to cut corners, it is the time to hire the best and most qualified for the job.

 Happy Selling!!

Julie Paez, REALTOR click here to visit my website for additional information.