Madison Wisconsin Real Estate News - Tips For Buyers

Why do Home Buyers Sometimes Get Cold Feet?

Buyer’s remorse – it can happen to anyone, especially when what you’re buying costs a whole lot of money. And, yes, it happens to homebuyers, more often than you may realize and especially during buyers’ markets when there are more homes for sale than buyers in the market. Psychologists even have a term for this: The paradox of choice. They say that when the number of choices available increases, so does the buyer’s stress level.

Think back to the last time you shopped for a car. Unless you knew exactly what car you wanted, you may have gone back and forth, weighing the pros and cons of different models. When you finally settled on one, did you have that little voice nagging you – “What if I’m making a mistake? Maybe I should’ve bought the…

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Thinking of becoming a Madison landlord? Read these 5 tips first

The purchase of an investment property brings a lot more to your plate than merely paying the mortgage and insurance payments. If you plan on renting out the home, you open yourself to a new set of problems, many of which are avoidable with common sense and knowledge. The following tips may seem basic, but it’s surprising how many landlords, especially new ones, neglect even the most basic tasks.

1. Know the laws

It is important that you learn Wisconsin’s laws regarding your rights and duties as well as tenant’s rights. You can find additional information here, here and here. Then, sit down with your attorney if you have any legal questions, questions about Fair Housing Laws or about your rental agreement.

2. Learn how to screen tenants

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Buying a House in Madison for your Child

There was a story in the news a couple of years ago about a woman from China who paid $6.5 million for an apartment in New York City -- for her daughter ― who was two-years old. No, the tot won’t be living in it now; it will be held until she grows up and attends an American university, according to Mom.

While the child from China won’t have to worry about struggling to pay for her first home, hundreds of thousands of American first-time homebuyers do. When parents are willing and able to help, should they?

Even if you don’t have millions to plunk down on a Madison crib for your grown child, let’s take a look at some of the ways you might give what you can.

Fostering Dependency

If you are worried about creating a financially dependent…

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Lake Life Can Mean Many Different Things

There’s nothing quite like the lifestyle afforded by living on a lake – a lifestyle intertwined with nature. If you enjoy boating, lakefront property is ideal for you. But, even as investment property, lakefront homes offer a lot to the buyer, fetching top dollar as a vacation home or as a full-time rental.

Like any unique setup, however, lakefront property does come with a few disadvantages. It can be demanding to those who are not prepared. However, if you love nature or are looking for a good investment, lakefront real estate does not disappoint.

Your backyard

Scientists have been telling us for years how much healthier it is living within view of a body of water, but that’s not all lakefront property affords. Your backyard becomes your…

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Lakefront Property: Important Things to Consider When Buying a Lake Home

Living by the lake is dream for many Wisconsinites and for good reason – it’s relaxing. That’s not just an opinion, either; it’s a fact: “Studies indicate that being in a coastal or marine setting causes a six point increase on the 100-point happiness scale compared to urban settings. This is a greater happiness boost than reported at other nature settings such as farms, mountains, or woods,” says Zachary Slobig, writing in Psychology Today.

 Think a lakefront home is out of your budget? You might be surprised how affordable, with low mortgage rates to help, your dream of a stress-free life may be.

 Lake home buying, however, does have its share of special considerations, and it’s important to consider these to make the best choice when you…

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Don’t Rush the Final Walk-Through

The final walk through: sounds rather ominous, doesn’t it? In all honesty, it’s probably high on the list of the most important aspects of buying a house in Madison. After all, this is your last chance to view the home before it belongs to you, warts and all.

I’ve noticed that far too many of our clients try to rush through the process. Sure, I get that they’re excited – closing is typically a day or two away. So, I try to slow them down and explain to them just how important the final walk through is.

What is it?

This is your last chance to ensure that the home is in as-agreed on condition. Did the seller replace the carpet as promised? Did he make the required repairs? Did he ding the walls as he was moving out? Did he take items that were…

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3 Things a Baby Boomer Should Consider when Buying or Selling a Madison Home

Although many in the real estate industry like to pretend that the younger generations are in control of the real estate market it’s not true. Boomers, as usual, are large and in charge.

Take the National Association of Realtors’ (NAR) annual Home Buyer and Seller Generational Trends report, for instance. In the 2015 report, NAR claims that since 32 percent of homebuyers come from the Millennial generation, they comprise the largest pool of homebuyers in today’s real estate market. The fact is, at least according to their report, Baby Boomers comprise 31 percent of today’s homebuyers. If those were election stats we’d say there is no statistical difference, right?

When it comes to sellers, Boomers rule, representing 43 percent of home sellers.…

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Yes, you can get a fixer loan for that Madison home!

We recently worked with a couple who just couldn’t find a house for sale in Madison that fits their needs. We looked for months, one house after the other, but none of the floor plans were just right.

I finally suggested we look at fixer uppers, otherwise known as "fixers" in the Madison market. This is a scary suggestion for many homebuyers who instantly get visions of beater houses dancing in their heads. My clients, on the other hand, were at the point where they were more than willing to entertain the suggestion, especially after I explained to them how they could finance the purchase and end up with the home of their dreams.

Like my clients, you may not know just how easy it is to get a loan for a fixer and, if you get the right loan, it…

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What Should You Know about the New Obama FHA Policy?

The new FHA policy was announced not long ago, which will reduce annual mortgage insurance premiums or MIP on FHA Loans. This news was announced by President Obama and the National Association of REALTORS believes the annual MIP will see a reduction of 0.5% to 0.85%.

This reduction will help first-time borrowers and many other borrowers obtain home loans they would not be able to get any other way. This can help renters go from renting to buying and help others get into the home they really want.

Tips for Buying a Home Under this New Policy

As you start home shopping, it's important to understand what this new FHA policy may do for you. Here are a few tips to help you navigate the new policy.

Consider What you can Comfortably Afford

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Househunting 101: Keys to the perfect fit

At Lake & City Homes our tagline is "Homes that fit your lifestyle". Because a home's architecture can impact the way someone lives, we think it's important for homebuyers to identify the lifestyle they have or aspire to have as part of the process of shopping for a new home. A home's architecture can positively or negatively impact a person's lifestyle by virtue of a variety of factors. For example, if you like formal entertaining and the only way your guests can access the backyard is through one of the bedrooms, that floorplan may not be compatible with your lifestyle. You'd be better off with an open living/dining area and a floorplan that flows in a circular design through side and back doors to the backyard. If you like each room to have its own…

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