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Search through the inventory and
get to know the market
Just search through
the Central Wisconsin MLS's site
to find homes. Then email
or call me at (715) 498-1248 and I will get you more information or set up a time to view the properties.
The main factors that affect market value are...
Location:
- Availability of community amenities, such as public transportation,
parks, stores, churches and schools
- Quality and consistency of neighborhood planning
- Future development plans and local zoning
Property:
- Style, layout, size, age and quality of construction of the building
- Size, shape, privacy and landscaping of the yard
Condition of the Home:
- First appearances
- Floor layout
- Quality and appearance of fixtures
- General overall condition of main systems i.e. roof, furnace, electrical
system, central air
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Comparable Properties:
- The asking and selling prices of comparable neighboring homes
The best way of establishing a range of value for a property is to
have your REALTOR prepare a general market analysis of the
neighborhood you are interested in. This will give you a good overview
of the current market and will show what comparable properties have
been selling for recently.
Market Conditions and the Economy:
-
number of homes currently on the market
-
number of people looking to buy
-
the state of the local and national economy
-
current mortgage rates
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No matter the condition or
desirability of a property, its value will be affected by current market
conditions. Here are the various conditions you may encounter and how they
will affect you:
-
Balanced Market:
The number of homes on the market is equal to the number of buyers
(supply equals demand). In this market, prices are stable and homes sell
within a reasonable period of time. It is a calm atmosphere with Buyers
having a satisfactory number of homes from which to choose.
-
Seller's Market:
The number of Buyers exceeds the number of homes on the market (demand
greater than supply). In this market prices are increasing and homes
tend to sell quickly. As a Buyer you will probably have less negotiating
room and may experience competing offers when trying to purchase your
home.
-
Buyer's Market:
The supply of homes exceeds the number of Buyers (supply greater than
demand). In this scenario prices tend to drop and the properties stay on
the market longer. As a Buyer you will have more selection and less
competition and thus be better able to negotiate a good deal.
In Summary:
When you understand current market conditions, you are better able to
position yourself as a Buyer. It helps to know if you are in a Seller's,
Buyer's or Balanced market when deciding what price to offer. In a
Seller's market, there is little selection and you may have to make a
full-price (or even higher) offer if the home is properly priced in order
to beat the competition. In a Buyer's market, you have a lot more selection
and plenty of room to negotiate. In a Balanced market you will find a good
selection of homes for sale and have a reasonable amount of time to decide
on a home and negotiate the price.
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Some properties may not be properly priced.
The asking prices of most properties
that are for sale reflect present market conditions and recent sale prices
of similar homes in the area. When homeowners price their homes they try
to walk the fine line between getting the highest price and ensuring the
asking price is competitive enough to attract serious offers. Most Listing Agents advise their clients to realistically price their homes in
order to attract acceptable offers within a reasonable period of time.
Before making an offer to purchase a home, you should ask yourself the
following questions:
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What have similar properties sold for in the immediate area?
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How long were they on the market?
-
How does this one compare?
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Is it over-priced, under-priced, or at a fair value?
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What type of market is it - is it a Seller's, Buyer's or a Balanced
market?
By having this information at your fingertips you will be in position to
negotiate the best price and take advantage of any opportunities that may
show up. This is where the experience and knowledge of a good REALTOR is
invaluable. I spend a lot of time and energy making sure I know our local market inside and out.
I keep a watchful eye on the market and have the resources, connections and ability to keep you
up-to-date with its constant changes. I know all of the properties
currently for sale in our area and I'm literally your best resource for
finding the perfect home.
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Next Step, find a home
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Mike Burns, CRS, GRI, REALTOR®
RE/MAX Realty Associates LLC
www.StevensPoint Realtor.com
www.StevensPointHomes.net
www.StevensPointMLS.com
www.Homepointers.net
©
2000-09
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