20 tips for buying a lake home in NW Wisconsin: #8 Beauty or Price
What does beauty or price mean? Let me explain. While it’s true that the market seems to be showing more activity this spring, there’s still a lot of unsold “inventory” out there. No matter how beautiful the home or land, and no matter how great the location, there are a lot of other properties on the market.
If you are looking for property anywhere in Northwestern Wisconsin, you’ll potentially be comparing several possibilities.
Consider how each property stacks up with respect to beauty or price. In other words, of the homes you have on your short list, which one is in the best condition and priced right for the local market. The same home on different area lakes may be priced differently. Some lakes, because of the size, clarity, depth, location, and other characteristics can command a higher price.
The best price indicator is other sold “comps”. Ask your Realtor to provide you with comparable properties that have recently sold on that lake or lakes of similar size. This will provide the information you need to craft an offer on the property you are most interested in.
All homes, just like all the children in Lake Wobegon, are “above average.” If a home may not make it much beyond the “above average” category, the best way to stand out from the crowd is with a price that’s slightly below average.
A home that may need some minor repairs should be reflected in the price. If the owner is not able to make the repairs, then that can be communicated in a price lower than other similar listings. Or, as you are examining a property, you may determine that the price is on the high side for the current condition and the offer price might reflect a lower amount based on the repair or updating costs.
Should you be lucky to find that rare gem – a home in perfect condition on the lake you most desire and priced right for the current market conditions – then a low ball offer would not be appropriate. Low balling simply offends the seller and stops any future negotiations. Recognize a good value when you see it. Make a reasonable offer.
Looking for a lake home in NW Wisconsin? There are many excellent values on the market. Start your search: Jean Hedren, Edina Realty, www.JeanHedren.com. Or call 218-590-6634.