According to a study released by the National Association of Home Builders, “Housing Preferences of the Boomer Generation: How They Compare to Other Home Buyers”. The study showed the following home features most wanted by each generation:
Purchasing a lake home or cabin is different than buying a primary residence in a town or city. Whether the lake home will be your main residence or a second vacation home, there are other considerations to understand. This series Buying your dream lake cabin will provide you with some basics about the type of lake, the type of home or cabin, and other information you need to know to make the best decision, and a good investment, about purchasing a lake home or cabin.
Just as in buying any home or property, here are the first steps to take:
Visit with your loan officer and get pre-approved, or have proof of cash funds
Know your budget– what the bank will loan you.
Know the area you want to cover. The most efficient use of your time and the Realtor’s time will be an area of not more than 50 miles radius of a specific town, or, in general, the county, if you know that.
Do your initial research online. Have a general idea of what the market is doing; you can ask your Realtor good questions to confirm.
Find a knowledgeable Realtor. Someone that knows the local area well, the lakes, towns, and information about the area.
Meet first to begin a good relationship. Ask lots of questions. Your Realtor will be doing the same to get to know you and begin the process of finding the properties most appropriate to your needs and life style.
Curious to learn more about cabins and lake homes for sale in NW Wisconsin? As your NW Wisconsin Realtor, I’ll be glad to help you find the lake home, cabin, or waterfront property of your dreams. To get started right now, give me a call at 218-590-6634. Or, you can reach me at firstname.lastname@example.org.
We all think differently. The property that’s perfect for you might not be perfect for me or for anyone else.
Those three most important items might be the type or size of lake, the perfect swimming beach, other recreation activities, the cabin style that best fits your lifestyle, the number of bedrooms, the garage size, distance from home, and certainly your budget.
Make a list of what’s most important. Trade-offs may be necessary within a particular price range. If you find the cabin and lake of your dreams, what are you willing to trade off in your price range? Keep in mind that even if money is no object, you’ll still need to make choices and trade-offs. For example: a quiet lake that’s good for paddling and wildlife watching may not be the type lake good for waterskiing and jetskiing. It’s tough to find both in the same lake.
Start your lake home search at my website www.JeanHedren.com Jean Hedren, Edina Realty, NW Wisconsin. Or give me a call at 218-590-6634.
It would be my pleasure to help you find the lake, home or cabin, or lakeshore lot of your dreams. Northwest Wisconsin including Douglas, Bayfield, Washburn, and Sawyer Counties. Communities: Gordon, Wascott, Minong, Barnes, Solon Springs, Trego, Spooner, and others.
You have an accepted offer on your dream home. Now what? Besides the inspections and financing responsibilities to do before closing, there’s a houseful of stuff to move. Here is a handy checklist from ABR Home Buying Resources designed to help you organize from 8 weeks out all the way to moving out and moving in.
I have several buyers who are patiently watching the MLS listings for an especially good deal. I’ve also been passing along listings that seem like a good fit. Sometimes buyers have been ready to move quickly, and that’s paid off.
Other buyers were busy with work and family commitments, and they needed to wait a couple weeks before we could schedule a showing. Sometimes that still works out. But other times I’ve requested a showing and learned that another buyer has just made an offer that’s already been accepted. Notice a pattern here???
I’m a Realtor, and of course you’d expect me to say that right now is a great time to buy or sell. But the thing is, right now that’s especially true. Consumer confidence is up, we’ve been seeing some promising economic indicators, interest rates are still low, and our Northwestern Wisconsin real estate market is moving faster than the snow was melting this spring. (April 25 update: snow is gone, lakes are mostly open.) That’s good news for buyers and sellers alike.
If you’re a seller, you’ll still be facing some competition. There’s a lot of inventory out there, and it’s important to have realistic expectations about what your home, cabin, or land is actually worth in today’s market. But prices are more stable; homes priced correctly for the local market are selling quickly. Homes priced on the high side are languishing.
And if you’re a buyer, here are some tips to keep in mind during this transitional market. Even if our market here in NW WI isn’t white hot, it’s at least warming up enough so you’ll need to let go of certain assumptions that are no longer valid. If you find something you like and it’s a good value, don’t assume no one else has noticed it and come to a similar conclusion. Instead, please call me so we can schedule a showing now.
If we go take a look and you like what you see, don’t assume you’ll be able to think things over for even a couple weeks before you take a second look. Someone else with similar tastes may have also seen this home or cabin for the bargain it is. By the time you’ve taken two more months to think it over, their moving van could already be backing up to the front door.
Finally, here’s one last bit of advice. Pursue perfection, but prioritize your wants and needs. Now, not all of my buyers have the same dreams. Some, for example, want a sandy beach, while others want a small quiet lake that’s better for fishing and watching wildlife. But when you do find the location that’s just right for you, you can always remodel the bathroom or replace that pink carpeting in the guest bedroom. Know what matters most, and know what you want so you’ll be ready when you see it.
I’m delighted to announce that I’ve just earned my official Accredited Buyer’s Representative (ABR®) designation from the National Association of Realtors, joining more than 25,000 real estate professionals across the globe who have earned the ABR® designation. It was a little work, but it was totally worth it—for me and for you.
So what does it take to earn the ABR®designation, and how does me being an ABR®benefit you as a buyer? Let me explain.
The ABR®designation is only awarded to licensed real estate professionals who complete specialized training that gives them the edge in understanding a buyer’s perspective—and also in protecting and promoting their buyer-client’s interests. In addition to completing certain courses, I also needed to document the long track record I already had in successfully representing buyers.
So what’s in it for you? As an Accredited Buyer’s Representative (ABR®), I’m better equipped to:
Understand your specific needs and help you find the lake home or cabin that’s right for you.
Advise you in formulating your offer and help you develop an effective negotiating strategy.
Keep track of every detail throughout the transaction—to closing and beyond.
When you work with me, you can feel confident that you’ll receive the highest possible level of buyer representation services. And that, in a nutshell, is what’s in it for you.
So while I also enjoy listing properties for sellers, I’m delighted to announce that I’m now officially an Accredited Buyer’s Representative (ABR®). Whether you’re thinking of buying orselling, I’d love to hear from you. Just give me a call at (218) 590-6634.
P.S. — Wondering how those other letters after my name might benefit you? Here’s the scoop:
CRS: The Certified Residential Specialist® (CRS) designation is a symbol of excellence in real estate. The highest credential awarded to residential sales agents, managers, and brokers, CRS certification recognizes professional accomplishments in both experience and education.
SRES: A Seniors Real Estate Specialist® (SRES) is a Realtor® who’s met certain educational requirements that help us better address the unique needs of home buyers and sellers age 50+. By earning the SRES® designation, I’ve demonstrated the knowledge and expertise required to counsel clients age 50+ through major financial and lifestyle transitions when they’re relocating, refinancing, or selling the family home or cabin. Given our current demographic trends here in NW WI (especially in our local lake home and cabin market), these skills benefit a large percentage of my buyers and sellers.
RSPS: The Resort and Second-Home Property Specialist (RSPS) certification is awarded to Realtors who complete additional CRS coursework related to the buying, selling, or management of properties for investment, development, retirement, or second homes in resort, recreational, and/or vacation destinations. Since I specialize in northwest Wisconsin lake homes and cabins, this extra background in recreational properties and second homes benefits a large percentage of my buyers and sellers.
Ready to make an offer on that dream lake home or cabin?
A preapproval letter from your mortgage lender can be an important tool to strengthen your negotiating power. Sellers and listing agents tend to take offers more seriously when the buyer has been preapproved.
When you have found your dream home, and you are ready to make an offer, submitting a preapproval letter with the offer says you are a serious and committed buyer.
A preapproval letter is based on a preliminary review of your credit information and preapproves you up to a maximum loan amount. Because a preapproval includes a credit check, it’s more powerful than a prequalification letter, which only estimates your potential buying power.
With a preapproval letter, you can confidently shop for a home in your price range, and you are in a position to negotiate an offer – especially when there are multiple offers for the home you want.
As you prepare to make one of the biggest purchases of your life, a preapproval can ensure that you are in a loan program that meets your needs. Call Jean Hedren, Your Edina Realty NW Wisconsin Realtor at 218-590-6634. Start your property search: www.JeanHedren.com
Your mortgage loan consultant will be able to discuss the best mortgage loan program for you. Basically all mortgage loans belong to two main groups: conventional and government.
Two types of conventional loans:
Fixed rate: Traditional type of financing. The interest stays the same for the full term of the loan, typically 15 or 30 years with predictable and stable payments.
Adjustable rate: An adjustable rate mortgage (ARM) interest is linked to a financial index, such as a treasury security, so the monthly payment can vary over the life of the loan, usually 25 to 30 years. There are lower initial payments. Some ARMs can be converted to fixed rates generally after the first 5 years.
FHA loans, which are insured by the Federal Housing Administration, are typically designed to meet the needs of first-time homebuyers with low or moderate incomes. FHA loans can be approved with a down payment as little as 3.5 percent and a credit score as low as 580.
Often called “helper loans,” they give a boost to potential borrowers who may not be able to secure one otherwise. For this reason, FHA loans have maximum lending limits. Talk with your lender to see what the FHA loan limits are in the counties where you are searching.
And remember, because the agency is taking on more risk by insuring FHA loans, the borrower is expected to pay mortgage insurance both at the time of closing and on a monthly basis, and the property must be owner-occupied.
VA loans, backed by the Department of Veterans Affairs, are guaranteed to qualified veterans and active-duty personnel and their spouses. VA loans can be approved with 100 percent financing, meaning VA borrowers are not required to make a down payment.Unlike FHA loans, borrowers do not have to pay mortgage insurance on VA loans.
USDA loans, backed by the United States Department of Agriculture mortgage program, are intended to support homeowners who purchase homes in rural and some suburban areas. USDA loans do not require a down payment and may offer lower interest rates; borrowers may have to pay a small mortgage insurance premium in order to offset the lender’s risk.
WHEDA: Low down payments and below-market interest rates. Interest rate is fixed for 15 to 30 year loan term.
Ready to enter the buyer’s market?
Need help financing a new property? Understanding the loan types is step one, but you’ll need the help of a qualified expert to get you into your dream home.
In all the years I’ve been in this business, no one has ever told me they wish they’d waited another ten or fifteen years to buy their lake home or cabin.
Sure, it’s good to be prudent. And hard-working couples, especially those with with young children, may not have a lot of extra time or money. Someday, after they’re retired and their children are grown and gone, they’ll have plenty of both.
But instead of waiting for someday, right now is a great time to begin building memories at your cabin or lake home. And at this stage of your life, there’s no need to skip directly to the luxury lake home where you plan to live out your retirement.
If you’re ready, I’d be glad to show you a couple of those dream lake homes; I’m listing a few of them right now. But I can also show you some surprisingly affordable alternatives. You might call them “starter cabins.”
Sure, you may need to make a few compromises. But when your kids grow up, they won’t remember that the kitchen in your cabin didn’t feature high-end stainless steel appliances. They’ll remember roasting marshmallows and making s’mores down at the campfire. They won’t remember that your cabin wasn’t on the biggest lake with the biggest muskies. They’ll remember the four-inch bluegills they caught from the end of your dock.
Maybe someday is today. And if this year is the year, it’s not too early to get started right now. Here’s why: It may take us a while to find the lake and the cabin that are just right for you. Figure a little negotiating before you have an accepted offer, and then typically about another 60 days until the actual closing can take place. This means that if you’d like to start enjoying weekends at your new cabin this summer, it may not make sense to launch your search in May or June.
To learn more about the cabins and lake homes for sale in NW Wisconsin, call Jean Hedren, Edina Realty NW Wisconsin at 218-590-6634.
Deciding where to buy a vacation home or retirement home in NW Wisconsin? What you can learn from our dashes back to Minneapolis/St Paul, MN.
My husband and I moved to Northwest Wisconsin 16 years ago, when we were nowhere near ready to retire (we’re still not). Our work has required both of us to make occasional trips back to the Twin Cities for meetings. We also get down to the Cities now and then to visit relatives. Even if your situation is different, there’s a lot you can learn from our dashes back to the city.
Elsewhere on my website, I’ve shared many great reasons to consider Northwest Wisconsin. We have lots of great lakes, streams, trails, public land, and more.
To get here from Minneapolis/St Paul, we can head north on I-35, hang a right at Hinckley, and be in Minong before we know it. From there, we’re almost home. From the Twin Cities, it’s an easy 2.5 hours.
So if you’re looking for a vacation home or retirement home, then what do these occasional dashes to the city have to do with you? Everything. The same thresholds will still be there. But they’ll instead determine how much enjoyment you get from your new cabin or lake home. If your drive time is beyond a certain threshold, then there will probably be fewer weekends when you get away to your weekend getaway.
Planning to move up here for good when you retire? Welcome to the neighborhood!
If places like Minong, Wascott, and Gordon aren’t yet on your radar, they should be. Same with the Minong Flowage, St Croix Flowage, Whitefish Lake, and many other small to large lakes. Barnes and Solon Springs is just a bit farther and offer Upper St Croix Lake, and the Eau Claire chain of lakes. Under the lakes and rivers tab above, you can find out more about these lakes.
Please take a moment to explore my website and find out more about the lakes and rivers of Northwest Wisconsin. Then drop me an email or give me a call at 218-590-6634. I’d be glad to show you what’s available in our neighborhood.