home buyer tips

What are the three most important features of your dream lake cabin?

/ Jean / Leave a comment

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.

Tips for a NW Wisconsin real estate market in transition

/ Jean / Leave a comment

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.

Thinking of buying or selling real estate in NW Wisconsin? Call Jean Hedren, Edina Realty NW Wisconsin, 218-590-6634. Email: jeanhedren@edinarealty.com.

Preapproval will strengthen your negotiating power

/ Jean / Leave a comment

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.

Need a great lender? Contact Sandy Vesel, Edina Realty Mortgage.

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

It’s 2019. Where’s your new up north cabin?

/ Jean / Leave a comment

If you’ve resolved that this is the year to buy a new lake home or cabin in northwest Wisconsin, then it’s time to get started.

If one of your new year’s resolutions was to find a new lake home or cabin and get moved in before Memorial Day weekend, well, then I am a little concerned.

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 before the actual closing can take place. (With new banking regulations that have recently gone into effect, the few exceptions are generally cash offers with no inspections or other contingencies. They can usually happen faster.)

So if you’d like to enjoy weekends at your new cabin this summer, it may not make sense to delay your search until May or June. If you want to actually own that cabin by May or June, then the time to get started is right now.

If we get underway quickly and things happen fast, there’s still one situation when a late spring could complicate your plans. That’s if you’re buying a three-season cabin that has its water turned off in the winter. You’ll probably want an inspection, and it’s hard to inspect a cabin’s well, septic system, and plumbing without turning on the water. But even then, I’m usually able to help buyers and sellers work things out.

And if you’re buying a year-round lake home or cabin, the best time to buy is… Year-round. So if you’re ready to turn those up-north cabin dreams into reality, give me a call now at 218-590-6634. Or, you can reach me at jeanhedren@edinarealty.com.

Buying your dream lake cabin – a quick start guide

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Getting started 

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 jeanhedren@edinarealty.com.

What type of mortgage loan works best for you?

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What type of mortgage loan works best for you? 

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.

Conventional loans

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.

Government loans

  • 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.

Reach out today to get help connecting with a trusted, local mortgage specialist.

Start your property search at www.JeanHedren.com

Shoreland zoning protects your property values

/ Jean / Leave a comment

If you’re shopping for waterfront property, you should know about shoreland zoning and the rules that go with it. No one likes rules. But the first thing you should know is that these rules don’t just benefit fish, birds, and wildlife, they benefit you. 

By preserving the up north qualities of our lakes and streams, these rules also preserve your property values. Even up here in NW Wisconsin, some lakes have a more urban feel. Other lakes, however, still have a relatively undeveloped feel – even though most of their shoreline is developed. Views are preserved, privacy is preserved, and so are property values.

Second, it’s important to know that certain minimum standards are in place in Wisconsin. In some counties, and even on certain lakes and streams, the rules are more strict. Existing homes, of course, are grandfathered in. But if you’re building on shoreland anywhere in Wisconsin, you’ll need to meet these minimum standards:

  • Lot size. Lots served by a public sanitary sewer must have a minimum average width of 65 feet and a minimum area of 10,000 square feet. “Unsewered” lots must have a minimum average width of 100 feet and minimum area of 20,000 square feet.
  • Buffer strip. Clear-cutting of trees and shrubs isn’t allowed in the strip of land from the ordinary high-water mark to 35′ inland. One exception is for a 30′ wide path, for every 100′ of shoreline, down to the water. That allows you to reach the water, have a great view from your living room, and still protect your privacy. (And also, by the way, preserve the view of whoever lives across the lake.)
  • Setbacks. All buildings and structures must be set back at least 75′ from the ordinary high-water mark. Exceptions include piers and boat-hoists. And, if an existing pattern of development exists, some counties may have a “setback averaging” system that allow homes to be built closer to the water. On certain bodies of water, though, setbacks are increased to 125′ – or, in rare cases, up to 300′.

This is just an overview; for details on these and other shoreland zoning provisions, contact the DNR or county officials. Keep in mind, too, that existing homes are grandfathered in. When you buy one, you obviously can’t do much to change the lot size or setback. You can, however, take steps to restore the buffer of natural vegetation along your home’s waterfront.

But don’t try shoreline restoration just because it’s good for the environment. Do it if you’d like to increase your privacy, see more birds and wildlife, and catch mroe fish. (And also, by the way, spend less time mowing your lawn.)

Buying or selling in NW Wisconsin? Call Jean Hedren, Edina Realty NW Wisconsin Realtor. 218-590-6634. Or visit www.JeanHedren.com.