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Lender Rules Are A Revolving Door

by Connie Erickson
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According to Lawrence Yun, Chief Economist for the National Association of REALTORS, real estate sales in the US in 2010 were equal to the number of sales in 2000, yet the US population dropped by 27,000,000 since 2000.  (2011, REALTOR magazine).  As I wrote in my January newsletter, the Door County MLS reported a 5% increase in the number of reported sales in 2010 over 2009, however both years maintained 26% of properties listed for sale actually sold.

After 27 years in the real estate business and selling 60 to 100 properties a year in Door County, I'd like to think that there is not too much the I haven't seen.  However, these last couple of years it has been hard to get a handle on lenders and their financing requirements.  This is a revolving door of rules and regulations.  If your credit score is 640 you might get a loan, but you are in a better position if your score is higher.  Now, more than ever, it is vital that you speak with a local lender before you move forward with looking at real estate, even if you have cash for a big down payment.  I recently had a well qualified buyer with cash to pay for a property he wanted to purchase.  However, he wanted to financing the purchase.  The offer was made, subject to financing (which we anticipated would happen fast due to his cash position), but on the last day, he was turned down!   Even if you're "golden", have cash, and good credit, I strongly recommend....see a local lender first.  When you're ready, call me first.  I work with local lenders daily and can help you through the process.

4 Factors Involved in Selling Your Property

by Connie Erickson
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Location

The saying, "Location, Location, Location" holds true in Door County as in other markets. We are blessed with a variety of beauty throughout Door County and a diversity of buyers...some wanting waterfront, others preferring secluded acreage, and still others wanting a Village setting. Buyers will generally pay more for properties that feature a great view.

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Price

The faster you sell your property, the better. And research has shown that the faster selling properties are those that are priced right from the start.
Properties that are priced above the market take longer to sell and, in the end, tend to sell for less than they should have sold for if priced at the market value in the first place.

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Condition

New properties have a marketing edge over resale properties because they are clean and in pristine condition. When we work together as a Seller and Agent Team, I will share my staging DVD with you and my talents to help you stage your property for success.

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Agent Marketing/Effort

The agent you choose can dramatically affect how fast your property sells and how much.

I have 27 years experience and pride myself with superior market knowledge. I have a great reputation with other agents, which means your property will get plenty of exposure. We, at the Erickson Team, are proactive in our marketing efforts, not reactive. We also have strong records of customer/client satisfaction in our market place.

Real Estate Markets Are Local

by Connie Erickson

Yesterday we attended our monthly Door County Board of REALTORS luncheon and Bill Malkasian, President of the Wisconsin REALTORS Association, spoke to us. I love listening to Bill as he is always so well informed. I wanted to share with you some of the information he shared with us.

Bill emphasized the fact that real estate is "local". Madison, WI market is not the same as the Door County, WI market. Unfortunately, the press does not always report it that way. It is an important concept to understand and now more than ever, it is very important to choose a REALTOR who is familiar with the market and can interpret it for you. I will talk more about that later, and exactly how you can choose that REALTOR.

Bill stated that there is a 13.5 month inventory average in the State; it is far different in Door County. The upper end second home market, he said, is the most challenged of all categories in the State (Door County had more of these sales in ’10 than ’09 and you can always see the whole picture all the way back to ’08 on www.ConnieErickson.com). Bill indicated 2011 will be a better year because of the certainty of the tax code as it relates to capital gains. In 2110, the average sales price for the State was $189,900. He explained Freddie and Fannie cease to exist, Bill said, "they will exist in 5 years and be replaced due to privatization."

While Bill and I know you’d like a better report – Bill said to expect flat line growth in ’11. There are 35 newspapers left in Wisconsin; 17 are owned by Gannett. Interest rates may go down again a bit later this Spring and this is a great time to buy. Finally, Bill shared that Wisconsin has a low unemployment rate of 7.8% compared to the 9.4% US rate.

Lastly, I want to share I am the proud recipient of the Betty Graf Scholarship Award for 2011 and will use that assistance to take the Certified Property Distressed Expert course in February so that I can better assist my clients who are upside down and close to or in foreclosure.

Market and Mortgage Rate Predictions for 2011

by Connie Erickson
 

On January 4, 2011, Laura Seefeldt of Johnson Bank spoke with me about financing and predictions for 2011 mortgage rates.

Displaying blog entries 1-4 of 4

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Photo of Connie Erickson Real Estate
Connie Erickson
Door County Realty, Inc.
Po Box 340 - 4027 Main Street
Fish Creek WI 54212
Office: 920-868-2075
Toll Free: 888-678-3949
Fax: 920-868-2425

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