How Do I Shop For A House?

How Do I Shop For A House?

The vast majority of buyers, nearly 90%, start the search for a new home online. The major listings websites allow you to search by city, neighborhood, or zip code according to a selection of filters such as home size, price, and style.

For sheer number of listings, Realtor.com, sponsored by the national trade association for Realtors, is best; 80% of its listings are updated every 15 minutes.  Heidi Buchberger with RE/MAX Realty Center can set you up on a home search that sends an email alert any time a new property comes on the market that meets your criteria, be the first to see it!! 

Different sites offer different bells and whistles. For example, Realtor has a tool that allows you to search for homes within a specific school district.

You can create accounts and save the homes you like, or save listings to Pinterest or other social media sites. Sign up for new-listing alerts so you’ll know immediately when another home becomes available in your target area.

If you’re not sure what kind of home you want, or even where you want to live, start with the Swipe app by Doorsteps, which allows you to quickly vote “thumbs up” or “thumbs down” on a stream of photos from Realtor’s listings. Once you’ve zeroed in on some characteristics, the app will paint a clearer picture of your likes and dislikes.

Searching for a foreclosure? In addition to the major listings websites, try Fannie Mae’s HomePath, which offers residential buyers a 20-day head start before its properties are made available to real-estate investors, and Freddie Mac foreclosure hub HomeSteps.

I am an expert with foreclosure properties for first time Home Buyers or Investors in Milwaukee, Waukesha, Jefferson Counties. 

I also love being a buyers agent and representing you through the entire process of purchasing your home! I will send you listings that meet your criteria, and start scheduling showings asap! 

Heidi Buchberger RE/MAX Realty Center

Contact 262-443-2672

Do I Need a Real Estate Agent to Purchase a House?

Do I Need a Real Estate Agent to Purchase a House?

You bet. Navigating a real estate purchase is tricky business. The web has made it possible to do a lot of the legwork yourself, but there’s no substitute for an experienced professional. A crack negotiator who knows the market can save you time, money and heartache by helping you make the right offer—playing hardball when necessary—and staying on top of the process.

But don’t just call the agent on a listing you like and sign up. That agent is working for the seller, who (naturally) is trying to get you to pay top dollar for their home. You need a “buyer’s agent,” who represents you exclusively. In return for that exclusivity, you’ll likely have to sign a contract saying that you won’t work with any other broker for a specified period of time.

You may encounter what’s called “dual agency,” in which the agents representing both sides of the transaction work for the same brokerage; it could even be the same person. In most states such an arrangement isn't illegal, but it raises the potential for conflicts of interest or leaks of confidential information. “The key is transparency,” says Ryan Fitzpatrick, director of sales for New York real estate agency CORE. Agents must disclose the situation in writing to both buyer and seller and get written approval.

Understand that you’ll pay one way or another. Yes, the agent’s commission (typically 5%-8% of the purchase price) comes out of the seller’s sale proceeds, but the home is priced to account for the agent’s cut. Depending on the situation, an agent may be willing to knock a percentage point off the fee to speed a sale.

I work for YOU! 

Heidi Buchberger RE/MAX Realty Center

262-443-2672 Call/Text

How Much House Can I Afford?

How Much House Can I Afford?

Start with this guideline: your target home should cost no more than 2.5 times your gross annual salary. For a $100,000 salary, that’s a $250,000 home.

Now fine-tune that number with a hard look at your finances and current mortgage rates. Use Guaranteed Rates mortgage calculator on my website to estimate your mortgage limit based on income, your target property’s insurance and real estate costs and other monthly debts such as car loans and credit card payments.

The amount you can borrow is limited by the so-called 28/36 rule: Housing costs should total no more than 28% of your gross monthly income, and all debt no more than 36%. The rate you’ll pay will vary based on your down payment and credit score. A down payment of 20% or more gets you the best deal (and avoids the need for mortgage insurance).

Of course, just because a lender says you can afford a certain mortgage doesn’t mean you should. Consider your take-home pay—what actually goes into the bank after taxes, health insurance, and savings for retirement and college. Then add up all your monthly bills, not just debt but also things like utilities, phone, and groceries. You want to feel comfortable that you can cover all your household obligations while still meeting your other financial goals and keeping six months of expenses in an emergency fund.

I always recommend to my clients looking to buy a home, to start with the monthly payment they can comfortably afford, then approach the lender to determine the maximum mortgage amount based on rates and their credit. “This keeps buyers focused on their particular housing budget,” she says. “Nothing is worse than closing on your dream house only to be ‘house poor.’”

I can connect you with a local lender that will go over all your information and give you a real pre-approval based off of your exact finances. 

Be prepared to share your tax returns, and current pay stubs! 

Contact me to get in contact with a lender! 

Heidi Buchberger RE/MAX Realty Center

Oconomowoc, WI

262-443-2672 Call/Text

What Are the Steps In a Home Purchase?

What Are the Steps In a Home Purchase?

Once your finances are in order, start the process by making a wish list of things you want in your new home and neighborhood. How much space do you need? What’s more important to you, good schools or a short commute? Does the dog need a big yard?

BE CAREFUL when scouring listings sites like Trulia and Zillow. The information is not always accurate. Create an account on my website with RE/MAX Realty Center to save properties you like, or collect them on a Pinterest board. Also, Realtor.com has very accurate listing information. 

Once you zero in on a neighborhood that works with your budget, find a real estate agent. Ask family and friends—that’s how 42% of buyers find their agents—but don’t stop there. Interview at least three about their availability, negotiating strategies, and knowledge of the market where you want to buy.

At the same time, start shopping for a mortgage lender. Ask your current bank or credit union about customer discounts. Compare fees carefully: Some costs, such as local transfer taxes, are fixed, but others vary from lender to lender.

Once you’ve found a home you want, your agent will help you make an offer. Expect a couple rounds of counter-offers. You’ll plunk down a deposit, from $500 to 5% of the purchase price, to show the seller you’re serious. This “earnest money” goes into an account to be applied to the purchase price at closing time. The contract will include the agreed-upon price, financing terms and an estimated closing date.

After you and the seller have signed the contract, loan processing begins, including the lender’s appraisal. You’ll order an inspection to make sure the home is in good condition. You and the seller will decide how to handle any problems—the seller may pay for repairs or shave some money off the sale price.

Finally, you’ll close the deal amid a flurry of paperwork (be prepared for last-minute requests from the lender, such as updated bank statements). Then all that’s left is to collect the keys and move in!

I am here to make this process smooth and enjoyable!!

Contact me to start your home search! 

Heidi Buchberger RE/MAX Realty Center 

262-443-2672 Call/Text

Existing Home Sales Skyrocket this Spring!

Existing Home Sales Skyrocket this Spring! 

Heidi Bucherger RE/MAX Realty Center

262-443-2672

Inventory is low, if you want to sell your existing home, NOW is a great time because homes are selling FAST!!

Give me a call to talk about selling your home!

This Advice on Homeownership Hasn't Changed in 200 Years

This Advice on Home-ownership Hasn't Changed in 200 Years

Last month, we reported that billionaire John Paulson believes in the financial advantages of homeownership. He has often repeated:

"I think, from an individual perspective, the best deal investment you can make is to buy a primary residence that you're the owner-occupier of.”

However, he has not been the only billionaire to give such advice. As a matter of fact, that same advice has been given by people of wealth throughout the history of our nation.

Here is a quote often attributed to Theodore Roosevelt, 26th President of the United States and billionaire real estate developer:

“Every person who invests in well-selected real estate … adopts the surest and safest method of becoming independent, for real estate is the basis of wealth.”

Andrew Carnegie, one of the richest entrepreneurs in American history said:

“90% of all millionaires became so through owning real estate.”

Bottom Line

If the same advice has been given by the wealthiest people in each era of our country’s history, perhaps we should take it.

If you are looking to purchase a home in Waukesha County, Jefferson County, or Milwaukee County...

Contact me ANYTIME!! 262-443-2672

Heidi Buchberger RE/MAX Realty Center