Tips for Home Buyers

• Get a good real estate agent
  
  Find a real estate agent who has your best interests in mind. Dan and I used myself as the Realtor, because hello, my only ulterior motive was trying to find us a house for a bargain in a good location! If you’re house hunting I would love to help you find the right house at the right price.
• Buy within your budget
  Because our goal was to pay off our house quickly and not live "mortgage poor,"
  we talked to lender right away to get a pre-approval and go over the difference in loan amounts and monthly payments. 
• Inspect that junk
  I know that when you’re already spending more money than you’ve ever spent in your life, it’s super tempting to surpass the home inspection. Everything looks great! What could go wrong?!
  NOPE.
  Always hire a home inspector for your knowledge and protection.  In one case, the gas from the furnace was venting inside the attic. So if the unsuspecting home buyers had turned on the furnace, the house would’ve burned to the ground. In another case, the house had no septic system: all the plumbing pipes just went right into the floor of the house to nowhere. (It was a flip and the investors were either crooks or delightfully stupid.) It is worth the money to always get a home inspection! 
  Often, you can recoup the cost of the inspection by negotiating with the sellers based on what the inspector finds. It’s totally some of the best money you can spend.

A few things that may come up as you tour houses that you should pay attention to, when you didn't think they would matter: 

• Convenient laundry room
• Tons of natural light
• Level lot
• Location
• Easy layout

On the other hand… stuff we didn’t care about because we knew we could change them very easily!! 

• Paint Colors 
• Popcorn ceilings (Easy fix!)
• Wood finishes. 
• Lighting. (That’s an easy update.)
• Holes or damage in the drywall/plaster. 
• State of the appliances. (When you’re spending tens or hundreds of thousands of dollars on a house, appliances are a drop in the bucket. Get a house with a good floor plan, and buy new appliances if necessary.)

3 Types of Mortgage Options

3 Types of Mortgage Options

What are the similarities and differences between the main 3 types of mortgage options?

Fixed Rate

Fixed rate mortgages are the most common. Interest rates stay the same throughout the life of the loan. Rates are consistent despite the market.

Like an adjustable rate mortgage, you will make simultaneous payments on the interest and the loan.

Adjustable Rate

With adjustable rate mortgages, rates change annually. You will likely be rewarded initially with a lower rate for taking a risk. You can even negotiate a cap for stability in rough market conditions.

But the fact remains, these payments are subject to change. This is also true of interest only payments.

Interest Only

As the name implies, an Interest Only mortgage allows you to pay off interest first, before addressing the loan itself. The problem is, your principal payment can rise after interest is paid. This option is designed for young professionals and families – people who’s financial influence is expected to grow in the near future.

Like fixed rate mortgages, these are relatively unaffected by market conditions.

Common Loan Questions and Answers for home buyers:

 

How does my credit score affect my rate?

Your credit score is an important factor in determining which programs and rates you are eligible for. Supreme Lending uses your FICO score, a summary of credit reports collected by Equifax, Experian, and TransUnion. Your credit score is not the only factor considered in your mortgage application. Other factors include your employment history, income, and the size of your down payment.

How much should I save for a down payment?

The average down payment ranges from 10% to 25%, but as a general rule, the more you can save, the better. Typically, the higher your down payment, the lower your interest rate and monthly payment will be. Some loan programs such as FHA or VA loans may allow a down payment as low as 0 to 5 percent, for those who qualify.

How much can I afford to buy?

If you are not quite ready to apply for a loan, use our mortgage calculators to determine how much you can afford. You can also speak with a loan officer online or by phone to help estimate which programs you are eligible for, without running your credit.

What steps can I take to prepare for buying a home?

There are many steps you can take, including saving up for a down payment, paying off debts, contacting a realtor, and applying for a loan. You should also keep good financial records (bank statements, W2’s, employment information, etc.) as these files may be needed at the time of your mortgage application.

What should I avoid doing if I’m preparing to buy a home?

If you can help it, do not make any major purchases such as a new vehicle. Do not change bank accounts, transfer balances between accounts, or close any credit accounts. Do not apply for new credit cards or max out your current credit accounts.

What is the difference between a Home Inspection and Home Appraisal?

A home inspection is an evaluation of the property’s condition, ordered by the buyer or the buyer’s agent. It costs between $350 to $500, and usually occurs within 10 days of the contract date (after buyer’s offer is accepted). A home appraisal is an evaluation of the property’s fair market value and physical condition. This is required, and usually costs between $350 to $500. Supreme Lending is required by law to randomly select an appraiser (after the home inspection is completed, if applicable).

RE/MAX Realty Center 262-443-2672

www.heidibuchberger.com

heidi.buchberger03@gmail.com

Who knew?

11 Very Strange – But True Wisconsin State Laws

by Ashley Steinbrinck 

We’ve all heard that “justice is blind.” But sometimes – it can also be pretty ridiculous. Wisconsin laws are no exception.

The most mysterious thing about strange laws like these, is that there had to be a reason why they were put into place once upon a time.

After reading these 11 Wisconsin state laws, you’ll probably find your imagination running a little wild. But at the very least, I hope we get a laugh outta ya.


We know some silly state laws are just legend. But as far as we know, the following laws are real statutes that came straight from the Wisconsin State Legislature.  I even called and talked to a librarian at the Wisconsin State Law Library to ask for help confirming these laws.
I took out the ones she told me were nonsense right off the bat, but she never got back to me about the rest of the list.

Maybe they just didn’t have a sense of humor about it…
So if you think any of these Wisconsin laws are false – let us know in the comments.

1. It’s Illegal to Serve Margarine in Wisconsin

From 1925-1967 margarine was banned from sale in the state of Wisconsin. I guess Wisconsinites even tried smuggling it in, or making what they called “oleo runs” from Illinois.  Thousands of Wisconsinites became fake-butter law breaking felons.

You criminals!

No joke. Wisconsin statute 98.17 has been in place since 1895 and it still stands today. It’s still illegal for restaurants to serve margarine – unless the customer specifically orders it. The “yellow stick from Satan himself,” as Governor Warren Knowles called it – is also a big no no in prisons, hospitals, schools or other state institutions – unless absolutely necessary for health reasons.

2. It’s Illegal Not to Give Livestock the Right-of-Way

One of WhooNEW’s Facebook fans made sure to point out that this law is not a dumb one. That it must have been a “cidiot” who put that on the list. 

Well, the law might not be silly. But the people who decided to plow their vehicle straight through the poor roaming livestock sure are.

And Wisconsin statute 346.21 says we must give the farm animals the right of way on Wisconsin roads and highways.

So MOOve over for ‘em would ya?

That’s really sweet though, Wisconsin. To give these poor animals legal protection from crazy drivers since 1957. Especially because they don’t even have too long before we gut them and eat them for dinner.

3. When Two Trains Meet, Neither Should Proceed Until the Other One Has

Did you read that twice? I had to…

I’m not really sure what would truly happen if a couple of railroad engineers actually decided to obey this one. It’s really quite hilarious when you think about it!

I bet it made for some delays on the railway.

Now…what about livestock on railroad tracks in Wisconsin? They do call those things on the front “cowcatchers” after all.

4. Businesses May Only Base Their Hours on Central Time

Here’s a good reason not to forget about Daylight Saving Time…

If you own a business in Wisconsin, your store hours better be advertised in the Central Time zone, or you could be fined $25-$500 and jailed for 10-30 days – according to Wisconsin statute 175.09. How could you confuse us like that?

Just think… there’s a valid reason behind every law…

5. It’s a Crime to Harass a Seeing-Eye-Dog in Wisconsin

What sort of bully would do such a thing? I can’t help but wonder the details behind this strange law.
You’d have to be a real jerk to mess with a dog helping a disabled person or leading a blind person. But I suppose there are plenty of jerks out there.

6. Wisconsin Cheese Must Be “Highly Pleasing”

I’m not kidding, if you look up Wisconsin’s cheese laws – and there are a lot of them – you’ll see.

The law states that the cheese must be “highly pleasing.” (Source)

I don’t think my husband ever ate a piece of cheese he didn’t find highly pleasing.
There are plenty more cheesy laws where that came from. Like, you have to have a master cheese-making license to make Limburger cheese. And, it’s illegal to make baby Swiss cheese without well-developed eyes.

But I must burst your bubble and tell you that the crazy law about having to serve a piece of cheese with a slice of apple pie is only a legend.

7. Adultery – Class I Felony

Turns out your cheating heart can land you in prison if you are unfaithful in Wisconsin.

That’s right, supposedly anyone who’s caught cheating on his or her spouse can be fined $10,000 and get up to 3 years in prison, thanks to Statute 944.16.

Did you know this law was put into place in 1849, one year after Wisconsin became a state?

When I asked the Wisconsin State Law librarian about this one, she said “If you put that in there, you’re really going to freak some people out.” Haha.

Well… isn’t that a good thing!? Maybe some of these outdated laws have some merit after all.

8. You Can’t Force Someone to Have a Microchip Implanted

Have you heard NBC’s prediction that all Americans will be forced to get an RFID microchip implanted in them by 2017 per ObamaCare?

Well, guess what ObamaCare? That’s illegal in Wisconsin! Yep, we’re one of 5 states that passed legislation on mandatory microchip implantation. Woohaha. Doesn’t it feel good to be a Wisconsinite.

• Read The Truth Behind the ObamaCare Microchip Implant Rumor from obamacarefacts.com

9. It’s Illegal to Shoot Animals From an Airplane

Are we talking about birds here? I mean COME ON. Who in their right mind would go shooting at grounded animals anyway? Wouldn’t you be deathly afraid of accidentally taking out a few humans?
OMG.

Although, it would certainly be an interesting twist when deer hunting season rolls around.

10. It’s Illegal to Blow Up a Muskrat House

You would literally have to go out of your way to break a law like this. Who on Earth put the Wisconsin State Legislature through the hassle of having to pass this law? Don’t you have better things to do?

And what about beaver dams? Can I legally stick some dynamite in a prairie dog hole?
Anyway – if you happen to be a muskrat – this is a great law.

11. It’s Illegal to Sell Colored Chicks, Ducklings or Rabbits

This must have been someone’s idea for a great way to celebrate Easter? Why else would someone dye these baby animals and sell them? Well folks – in Wisconsin – I guess we’re going to have to stick to decorating eggs.

Apparently, the rights of “unborn chicks” are still unprotected.

But speaking of chicks and ducklings – you may have heard that it’s against the law for our neighbors in Minnesota to cross the border into Wisconsin with a duck or chicken on their heads. Seems logical, right?

Turns out this one is another legend that was probably confused because of an old law dealing with a fabric called duck cloth. Read more from Minnesota Public Radio.

However, if you do catch a Minnesotan crossing state lines with any sort of feathered friend on their head – I don’t care if it’s a goose, a pigeon or a peacock – your civic duty as a Wisconsinite is to send them back where they came from.

OTHER FUNNY CITY LAWS IN WISCONSIN

Sheboygan – It’s illegal to water your lawn in a way that annoys others.
Did you hear that grumpy old man next door who never turns his sprinkler off? You’re lucky this is Green Bay!
Racine – It’s illegal to wake a fireman when he is asleep.
But…but…what if there is a FIRE!?!
Racine – It’s illegal to shoot missiles at parade participants.
How about launching grenades? That’s cool, right?
Connorsville – It’s illegal to fire your gun while your female partner is having an orgasm.
Not sure if you’d do that to cover up her noisy moans of pleasure, or to celebrate finally finding the G-spot.
La Crosse – It’s illegal to worry a squirrel.
Squirrels are such worry-worts already. It drives me nuts!
La Crosse – It’s illegal to play Checkers in public, because it’s also illegal to say “king me.”
So then, if I were playing Checkers with a squirrel in a La Crosse public park, and he was worried I might win then…ah never mind.
Kenosha – It’s illegal for men to be in the state of arousal in public.
I don’t know if there is a police officer in Kenosha who has to check all the men’s pants. If there is – I hope he gets paid well.
Milwaukee – If you’re thought of as offensive looking, it’s illegal for you to be out in public during the day.
Ok, that’s just plain mean, Milwaukee.
Sun Prairie – It’s illegal to ride a bike without your hands on the handlebars.
Look Ma! I’m breaking the law!
Wauwatosa – If a person fails to return books to the library, that person shall return their library card to the library until the books are returned.
You’ll get my library card when you pry it out of my cold, dead fingers. Come and get me librarians!
St. Croix – Women are not allowed to wear red in public.
Even Wisconsin Badgers red? Where’s your team spirit St Croix?
Wausau – Throwing snowballs, stones, arrows or other objects is illegal ($50 fine).
Stones and arrows I get. But snowballs? This is Wisconsin dammit! Let us have a little fun during winter.

Better Pressure Washing

Pressure wash the outside of your home for better curb appeal. Follow the instructions for the exterior of your house: brick, siding, or stucco.

Spring- Great Curb Appeal

Great tips for your Spring Curb appeal! 

Contact Heidi Buchberger RE/MAX Realty Center if you are thinking about Selling your house this Spring!! 

I offer you a FREE Market Analysis on your homes current value!

5 Real Estate Trends That Will Dominate 2016

Realtor.com® highlights the following housing predictions for 2016:

1. ‘Normal’ is coming.

Expect a healthy growth in home sales and prices – at a slower pace than in 2015. “This slowdown is not an indication of a problem—it’s just a return to normalcy,” writes Jonathan Smoke, realtor.com®’s chief economist. “We’ve lived through 15 years of truly abnormal trends, and after working off the devastating effects of the housing bust, we’re finally seeing signs of more normal conditions.” New construction and distressed sales are expected to return to more historical levels, and home prices are expected to follow at “more normal rates consistent with a more balanced market.”

Young adults’ presence on the housing market has been largely predicted for years, but 2016 may finally be the year they make a move in a larger way. Millennials represented nearly 2 million sales in 2015 – one-third of home buyers. They are expected to continue to be a major buying pool in 2016 with the majority of buyers between ages 25 and 34 expected to be first-time home buyers next year. But two other generations will also have a big presence in 2016: financially recovering GenXers and older baby boomers who are entering retirement, realtor.com® notes. “Since most of these people are already homeowners, they’ll play a double role, boosting the market as both sellers and buyers,” Smoke notes. “Gen Xers are in their prime earning years and thus able to relocate to better neighborhoods for their families. Older boomers are approaching (or already in) retirement and seeking to downsize and lock in a lower cost of living.”

2. Generational buying trends shape up.

3. New-home construction focuses more on affordability.

Builders have been faced with higher land costs, limited labor, and concerns about the demand of the entry-level market. As such, they have shifted to constructing more higher-priced homes, which has caused new-home prices to rise significantly faster than existing-home prices. In 2016, they likely will shift to more affordable product to cater to the entry-level buyers. “We are already seeing a decline in new-home prices for new contracts signed this fall,” notes Smoke. “In addition, credit access is improving enough to make the first-time buyer segment more attractive to builders.”

4. Higher mortgage rates.

Current rates 2.23.16

Mortgage rates will likely be volatile in 2016. But the recent move by the Federal Reserve to guide interest rates higher should push mortgage rates higher in the new year than the historical lows they have been at for years. The 30-year fixed-rate mortgage will likely end 2016 about 60 basis points higher than today’s level. “That level of increase is manageable, as consumers will have multiple tactics to mitigate some of that increase,” Smoke says. “However, higher rates will drive monthly payments higher, and, along with that, debt-to-income ratios will also go higher.” The markets with the highest home prices will see the effects from the higher rates the most.

5. Rents to go up even higher.

Rental costs are skyrocketing, and the costs are likely to only go up in the new year. More than 85 percent of the nation’s markets have rents that exceed 30 percent of the income of renting households. “Rents are accelerating at a more rapid pace than home prices, which are moderating,” Smoke says. “Because of this, it is more affordable to buy in more than three-quarters of the U.S. However, for the majority of renting households, buying is not a near-term option due to poor household credit scores, limited savings, and lack of documentable stable income of the kind necessary to qualify for a mortgage today.”

Source: “The 5 Real Estate Trends That Will Shape 2016,” realtor.com® (Dec. 16, 2015)

Lake Country- A list of our Local Lakes, Rivers, Ponds

Wisconsin is a wonderful state for being in the outdoors. One of my favorite things to do is be on a lake, river, or pond! I utilize the vast variety of the lakes in our local area. I love living in Lake Country because of  all the lake activities and events through-out the year. 

Today I want to share with you a list of my favorite lakes and rivers in Lake Country area, Waukesha County Wisconsin. We are so lucky to have so many different bodies of water, in such a close radius!

Okauchee Lake

Lac La Belle

Oconomowoc Lake

North Lake

Pine Lake

Moose Lake

Nagawicka Lake

Pewaukee Lake

Waterville Lake

Golden Lake

School Section Lake

Upper Nehmahbin Lake

Lower Nehmahbin Lake

Middle Genesee Lake

Silver Lake

Lake Keesus

Rome Pond

The Rock River

The Bark River

The Bark River is one of the many bodies of water I’ve lived with my whole life. A few fun facts about this River that you should know:

The Bark River is a tributary of the Rock River, about 67.5 miles (108.6 km) long, in southeastern Wisconsin in the United States. Via the Rock River, it is part of the watershed of the Mississippi River. The Bark River rises in southern Washington County at Bark Lake In Richfield, WI and flows generally southwestwardly through Waukesha and Jefferson counties, past the communities of Hartland, Delafield and Rome, and through several small lakes. It joins the Rock River in Jefferson County just east of Fort Atkinson. In Jefferson County the Bark River collects the Scuppernong River.

I encourage everyone to Kayak or Canoe down the Bark River if you have not already done so!!! 

If you or someone you know is interested in more information about Lake Properties in Lake Country, WI, I have all the information for you! Please contact me at 262-443-2672. 

4 Home Selling Myths Debunked

4 Home-Selling Myths Debunked

The process of buying and selling homes can seem mysterious to many novices. Even if well-meaning friends and family members offer advice from all sides, many first-time buyers and sellers may remain uncertain about some key facts.

Let’s see if we can debunk some of the most common home-selling myths that agents hear from clients every day.

Myth: The seller determines the sales price.

Fact: Your home’s sales price should be the result of many factors, among them the size and condition of the home, its location, current market conditions and selling prices of comparable homes in the area.  While the seller ultimately agrees on the final list price, it’s not as simple as pricing the home based only on the money the homeowner hopes to make.

Myth: You should overprice your house in order to leave room for negotiation.

Fact: Overpriced homes take longer to sell and typically sell under their market value. When you overprice, you actually limit your real buying pool. Buyers who can afford to pay only what your home is really worth won’t bother looking at it because they’ll assume they can’t afford it.
Potential buyers who can afford to pay your high asking price will soon realize your home doesn’t stack up to the others in the same price range. By alienating both pools of buyers, you run the risk of wasting the valuable marketing window when your home is a new listing.

Myth: There’s no need to make repairs if you plan on giving the buyer a repair credit.

Fact: Many homebuyers want a home that's move-in ready. If you plan on selling your home quickly and for top dollar, consider making any major repairs before you put the home on the market. Not only will the home be viewed as move-in ready, but your agent can also mention the repairs as a selling point in the marketing materials. If the need for additional fixes arises during inspection, that’s when you could discuss a possible repair credit for the buyers.

Myth: Home improvements pay for themselves when you sell.

Fact: While many repairs offer tremendous value down the road, few home-improvement projects provide a 100-percent return on your investment, according to Remodeling magazine’s annual Remodeling Cost vs. Value Report. Get expert opinions on what to fix, and how, before you take out that sledge hammer.

Whether you’re selling your first home or about to embark on a search to buy, find a local RE/MAX agent who can guide you.

Thinking about remodeling your home?

Remodeling your home....

Recently my boyfriend, Dan and I purchased our first house in Sullivan, WI!  We purchase a foreclosure knowing that we wanted to do remodeling. Reasons why we purchased a foreclosure are because we bought the house for under market value, therefore we already knew there was equity in the house. We also knew that with home prices on the rise, we could fix up the inside and within 2-3 years sell the house for a profit. I feel that this is a great way to build our "nest egg." 

When we wrote out an estimate of what we needed to make the house livable we came up with the following:

A New Well

New Furnace (It had a bid old oil furnace and oil tank-EXPENSIVE heating)

Install Central Air

Update some electrical and plumbing

19 New Windows for energy efficiency. 

Those costs alone are $15,000. 

We plan to roll those costs into our rehab loan. We were able to get a 203K REHAB Loan for the house. Which was the purchase price + the repairs. Our monthly payment would be based on the total of those two costs. HOWEVER, it only ended up coming out to $50/month more than what we are paying in a tiny 1 bedroom apartment in Okauchee. We were very excited to pursue this project!!! 

The rest of the remodeling will come out of our own pockets, so we are contentious as to what updates we will make that will bring us the most value to the house.... stay tuned for more!!

Contact me to find out how I can help you tackle purchasing a foreclosure in Waukesha County, Jefferson County, or Milwaukee County!! 

Take a Leap... to a New Pad

If you’re in the midst of planning a move, you’re not alone. On any given day, thousands of people are moving to a new home as well. Most reasons for moving are related to finances, personal relationships, career changes and family orientation. 

Check out some of the most common reasons why people move to a new pad.

1. Buying a house:  This reason is fairly simple. When someone buys a new home they no longer need to stay at the home they currently live in.

2. Relationship changes: Getting married, moving in with a significant other or getting divorced is a common reason people move into a new home.

3. Job changes: It’s pretty common to relocate for a new job in another city or state. People often times also move to a location closer to their current job because they are tired of the long commute.

4. Desire for a new environment: Often time neighborhoods or the city you once loved is not what it used to be and they want a change. People also move to a new area to start over or move to a newer home in a different area to get a fresh beginning.

5. Financial difficulties: When faced with financial difficulties oftentimes people, have no choice but to move. Even if the financial situation hasn’t forced them to move, people often move so they can save more money, or have less stress when paying bills.

6. Aging: As people age, their needs change and they desire to be closer to family like parents, grandparents and growing grandchildren. Older people also commonly move from a two-story to a single-story home for safety reasons or move to a smaller home that doesn’t require as much maintenance.

7. Downsizing: There are many reasons why people choose to move to a smaller home. Household needs often times change when kids start college, or move out. Often times people downsize their home because they realize they just don’t need the extra space they once thought they did. Either way, moving to a smaller home is more common than you think and makes a major difference in electricity and maintenance costs.

8. Upgrading to a larger home: Whether a family is expanding or the income necessary for a larger home has become available often times people move to have more space for their family and their belongings.

9. Upgrading to a better home: After saving and working hard people often times move to a new apartment, house, or residence that better serves their current needs.

So what’s your reason for moving to another home? No matter the reason let Unpakt help you take control of your move by finding insured, reliable movers you can trust.

Contact Heidi Buchberger RE/MAX Realty Center 262-443-2672

For Your Next Home Leap