Dane County Real Estate Blog - Home Buyers

How You Can Write a Stronger Offer

Four ways to make your offer more competitive in multiple-offer situations.

Today’s real estate market is still competitive for buyers. If you fall in love with a home, chances are that other buyers have seen it as well, and you’ll have to compete against them to get your offer accepted. Even though interest rates have increased, there still aren’t enough homes to balance out our market. That means sellers have the upper hand, and buyers are forced to compete against each other. Fortunately, there are a few ways you can make your offer stand out to sellers.

1. Offer above the asking price. You’ll have to offer more than asking price if you want to win in a multiple-offer situation, but that doesn’t mean you’ll have to bring too…

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Do This to Counter Low Appraisals

What can you do if a home doesn’t appraise in this crazy-hot market?

 In the Madison market, inventory is incredibly low. As a result, competition for homes is fierce, and prices continue to rise. When you want to buy a home, the bank or your lender order an appraisal to make sure the house’s true value supports the amount you’re paying for it. This usually isn’t an issue; however, when prices are rising so quickly, homes often don’t reach the agreed-upon price during appraisal. What can you do in this situation to make sure the deal doesn’t fall through? 

In our current market, many buyers deal with this situation by skipping the appraisal altogether. They do this by either offering all cash or waiving their appraisal…

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Rising Rates Are Affecting Affordability

Interest rates are shooting up; how does that affect buyers’ affordability?

Interest rates have increased recently; they’ve crested 5% on a 30-year fixed home loan. They’re still low compared to historical averages, but with what’s happening with the economy and inflation, the cost of everything is rising. Escalating interest rates will affect buyers’ affordability. 

A 1% higher rate increases your monthly payment by about 10%. For example, a 30-year fixed loan with a 4% interest rate might cost $2,000 per month, but when the rate climbs 1%, that monthly payment will be $2,200. That extra 10% you’ll pay monthly is simply going to the bank; it’s not giving you anything more than you had. 

“ESCALATING INTEREST RATES WILL AFFECT…

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How To Buy and Sell Without Being Homeless

Here are a few of the many ways to sell your home based on your situation.

It’s no secret that this is a tough market. People looking to buy and sell a home at the same time are in a tricky spot. Sure, you can sell your old house easily, but how can you buy a new one without going homeless? 

In a balanced market, it isn’t too difficult to line up your home sale with your purchase, but we are far from a balanced market. There are many ways to accomplish this goal, but I can only share a couple in this short video. Please reach out to me to go through your specific situation.

In a hot seller’s market like ours, you have two main options:

• Sell your old house first. Once it’s under contract, you’ll search for your new home.…

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What You Shouldn’t Do When Applying for a Loan

These are the ten commandments of applying for a house loan.

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There are ten specific things that you shouldn’t do from the time when you’re applying for a home loan until after you close. We discuss these with all of our buyers during our consultation, and it’s very relevant since people are refinancing because of low mortgage rates. 

1. Don’t change jobs, become self-employed, or quit your job. Discuss any sort of job move with your loan officer. They may say it’s okay, but as a rule, do not change jobs.

2. Don’t buy or lease any type of vehicle.

3. Don’t max out your credit cards or close any accounts.…

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5 Things to Budget for After Buying a Home

The costs associated with homeownership you may not have considered.

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There are more costs associated with owning a home than the monthly payment. Just when buying the home, you’ll have to pay for closing costs, the down payment, earnest money, title insurance, inspections, appraisals, the recording of the deed, etc. You need your real estate agent to lay out those costs for you ahead of time. Then after you own the house, there are five main things you should remember to budget for.

1. Furniture. Many people buy a house and then realize they need to buy furniture, which can cost thousands of dollars…

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