Madison Wisconsin Living shares Nutrition, Locally Grown Food, Home Decor Tips, and Real Estate Advice, serving as a resource for real life in Madison WI.
As a licensed real estate professional, Jamie Miller is eager to share tips and advice for buying or selling a home, current market trends, how to increase the value of your home and the best time to buy and sell. With her knowledge and advise, she hopes to be a resource and to make the process fun and exciting for her readers. Enjoy the latest information below!
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“Jamie provided the knowledge, energy and enthusiasm to get my condo sold quickly and with relative ease on my part. Her motivation and network of contacts within the industry helped me greatly with my sale!”
- Michael H., State Board of Investment, April 22, 2008
If you are a first time home buyer or it’s been awhile since you’ve experienced a Real Estate transaction, here is a time line of what to expect throughout the home buying process:
1) Get a copy of your credit report is the first step. A website I like to use is PrivacyGuard
2) Make a budget and determine how much you can afford. Keep in mind lenders will often approve you for a loan higher than you realistically can afford. A good estimate is 30%-40% of your net monthly salary towards a mortgage payment.
3) Pick a mortgage broker. Mortgage brokers have a pulse on the market and often times work with you to create the best plan that fits your particular needs.
4) Select a Real Estate Agent to help you “house shop”. Working with a Buyers Agent has many benefits to a buyer and what’s more, there is typically no charge for you to work with a buyers agent.
5) Apply for a mortgage & get pre-approved. Receive a copy of the pre-approval letter.
6) Shop for homes! When looking, keep in mind this is not only a place to live, but an investment. You want to make sure you 1) want to live there 2) it’s a good investment from a resale perspective. See what makes a home more “sell-able”.
7) Once you’ve selected a house you like, come up with a price point you are comfortable with (talk to your buyers agent regarding comps) and write an offer !
Stay alert and available during the negotiation process due to deadlines, your buyer agent will need to be able to get ahold of you so try to be available for the next few days once you put in an offer.
9) Once the offer is accepted, both parties will have a sign offer to purchase.
10) Depending on what contingencies you designated in the offer, there is a time frame in which those are to be satisfied. Standard contingencies are inspection & financing. Usually it is 7-45 days, depending how it was negotiated in the offer to purchase.
11) Home Inspection typically comes prior to the financing. Mainly because if the inspection doesn’t pan out & you no longer want the home you didn’t also pay for an appraisal of the property, which the lenders will charge you for.
12) Submit for a formal loan application. This is where the appraiser goes out and appraises the home to make sure the bank is not lending money to a home that doesn’t hold a similar value to the purchase price.
13) Purchase home owners insurance (if the sellers aren’t including it).
14) Receive an offical loan committment letter from your lender. This is then signed by the borrower and sent to the sellers, which is the last piece to satisfy the financing contingency.
15) Wait to close. You’ll receive your closing documents 1-3 days prior to close which you’ll want to carefully review with your mortgage broker & Realtor to make sure everything adds up.
16) Day of Closing you’ll want to do a “final walk through” of the property. This is to make sure everything looks normal it before taking possession. (No trees have fallen on the property, no fire, etc. )
16) Day of closing, you’ll want to bring a certified cashiers check to closing for closing costs, your personal checkbook (in case any added expenses) and your ID/Drivers License.
17) Celebrate & Enjoy your new home! Oh, and don’t forget to refer your fabulous Real Estate Agent -Jamie Miller- to everyone you know 
For more information on the home buying process or more details, contact Jamie Miller at 608-335-3410.
“Jamie helped us find our first house - something we’ll never forget! Being first time home buyers, we were anxious about the process but working with Jamie made the experience enjoyable. We worked hard together to find the perfect fit and we couldn’t be happier with our new home. Jamie’s help in setting up our inspection and closing details was great. Thank you so much!”
- John & Amanda Thielmann
With Spring upon us, Real Estate activity is picking up. Madison seems to be in a protected shield more so than other areas of the country, mostly part to our strong economy here in Madison with State Government, UW-Madison and hospitals and clinics. We certainly aren’t feeling the real estate “slump” as drastically as other parts of the country. Dane County is still “down” from last year sales. According to new figures from the Realtors Association of South Central Wisconsin, there were 289 homes sold in Dane County in February. That compares to 362 sales for February 2007, a drop of 20.2 percent. For the first two months of the year, sales are down 26.3 percent. Good news for buyers, not so good for sellers.
Buyers, no doubt, it’s a great time to buy ! What we are seeing across Dane County are vast price drops, due to new Spring inventory coming in. Let’s face it, if you are Seller who has to sell and your home has been on the market now since fall or winter (or even last summer!) the only choice you have to compete with an influx of new properties hitting the Spring market is to drop your price (or employ a Realtor with a very aggressive marketing plan…) Great news for buyers looking to get a great deal on a home that’s been on the market for awhile.
Sellers, don’t fret ! Their are homes that are selling fast and above market value, they just are… shall we say homes that stand-out… Here are some things that your house will need to have for a quick sale and a good offer in my expert real estate opinion:
This market will be tough for sellers not meeting the above criteria, mostly because buyers have 7 homes (on average) to chose from that fit their criteria. So buyers can (and are) comparing and contrasting every detail. They also have Time - Time to compare and make a well educated decisions. However, the trends indicate the properties meeting the above criteria aren’t on the market for long. Home owners looking to upgrade couldn’t ask for a better time to purchase a home in Madison. Historically, many desirable neighborhoods in Madison have sold far above market value. Today, they are selling at or below market value. If you have a home (meeting at least some of the above criteria) I would not hesitate to put it on the market so you can buy in an area or house in town you may otherwise not be able to afford in a “good market”. As a client of mine who works for the State Board of Investment puts it, “I hear and understand all of the concerns on the macro front, there are a number of them. While the US housing market doesn’t look like it is getting any better any time soon, that is exactly the reason to buy now while interest rates are low. And, on a local level, the population and job growth in Madison will be one of the better ones within the state given the high quality of life and the benefits the UW brings to the area in research and innovation“.
For more information on what you can do to increase the “market-ablilty” & “Sale-ability” of your home, contact Jamie Miller, jamie@madisonwisconsinliving.com, 335-3410 or simply leave a comment.
“Jamie worked very hard to get me a lot of different listings and showings
because I wasn’t sure what I wanted right away. Once I found something I liked,
she worked urgently and promptly to get the condo at the price I wanted and made
all the steps for a first time home buyer very simple. I love my new place!!” - Anne Cooper
3725 Design Pass Madison, WI 53719 - $209,900 - Open House Sunday, April 6th from 2-4pm !
Warm, inviting, private entry townhouse - perfect for the buyer that wants the space of a house, but not the yard work or upkeep! End Unit offers abundance of natural light. 2 BR, 2.5 BA, walk-in closets, laundry on 2nd flr, 2 car private garage, plus a den/office. Main level offers you an open flr plan with gas fireplace, deck, dining area, with an open kitchen layout. Upgraded appliance package, all window coverings, washer/dryer included. Great location - near community pool, Pick N’ Save, and Super Target. Easy access to West Towne mall and beltline/151.
Open House Sunday, April 6th from 11:30-1:30pm
$249,900
421 Berwyn Drive Madison, WI 53711 (Mineral Point West to South/Right on Berwyn Dr)
From the moment you walk into this home you’ll want to stay! Warm and inviting with modern updates throughout with a “Pottery Barn” decor ! Original Hrdwd flrs throughout have been beautifully maintained. Updated kitchen w/ new counter-tops, refinished birch cabinets. Dining Room walks out to new, refinished deck and spacious land-scaped back yard, perfect for entertaining ! Remodeled bathroom on 1st floor; Finished walk-out basement with full family room/rec room, extra room for office/guest room could be used as another bedroom. Owners added a 3/4 bath addition. New blinds throughout; Third bedroom is currently being used as formal dining room, easy for sellers to add doors and convert back. Minutes from UW Hospital! Walking distance to Hilldale, SW bike path, golf courses. On bus route, Lower level furniture and HDTV can be negotiated into offer. Call Jamie Miller for a private showing - 608.335.3410.
Berwyn Home Additional Information
New kitchen with granite countertops; breakfast nook. Kitchen opens to dining room & main living room. 1st floor bedroom with attached 3/4 bath. Large master bedroom with walk-in closet and double sink vanity. Lower level exposed laundry room/extra room. No garage, but plat has been layed for 2 car garage. Front porch. Close to Lapham Elementary, Tenney Beach, Capitol, Lakes and bike path! Perfect for someone looking for a “new” home look with lots of space (walk-in closets), storage space, new amenities, but wants to be close to downtown & the Isthmus atmosphere!
Open House Sunday, January 6th 12-2pm.
