So, you are looking for a nice Northwoods lakefront home or cottage. Or perhaps a vacant lake lot. Then again maybe an investment in an off water home or cabin on some acreage would be just the ticket. But before you can make that purchase, there is work to be done. As a buyer/investor, you need the information that enables you to make wise choices. Begin by reviewing Today’s Market if you have not already done so. Next, most buyers should conduct the financial assessment necessary to pre-qualify themselves for a loan. You need to know what you can afford before you start to search. See the Financing page for more information on this. Now it is time to begin the search. According to National Association of REALTORS surveys, most buyers these days utilize the internet at some point in their search for the right property. While many websites offer access to For Sale By Owner properties and the Multiple Listing Service for direct searches, there is another tool available that makes the whole matter even easier – it is called Private Client Services, or PCS. PCS is a search capability available through our Multiple Listing Service (MLS), the Greater Northwoods Multiple Listing Service. PCS allows a buyer to have up-to-the-minute information directed to him (her) about the types of properties he (she) is interested in without having to continually monitor websites, print media, or call (or be called by) agents. PCS is a web-based system that creates a unique customized search and displays matching properties for each buyer customer that is password protected. Here is the important point – information on the customer’s webpage is always current. What are the benefits to the customer/buyer? ♦ Real time up-to-the minute information ♦ No need to continually check print advertising & websites ♦ System runs automatically as long as required ♦ Gain understanding of market as properties sell, etc. ♦ No cost, no obligation ♦ No clogging of customer’s email inbox ♦ Search parameters may be changes as needs change ♦ View from any computer with a web browser Speaking of buyer confidence, I have some idea to help take the stress out of buying. - Select a real estate professional you both like and trust. Purchasing Northwoods real estate is not only a financial commitment, but also an emotional one. Choose an agent whom is both skilled and a good fit for your personality. Contact me and give me a chance to show what I can do.
- If history is any guide, there is no “right” time to buy any more than there is a right time to sell. If you find a lakefront cottage or a vacant lake lot or a hunting parcel that you like, don’t try to second-guess the market or interest rates by waiting. Changes usually don’t occur fast enough to make that much difference in price, and a good property fairly priced won’t stay on the market long.
- No house or lot is ever perfect. Focus on the things that are most important to you, and let the other things go.
- Once you have decided to search for your Northwoods dream, get pre-approved for a mortgage, even before submitting an offer. See my Finance page.
- Choose a property first because you love it and want it for yourself, then think about appreciation. You won’t ever regret the purchase.
- Trust your opinion. You may want reassurance from others, but too many voices make it hard to focus and make a decision.
- Do not over-negotiate. Negotiation is part of the real estate process, but it can be overdone and it may cause you to lose the property you wanted.
- Still lacking confidence that you are making the right decision? For every purchaser that has suffered from buyer’s remorse, there are many, many more individuals suffering from “I wish I had bought that when I had a chance” remorse. A real estate purchase made for a fair price for the right reasons will never be regretted.
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