Milwaukee's North Shore can be a very competitive market in which to purchase a home. In the last two years, especially through the bounce back of 2014 and 2015, the spring market of both years was filled with some pretty crazy buyer behavior. I am hoping this blog can be used as a reference to all buyers coming to Milwaukee's North Shore.
The "hype" is just that, gang...it's hype. BE CAUTIOUS!
BUYERS for Milwaukee's North Shore, AVOID THESE BUYER BEHAVIORS!
- Walking into an open house with no representation. All REALTORS@ in the State of Wisconsin have a fiduciary responsibility to the seller and will work in the seller's best interest to obtain an offer from you. If you go to an open house unrepresented, that is exactly what you are ... unrepresented with no one working in your best interest.
- Calling off a REALTORS@ sign for a viewing without a BUYER CONSULATION MEETING. What's that? A Buyer Consultation is when you, the BUYER, meet with a REALTOR@ to discuss how the buying process works and discuss your options for representation in the transaction. Powers Realty Group's policy is that every real estate agent meet with the buyer at our offices to discuss market conditions and lending options before meeting a buyer at a property.
- Going house hunting before talking to a lender. Lending is changing pretty dramatically on October 3, 2015. ALL BUYERS should consult with a lender before going house hunting to determine a budget and their qualifications for a loan. Did you know you can put as little as 3% down and obtain a loan? Many buyers do not know what their true buying power is until they speak to a lender.
- Making an Offer to Purchase on the first house you see. It is VERY important that you, the BUYER, understand and have a good understanding of the area. Not all of Whitefish Bay and Shorewood is the same. Shorewood has 4 quadrants and Whitefish Bay has 8. Do you know what those are? How does the price per square foot vary for the quadrants? What is the average price per square foot off the water in these communities? This is information you should know and understand as a buyer BEFORE you make an offer.
- Not thinking with the end in mind. Always think about RESALE...Always!
- Not walking the neighborhood and talking with the neighbors. Milwaukee's North Shore has small lots and privacy is at a minimum. Your neighbor is important!
- Not pulling the Village File on the house you are interested in. ALL the properties in the North Shore have a property file. Your file is located at the village hall. Check out the property file before you make an offer on a North Shore Milwaukee Home!
- Stay away from the swagger. There is a lot of swag out there in the North Shore market. The North Shore is filled with newer inexperienced agents and brokers playing Million Dollar Listing with your financial life. VET the AGENT CAREFULLY and BUYER BEWARE!
- Not knowing the price per square foot in the exact location (neighborhood) you are looking at. There is a crazy story from 2014. An out of town couple got all caught up in the frenzy of a multiple offer situation and paid $335.00 a square foot in Whitefish Bay off the water. This scenario is an example of an uninformed buyer being swaggered into paying $100.00 more a square foot than they should have for a house. Don't be swaggered into making an emotional decision.
- Interview two or three agents before selecting one to work with. Get references. Call the references. Ensure your agent has YOUR fiduciary best interest at hand by signing a buyer's agency contract with the agent so they can work in your best interest and NOT the best interest of the seller.
Powers Realty Group is a boutique brokerage firm located in Milwaukee's North Shore. We are always happy to help and assist you in your buying needs in the Milwaukee area. For more information You can reach out to us at 414-963-0000.
