The Market w/Jeff & Eirik | Episode 6: How to Buy a Home When You Have to Sell

Navigating the home buying process can be tricky in any market. But when it’s a strong seller’s market this process can become even more challenging.

With many homes seeing competitive offer situations home buyers need to find a way to stand out above the crowd. This can be difficult for current home owners who need to sell before buying their next home.

Jeff & Eirik discuss strategies current home owners can take to purchase when they are looking to buy a home, but also have a home to sell.

1:11: The HELOC and Bridge Loan
1:58: Can you qualify to buy without selling?
2:55: Find a home to buy, then list your home
3:16: List your home, then try to find a home to buy
3:50: Buy without a home sale contingency
4:07: Where does the down payment come from?
4:40: Sell your home and prepare for short term renting

Connect w/Eirik to apply for your Pre-Approval: http://erorvigmortgage.com/

Search Homes or Start Your Journey with The Minter Team:
https://www.TheMinterTeam.com

See our Home Selling Game Plan: https://theminterteam.com/sell/

The Market w/Jeff & Eirik | Episode 5: The Power of a Team

Who you choose to work with as your mortgage lender and Realtor can make all the difference between a smooth transaction and one filled with drama and hiccups.

Connecting with professionals that operate and function at a high level together can enhance your experience and success even further.  Jeff & Eirik discuss why they believe team work and synergy between the professionals you choose to work with can make all the difference in your home buying journey.

1:00: Why Jeff appreciates working with Eirik

1:46: Save the drama

2:40: It’s about trust

4:10: 100% responsibility

5:23: Communication, accessibility, and commitment to the client

6:07: The 3rd leg of the stool

Connect w/Eirik to apply for your Pre-Approval: http://erorvigmortgage.com/

Search Homes or Start Your Journey with The Minter Team: https://www.TheMinterTeam.com

The Market w/Jeff & Eirik | Episode 4: Serving First Time Home Buyers

First time home buyers bring unique experiences to the process.

There are questions surrounding mortgage options, credit requirements, how to write an offer, what happens at an inspection, and much, much more.

Jeff & Eirik discuss how they handle first time buyers and what to expect when starting the process.

1:00: It’s about the education

1:40: Eirik’s process

2:23: The value of trust

2:37: Jeff’s process

3:54: The budget & long term planning

5:08: Think about the resale

7:10: Timelines matter

8:25: Transitioning from a rental to your home

Connect w/Eirik to apply for your Pre-Approval: https://crosscountrymortgage.com/Wauw…

Search Homes or Start Your Journey with The Minter Team: https://www.TheMinterTeam.com

The Market w/Jeff & Eirik | Episode 3: Overcoming Hurdles to Get a Home Loan as a New Physician

Between the staggering amount of student loan debt, and relatively lower resident pay scales it can be challenging for new doctors to qualify for certain types of mortgages.

Enter the physician loan program.

With as little as 0% down, no private mortgage insurance, and the opportunity to overlook student loan debt there does exist an opportunity for new doctors to settle in as they begin their career.

Jeff & Eirik sat down to discuss how this mortgage program works and how it benefits new physicians.

1:17: 0% down, no PMI, no points
1:43: The challenge of being a new physician
2:12: Who qualifies?
2:54: Addressing student loan debt

Connect w/Eirik to apply for your Pre-Approval: https://crosscountrymortgage.com/Wauw…

Search Homes or Start Your Journey with The Minter Team:
https://www.TheMinterTeam.com

The Market w/Jeff & Eirik | Episode 2: How a Fast Track Mortgage Helps you Win in Todays Market

When the housing market gets tight, and there are high levels of competition for the best houses, home buyers need to find every angle possible to stand apart from the crowd when submitting an offer. In this episode Jeff & Eirik sat down to discuss how a fast track mortgage can help their clients win in a competitive market.

  • 1:10: What’s the FAST TRACK pre-approval?
  • 1:50: Why the FAST TRACK helps you stand out
  • 2:15: Close in 14 days?!
  • 2:27: Faster contingency deadlines = less risk
  • 2:50: Why a stronger pre-approval helps you WIN as a home buyer
  • 3:29: How can you apply for a FAST TRACK?

Connect w/Eirik to apply for your Pre-Approval: https://crosscountrymortgage.com/Wauw

Search Homes or Start Your Journey with The Minter Team: https://www.TheMinterTeam.com

Oregon WI Real Estate Market Update | March 2019

Sales dipped drastically in February while inventory, or the number of available homes, continues to stay low.

With a 38% decrease in new listings from the same time a year ago our mid-winter market has a number of opportunities for home sellers while buyers should remain patient while getting prepared to move quickly.

0:35: Only 3?!?!
0:48: Lowest month in over 8 years
0:53: Inventory up or down?
1:14: What’s going on?
1:51: Where are we going?
2:00: How many homes are available?
2:40: Winning as a home buyer
2:49: The new construction option

 

Search Oregon homes for sale at: https://theminterteam.com/homesearch/

Sales dipped drastically in February while inventory, or the number of available homes, continues to stay low.

With a 38% decrease in new listings from the same time a year ago our mid-winter market has a number of opportunities for home sellers while buyers should remain patient while getting prepared to move quickly.

0:35: Only 3?!?!
:48: Lowest month in over 8 years
:53: Inventory up or down?
1:14: What’s going on?
1:51: Where are we going?
2:00: How many homes are available?
2:40: Winning as a home buyer
2:49: The new construction option

Search Oregon homes for sale at: https://theminterteam.com/homesearch/

Sales dipped drastically in February while inventory, or the number of available homes, continues to stay low.

With a 38% decrease in new listings from the same time a year ago our mid-winter market has a number of opportunities for home sellers while buyers should remain patient while getting prepared to move quickly.

0:35: Only 3?!?!
:48: Lowest month in over 8 years
:53: Inventory up or down?
1:14: What’s going on?
1:51: Where are we going?
2:00: How many homes are available?
2:40: Winning as a home buyer
2:49: The new construction option

Search Oregon homes for sale at: https://theminterteam.com/homesearch/

The Market w/Jeff & Eirik | Episode 1: Get the Home You Want by Winning with Your Pre-Approval

The Dane County real estate market is once again off to a hot start in 2019. After record setting years in 2016 and 2017 home sales were down slightly in 2018 but still stood in third place all-time for sales in Dane County.
 
Alongside the high number of sales we are in the middle of a massive shortage in available homes. While inventory has risen year over year for the last few months, we still entered 2019 with only 944 properties available…half when compared to the same time in 2014 and roughly 25% of the more than 3300 we saw available to start the year in 2011.
 
With sales happening due to high demand, but a shortage of available homes, we are seeing a very competitive market in most segments of our local housing market.
 
Jeff & Eirik sat down to discuss how a strong pre-approval letter can help their clients stand apart from the crowd when submitting offers this year.
 
0:54: A highly competitive market
1:08: STEP ONE towards buying a home
1:24: A pre-approval from “the other guy”
2:07: The FULLY UNDERWRITTEN pre-approval
2:50: Why a stronger pre-approval helps you WIN as a home buyer
3:25: Shrink timelines to compete
3:47: A 14 day financing contingency?!
➡️Connect w/ Eirik to apply for your Pre-Approval: https://crosscountrymortgage.com/Wauwatosa-WI-5701/Eirik-Rorvig/
 
➡️Search Homes or Start Your Journey with The Minter Team:
https://www.TheMinterTeam.com/homesearch
 
➡️Additional Information about Pre-approval Letters & Printable Checklist: https://theminterteam.com/documents-you-need-for-a-mortgage-pre-approval-free-printable/

🧾Documents You Need for a Mortgage Pre-Approval + Free Printable!

What is a pre-approval letter?
A pre-approval letter provides proof that a mortgage lender has approved you to take a loan out and for exactly how much you are able to borrow. This document provides both your Realtor and the seller of a property evidence that you are serious in your path to homeownership and that you can afford the property that you placed an offer on.

When should I get pre-approved?
As your real estate agent, mentor, and coach, we recommended that getting pre-approved for a mortgage should be the first step of your home-buying journey. If you’re not sure of which mortgage lender to go with, we have a handful of trusted referrals that we have worked with in the past that we can share with you.

Why is getting pre-approved the first step of the home-buying process?
Getting pre-approved right away has many advantages. 

  1. It gives you confidence in your search. Knowing the amount you are pre-approved for not only helps us find homes within your budget, but it will ensure that you are comfortable with the price point and monthly payment amount. Plus, no one likes falling in a love with a home and then discovering that they can’t afford it!
  2. It puts you on the fast track to closing. Because most of your information is in the lender’s system, a mortgage pre-approval accelerates the loan process once you make an offer and makes you a stronger buyer.
  3.  It establishes your credibility as a homebuyer. When you put an offer on a home and include your pre-approval letter, it shows the Sellers that you are serious about buying a home, that you have your finances in check, and that you won’t be denied a mortgage if they decide to accept your offer.

     

What documents do I need to get pre-approved for a mortgage?
Depending on the type of mortgage you take out, here are the documents you may need to get the pre-approval process started. (Printable version available at the bottom!)

Identification (You will only need to bring one of the following forms of ID)
•Driver’s License
•Passport
•Other state- or federal-issued ID

Income
•Pay stubs for the last 30 days
•Last two federal tax returns
•Last two W-2s
•Proof of any additional income (2nd jobs, social security, alimony, etc.)
•If self-employed, YTD profit and loss statement, and two years of 1099s

Accounts
•Last two statements on all bank accounts
•Statements for all investments and/or retirement accounts

Additional Documents
•Social Security card or number
•Settlement statement from a previous home sale, if applicable
•Contact information for your landlord(s) for the last two years, if applicable
•Divorce decree, separation agreement, and/or property settlement agreement, if applicable
•Gift letter if a family member is helping with down payment
•A letter of explanation for late payments, collections, judgements, or other derogatory items in your credit history, if applicable

Some lenders may require additional documents depending on the type of loan you are taking out.

To get your free printable checklist, click HERE

Oregon WI Real Estate Market Update: February 2019

January was quite the stretch for much of our area with a combination of record low temperatures, heavy snow falls, and no Packer games to keep our minds off it all. 
 
It’s often said that the Super Bowl is the start of the spring market around Dane County and now that we are a week in February we are definitely starting to see things heat up.

Since we love our town we keep the focus on Oregon and the unique aspects of our local market. Here’s the current state of the market in Oregon as we enter the early phases of the 2019 spring market.

1. Sales remain strong. 2018 was the third best year on record for Dane County and January sales in Oregon were the highest since 2015. This shows us that demand for homes is strong in our area and we expect it to remain that way throughout the year. 

2. Oregon had 30 active single family homes at the end of January 2019. This is down over 25% from the same time last year, but up 25% from the end of December. There is little competition for homeowners looking to sell today but this will change quickly as we head deeper into our spring market.

3. Only 2 existing properties are available in the $400,000-$500,000 range. These homes only make up 6% of active inventory while representing 12% of last years home sales. Homeowners looking to sell in this price point should be in a great spot provided their home is still priced appropriately.

For Sellers: Chances are it’s a great time for you to hit the market. However, you still need to do things the right way. Sellers who skip the important steps may get an offer, but they won’t see the real payoff they are probably looking for in today’s market. Smart pricing, effective preparation, and strong marketing are still key to a great sales process.

 
For Buyers: Patience is key, but you must be ready to pounce. Get your pre-approval squared away, connect with a great agent, and you’ll be ready to go when the right home hits the market soon.

Oregon WI Real Estate Market Update: January 2019

How’s the market? Well, that always depends. Are you buying? Selling? Both? Neither? What’s your price point? Where are you looking? These all play into the answer that’s most meaningful for this question.

Since we love our town we keep the focus on Oregon and the unique aspects of our local market. Here’s the current state of the market in Oregon as we begin the 2019 market year.

1. Rates have dropped back to less than 4.5%. We haven’t seen this in the last few months as they recently jumped to over 5%. This is a welcome change for home shoppers and should continue to spur a large buyer pool.

2. Oregon had 24 active single family homes at the end of December 2018. This is down over 40% from both November of this year and the same time last year. There is little competition for homeowners looking to sell today but this will change quickly as we head closer to our spring market.

3. Only 2 properties are available in the $400,000-$500,000 range and both are new construction. Homeowners looking to sell in this price point should be in a great spot provided their home is still priced appropriately.

Remember each situation is unique. This means even though there’s little competition it doesn’t necessarily mean your home will sell quickly. Likewise, just because there are few options to choose from doesn’t mean you won’t see your dream home pop on the market in the next few days so make sure you’re ready.

Just Sold: 827 S Main St, Poynette, WI 53955

827 S Main St

Poynette, WI 53955

Sold: October 26, 2017

Sales Price:  $189,000

It’s always an honor when past clients return.

Zach & Beth bought their first home in 2015 when they worked with Jeff to purchase a condo on Madison’s eastside. (more…)

Rent vs Buy…What’s Best for You?

homeowner-vs-renter-21Is it time to let go of that lease and move into the world of home ownership?

Every first time home buyer has to address this question at some point in life. Home ownership is connected to ideals of the American Dream, provides a sense of stability, and can make a lot of financial sense. But is it best for YOU?

You May Want to Buy if:

  1. You’re ready to build wealth. As a tenant you are paying your landlords mortgage and therefore increasing someone else’s wealth. Home ownership allows you to pay yourself as each payment increase the equity you have in your home. Studies show the average home owner has over 30 times the net worth of the average renter. Locally we tend to see fairly steady price gains on an annual basis. As a renter appreciation and inflation will leadto higher monthly payments while home ownership allows you to keep your monthly payment steady while gaining value in your biggest asset. (more…)

Homebuyer Advice for Success in 2015

3rdQNews

With rates STILL at historic lows and continued economic growth it remains to be a great time to consider buying a home.

According to the most recent edition of The Stark Company’s Real Estate Market Resource the US economy is in its best shape since the recession “officially” ended in 2009. Job growth is strong, consumer confidence is up, and the stock market continues to reach new heights. With inflation remaining low we are continuing to pick up economic steam.

Also affecting opportunities for homebuyers are the low interest rates. No one predicted we’d still be under 4% but they still are. In fact, a year ago at this time many experts were predicting rates to be hovering around the 5% mark by now. With rates low that means most consumers can afford roughly 10% more home than if rates had risen to (more…)

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