JSOnline: New wording clarifies contracts - Relationship between Realtors, buyers is spelled out
A real estate purchaser now has a choice in how he or she would like to be represented in a real estate transaction.
Do you know the difference between a
customer and a
client?
Joanne Cleaver of JSOnline best describes both arrangements:
“A customer essentially represents himself, though he may work with an agent to buy a house. A client, though, is represented by an agent, an arrangement formalized by a contract.”
At the end of the day, I ask my buyers “Do want me to represent your best interests or the sellers?”
To learn more about how I am able to put your best interests ahead of all others, please check out my blog post titled "Benefits of Working with a Buyers Agent" or
click here to be redirected to this post.
In 2008, the State of Wisconsin Department of Regulation and Licensing will require agents and brokers to use the newest version of two of most commonly used real estate contracts the Wisconsin Residential Listing contract and the Buyer Agency/Tenant Representation Agreement.
The latest version will adapt the latest changes under the new real estate laws for buyer agency relationships.
According to Cleaver, “In Wisconsin, any agent can assist a buyer with a transaction, but unless the buyer has specifically signed a contract with an agent, the agent's loyalties are with the broker community and the seller of the house.”
The only exception to this rule occurs when a buyer signs the Buyer Agency/Tenant Representation Agreement.
Cleaver and local real estate agents explains how the latest changes in real estate practice affect the parties to a real estate transaction.
Click here to read more about how these changes impact the transaction>>>
-----
Labels: Real Estate
Benefits of Working with a Buyers Agent
Any real estate professional can act as a Buyers Agent. As the name implies, the agent is contracted by the buyer to represent his or her best interests in the real estate transaction. Until recently, sellers sat back knowing that all agents showing his home would be representing his best interests. This is not necessarily the case since the new laws were passed.
One of the reasons I sat for the broker exam was to identify and learn how the new real estate laws affect the parties to the transaction.
The State of
Wisconsin has changed laws to provide buyers with a new opportunity when purchasing real estate called Buyer Agency.
How it works
First, identify a real estate professional who you trust and have a good working relationship established.
If your REALTOR® fails to mention anything about Buyer Agency, then ask.
Generally, Buyer Agency is a free service to buyers.
In almost every case, the only “cost” involved is the time (usually 10-15 minutes) it takes to explain the rights and responsibilities you, as a buyer, have under a Buyer Agency Agreement.
As with most contracts, a Buyer Agency Agreement can be structured for any length of time.
Under a Buyer Agency Agreement, a buyer “hires” a REALTOR® to represent his or her best interests.
Under such an agreement, you are hiring a real estate professional to locate an interest in a property as well as negotiate on your behalf, on your terms.
As a Buyers Agent, I not only offer advice and opinions about the condition of the property, but I can also offer my opinion regarding the seller’s asking price.
Wouldn’t you like to know whether or not you’re paying too much for a home?
As a Buyers Agent, I work for you and help you get the best deal for your next home.
Please contact me at (414) 412-7980 or e-mail at dray@shorewest.com to learn how I can help you with your real estate needs.
-----
Labels: Real Estate
The Business Journal of Milwaukee: Mandel delays condo project
The buyers market is not only frustrating many sellers in this market, but it is also frustrating many condo developers who broke ground on their projects during this softer real estate market.
According to Pete Millard of The Business Journal of Milwaukee, Mandel Group Inc. and Ruvin Development, two high-profile developers, have agreed to postpone two downtown projects as a result of a turbulent downtown condominium market.
Mandel Group Inc. has delayed the construction of its Domus condominium development along the Milwaukee River in the Third Ward and Ruvin Development Inc. has delayed its $160 million Sidney Hih mixed-use project that will include condos, a Kimpton Hotel, retail and offices.
According to Barry Mandel, president of the development firm that bears his name, it may take four to five years to clear out the inventory of condominiums in downtown
Milwaukee.
The fact that Mandel and Ruvin have postponed their new construction developments is not necessarily a bad sign of things to come. In fact, I believe this a positive sign for existing condo sales in downtown Milwaukee. To find out how this latest development will positively impact the downtown condo market, please check out my blog post titled "Postponement of Key Real Estate Developments is not necessarily a Bad Sign for the Downtown Condo Market" or
click here to be redirected to this post.
Millard identifies other condo projects (The Edge, River Renaissance, and Rivianna) that have experienced delays as well.
Click here to read about how these delays will affect the downtown condo market>>>-----
Labels: Real Estate
Postponement of Key Real Estate Developments is not necessarily a Bad Sign for the Downtown Condo Market
As a condo owner who is looking to sell our home, I am now appreciating how condo sellers have felt during the past year. Real estate is an investment that doesn’t respond to market conditions as quickly as other investments do. By the time industry analysts and real estate investors determine that the market has shifted, it’s often too late to respond to market conditions.
What do delayed and cancelled projects mean to you?
First of all, the fact developers are taking this action comes as no surprise. The downtown market was becoming at risk of being overbuilt during this period of softer economic activity, and developers are merely reacting to existing market conditions.
The tightening of the supply is good for real estate. This means that the industry has begun to recover which means we should be seeing a steady increase in housing prices
What this news means for sellers
If you're a future seller, it's good news that that supply and demand will be matched in the intermediate- to long-term, which will benefit the value of your home or condo.
And if you're a buyer, this is good news for a couple reasons:
1) This signals that demand and supply will come into greater balance in the next year, which means now might be the time to consider shopping for values.
Therefore, if you’re a potential buyer, I would recommend that you act this spring or summer at the latest. Many analysts predict that the first quarter of 2008 will reflect the same results as last year. However, analysts are predicting that home
sales will begin to increase later in the year. Don’t pay too much for your next home as you wait for the market to shift back in the seller’s favor.
2) This is also good news for buyers because the market will be slowly improving.
Many buyers felt reluctant to invest in real estate because they didn’t know how much further values would decline.
Please contact me at (414) 412-7980 or e-mail at
dray@shorewest.com if you have any questions or concerns regarding the current market conditions.
-----
Labels: Real Estate
JSOnline: Holiday Inn plan converts downtown offices - City committee backs developer's parking lease for hotel guests
The Holiday Inn brand returns to downtown
Milwaukee after a brief absence.
Last year, Holiday Inn, located on the corner of
Wisconsin Avenue and Sixth Street, was converted into a Doubletree Hotel.
Local developer Charles Gabaldon has submitted a proposal to the city to convert the seven-story
Posner Building (corner of
Wisconsin Avenue and Plankinton) into a Holiday Inn Hotel.
Mo's Irish Tavern is located on the ground floor of The Posner Building.
Gabaldon’s $21 million proposal is one of many recently announced for additional hotel rooms for downtown
Milwaukee.
Gabaldon plans to have the Holiday Inn open by spring 2009.
In addition to hotel rooms, Gabaldon also plans to redevelop vacant parts of the building's first floor into stores and restaurants.
What does Holiday Inn and the other proposed hotels mean to downtown Milwaukee?The City of Milwaukee has received several proposals in recent years regarding the construction of new hotels. Many of these new hotels are smaller, boutique hotels offering signature service. I am encouraged by the number of hotels entering the downtown market. Perhaps larger convention operators will take notice of what Milwaukee has to offer and bring even more business to our great city.
Tom Daykin of JSOnline describes Gabaldon’s proposal and its impact on the local economy.
In addition, Daykin highlights other hotel proposals (Stayrbridge Suites, Iron Horse Hotel,
Hyatt Place, and Hyatt Summerfield Suites) announced for downtown
Milwaukee.
Click here to read about this and other hotel developments>>>-----
Labels: Economy
JSOnline: Rates drop on 30-year mortgages - Level is lowest in a month as recession worries continue
I have great news for real estate purchasers who are in the market to buy in 2008.
Interest rates for a 30-year fixed mortgage fell at the end of 2007 to the lowest level since early December 2007 as investors found new reasons to worry about a possible recession.
Check out these rates:* Freddie Mac (National Average):
6.07% (per the date of this article)
* Wisconsin Mortgage: 5.75% (reported
January 15, 2008)
According to Martin Crutsinger of JSOnline, “that was down from 6.17% the week before and was the lowest level for 30-year mortgages since the week of Dec. 6, when the rate fell to a two-year low of 5.96%. That marked the only time that the 30-year mortgage was below 6% last year.”
Crutsinger also noted that “harder-to-get credit has made it more difficult for some would-be home buyers to secure financing for homes and other big-ticket purchases. The more-restrictive credit situation has deepened the housing slump.”
What do lower interest rates mean to you?Real estate analysts predict a stronger housing market in 2008 after a quiet 2007. Real estate professionals are expecting the supply of real estate to decline along with the Fed's interest rate cuts. More and more buyers will find that their dollar will go much further this year.
Crutsinger writes more about mortgage rates and how the latest mortgage crisis has affected the housing market.
Click here to read the entire article>>>-----
Labels: Finance
