With the media constantly reporting that the housing market is crashing, but demand is still high, you might be confused about what the market is actually doing. We are here to help you weed through the reports and get to the reality. The Wisconsin Realtors Association recently released reports for this past August, and they reveal that we still have a shortage of inventory. Currently, the state of Wisconsin has 2.8 months of inventory, compared to 3.3 months of inventory in August last year. The median home price stands at $271,000, representing an 8.4% increase over last year's median home price of $249,950. These statistics prove that the housing market is stable. However, rising interest rates have impacted buyers' purchasing power, making it slightly less than what it was a year ago. As a buyer, it's crucial to know that the market is stable and be aware of your spending limits. Understanding the current market conditions will help you make informed decisions. As a seller, you are in a favorable position to sell, as prices are stable, and there is a strong demand for housing. Contact one of our agents at Castle Rock Realty today to discuss the market in detail. Our experienced professionals can provide valuable insights and guidance to navigate the current housing market with confidence.

  Hey sellers, even in today's "seller's market," you can still make some costly mistakes. Here are three things to avoid when selling your home. Mistake #1 - Thinking your home is worth more than it is. This is a common mistake that sellers make, especially in today's market. Prices may be favorable for sellers, and we understand that your home holds significant personal value. However, it's crucial not to rely solely on your own assumptions. Listen to your trusted real estate agent when they provide insights into the true market value. Be honest about your thoughts on the price, but also consider their advice as the market expert. Mistake #2 - Ignoring the first offer you get. It's tempting to dismiss the first offer in hopes of receiving a higher one. However, oftentimes, the first offer is the best offer. Have a bottom price in mind and take that into consideration when reviewing offers, rather than waiting for an ideal "dream" offer. The second offer may come with additional complexities or, worst-case scenario, you may not receive another offer at all. Mistake #3 - Listing with the wrong agent. Now is not the time to entrust your largest financial investment to just anyone, even if they're a friend of a friend. Safeguard your investment by choosing a trusted agent. Your chosen agent should be professional, knowledgeable about the community and market, and someone who will advocate for your best interests. Don't settle for less when it comes to selecting your representative. Follow us for more valuable tips on what to do and what not to do with your real estate investments. We're here to provide insights and guidance throughout your selling journey.

  You hear us talking about contingencies a lot: home inspection contingencies, financing contingencies, appraisal contingencies. What does all this mean for you as a buyer or seller? Today, we are going to answer all of those questions! As a buyer, you want to have contingencies in your offer for your protection. And sometimes, it's not just a matter of wanting a contingency, but a matter of needing one. For instance, if you're concerned that the roof leaks, you would "want" a financing contingency in your offer. If you are getting a mortgage on the home, you "need" a financing contingency unless you plan on paying cash for the house. As a seller, contingencies aren't necessarily negative if they are within reason. What I mean by that is the time frame of the contingency is reasonable, and it is a typical contingency, nothing out of the ordinary for the market. We can't stress enough that as a buyer, make sure to have clear communication with your agent about the want or need for a contingency in your offer so that they can write your offer with a clear understanding of what your intentions are. Sellers, ask your agent questions such as, "Is this a standard contingency?" or "Is this a normal timeframe for this contingency?" and so on. Bottom line, communication is critical when dealing with contract details. Our agents at Castle Rock Realty are experts at asking questions until they understand the intentions of their buyers and sellers. Contact one of our agents today with any questions about contingencies or any other real estate matters.

Want to buy a home but wondering about your credit score? Let's talk about what credit score you need to buy a house, so that you can become a homeowner! Your credit score is very important when buying a house. Typically, you need a credit score of 620 to qualify for a conventional mortgage. However, FHA loans will consider borrowers with a credit score of 580 or above, as long as they can put at least 10% down. This allows individuals with a slightly lower credit score to still have access to homeownership, albeit with a higher down payment than the usual 3.5% required by FHA. Credit scores can be intimidating, so if you have questions about your score or how to raise it, we suggest talking to a local lender. They can guide you through the necessary steps to improve your score and help you create a plan for reducing debt, which in turn will boost your score and make it easier to secure a favorable loan. Additionally, a local lender will assess your financial situation and provide insights on what you can realistically afford in terms of monthly mortgage payments, enabling you to make informed decisions as you navigate the homebuying process. If you have more questions about homeownership, reach out to one of our agents at Castle Rock Realty. We're here to assist you every step of the way.

  What is earnest money? How much earnest money do I have to put down? And when is my earnest money due? Are you a buyer wondering about all of these things? Well...today we are going to break it down for you! Earnest money is "good faith money" when you are buying a home. It basically shows the seller how serious you are and demonstrates your intentions to purchase their home. There is no set amount required, although some sellers may require 10% of the purchase price as earnest money. Typically, earnest money ranges from $500 to $5,000. However, the amount may vary based on the seller's requirements. As a buyer, you can either put your earnest money down when writing your offer or, more commonly, deposit it after you have an accepted offer. Waiting until you have an accepted offer before putting your earnest money down is typically the best way to proceed. Your earnest money is credited back to you at closing, usually used as part of your down payment. However, if you default on your contract, the seller may have the right to request the earnest money. Many factors come into play with how your contract is written regarding earnest money, so it is crucial to clearly communicate with your agent about your contingencies and intentions when making your offer to avoid confusion later in the process. If you have more questions about earnest money, feel free to reach out to one of our agents at Castle Rock Realty for trusted advice.

  How do you know if it's time for you to buy a house? Here are 3 signs that you are ready to buy a home! When your debt is in line. Sure, we all have some amount of debt, but clearing up any credit card debt will help improve your credit and ensure that you qualify for a mortgage. When you have a down payment. Saving for a down payment can be challenging, but if you prioritize it and cut back on unnecessary expenses, you might be surprised at how quickly you can save money for a down payment. When you have a steady income. Your lender will require a copy of your last 2 years' tax returns to verify your steady income. Having a reliable income is crucial not only for qualifying for a mortgage but also for managing your monthly mortgage payments. If you still wonder if now is the time to buy, contact one of our agents at Castle Rock Realty to get expert guidance and assistance with your homeownership questions. We're here to help you navigate the exciting journey of owning a home.

  What is the difference between being pre-approved for a mortgage and pre-qualified? There is a significant difference between the two, and we are here to break that down for you! A pre-approval is a letter from a lender stating how much they are willing to lend to you. Having a pre-approval is excellent for a buyer to get an idea of what they can afford in the housing market. You will need to provide documents like a bank statement and pay stubs to prove your income and the funds you are using to get a loan. A pre-approval will require a credit check. After you have been pre-approved, you can take it a step further to get pre-qualified. Pre-qualification is a more in-depth process. The items that a lender will review in the pre-qualification process are: Pay stubs Two years' worth of W-2s Two years' tax returns if you are self-employed Two months' worth of bank statements Explanations of any late payments or negative credit items and documentation of child support, alimony, or retirement income. As you can see, these are two different processes that have different values in the eyes of a seller. If you are serious about writing your best competitive offer, talk with your lender about getting pre-qualified. If you have any other questions about getting prepared to buy a house, contact one of our agents at Castle Rock Realty to get you on the path to homeownership.

  Have you heard of private mortgage insurance, also known as PMI? Lenders require borrowers to pay PMI when they don't have a 20% down payment on a home. PMI is a percentage of your loan amount, ranging from 0.3% to 1.5%, depending on your credit score. PMI is a monthly payment that is calculated into your mortgage. The good news is that you don't have to pay PMI forever. Once you start paying down your mortgage principal and have 20% equity in your home, you can ask your mortgage holder to remove the PMI charges from your account. PMI might sound intimidating, but if you are close to reaching 20% equity and believe you can make substantial mortgage payments in the first year of homeownership, you may be able to eliminate that monthly payment sooner than you expect.

  What is a CMA? No, it's not the Country Music Awards! CMA in the real estate world stands for Competitive Market Analysis. Basically, a CMA is similar to an appraisal. When an agent performs a CMA on your home, they will gather information on comparable properties that have recently sold and currently listed homes that are similar to yours. The CMA provides a fair market value for your home. Getting a CMA done can help you determine if the price is right for selling your home. At Castle Rock Realty, we offer free CMAs. If you're unsure about the value of your home and contemplating selling, reach out to one of our agents at Castle Rock Realty today to discuss a CMA for your home.

  You may have been hearing a lot about the housing market slowing down. Hearing this may have you concerned about selling your home. We are here to help you through those headlines. That's just it... those are headlines. The media might focus on a specific area slowing down in the housing market. Real estate is hyper-local, and the hyper-local definition relates to or concentrates on a very small geographical community. Our local area continues to thrive. There continues to be a demand for real estate in our community. The most recent report from the Wisconsin Realtors Association states that tight inventories have continued to keep Wisconsin home sales down for May. If you are considering selling your home, now is a great time as the market continues to thrive. Talk to one of our local experts today at Castle Rock Realty.

Homeownership is the classic American dream, and as inflation affects us all, you might think that owning a home is just a distant aspiration. However, despite the significance of buying a home and the various factors involved, it is indeed attainable. If you are currently renting, you face the risk of escalating rental costs. This rise in rent prices is often due to landlords having adjustable-rate mortgages on their rental properties. As interest rates increase, so does their mortgage, and they pass on this burden to the tenants. But don't lose hope! There are actionable steps you can take to embark on the path to homeownership. Reach out to one of our experienced agents today to have a conversation about your dreams of owning a home.

    As a seller, if you have multiple offers, is the cash offer better than the offer contingent upon financing? That is a tricky question, and most people would say, "Take the cash offer because it's a guarantee." However, many times it's not that easy because there are other factors in a contract that you should also consider. For example, let's say you have an offer for $100,000 cash for your home, and that offer is contingent upon an appraisal and an inspection because the buyer wants to do their due diligence. Then, you have another offer for $110,000, contingent upon financing and appraisal but not contingent upon a home inspection. Now, which one is the better offer? It gets confusing because there are different terms in each offer to consider. When you have offers like this, you must have an agent who can explain the pros and cons of each offer so that you can successfully navigate to the closing table. At Castle Rock Realty, our agents have many years of experience navigating sellers through contracts to achieve results. Reach out to one of our agents today to discuss your real estate needs.

    Have you ever heard of the 5-year rule in real estate? The unwritten rule states that new homeowners should generally stay put for at least five years before selling their property, or they may risk losing money. Not only does a home typically increase in value, but also, the longer you own it, the more equity you have gained. The more equity you have when you sell, the more money you'll have in your pocket to put down on your next home. So, if you're a first-time homebuyer feeling discouraged that you can't buy your dream home right now, don't fear. Invest in your new home today, and in just five short years, you will make a gain that brings you closer to your forever home. If you have any questions about making homeownership a reality, contact one of our agents at Castle Rock Realty today.

    Soon-to-be homeowners, we want to alert you. If you're in the process of buying a home and eagerly awaiting your closing date, it's important to be cautious. Avoid using your credit card, refrain from purchasing a new vehicle or appliances, even if you have been pre-approved and are simply waiting for the closing. These credit-based transactions can impact not only your credit score but also your debt-to-income ratio. Typically, your mortgage lender will perform a final credit check, potentially on the day of closing, and if those ratios are outside the acceptable range, it may jeopardize your financing. The moral of the story is to ensure you maintain good credit and hold off on additional purchases until after the closing.

    Do you know the difference between an inspection and testing in a real estate contract? For example, if you are concerned that there is mold in a home you are interested in purchasing, and you ask your agent to make your offer contingent upon a mold inspection, that's most likely what you want. When you have an inspection for mold, the inspector can check the home to see if there is mold present. That's it, and they can't go any further than that. If your agent writes your contract stating that you want the property "TESTED" for mold, then the inspector can test the mold in the home to see if it is toxic mold, allowing you to make an educated decision on your next steps. So, the difference between an inspection and testing in a real estate contract is significant, especially when dealing with something that could be harmful to your family. It is vital to have an agent who understands what the contract says and can explain those differences to you. Contact one of our knowledgeable agents to discuss any questions you have about real estate contracts!

  Home buyers, are you feeling frustrated with this competitive market? At Castle Rock Realty, we understand those feelings of frustration. However, we want to help you move past those emotions. We have just one simple tip that could solve all of that frustration: Stick with one agent throughout the house hunting process. You may think it sounds like a silly tip, but it's actually critical to finding the home of your dreams. Many buyers make the mistake of jumping from agent to agent. This is a mistake because you won't have one specific person looking out for you, closely monitoring the market, and utilizing all of their resources to find a home that is perfect for you. When you work with one of our team members at Castle Rock Realty, they will listen to your specific needs and go to work for you! We have a team full of agents, and we are confident that we have the perfect agent for you to help find your perfect house!

  If you are a prospective buyer in today's highly competitive real estate market, it is more critical than ever for you to have a basic knowledge of what your agent can and cannot disclose about other buyers' offers. Legally, your agent is allowed to tell you whether the offer is accepted or not. However, your agent is NOT allowed to disclose any specific terms of the other buyers' offers, such as the accepted price or included contingencies. The most commonly asked question about a property with an offer on it is, 'Is the offer accepted?' If the offer has not been accepted, be certain to present your highest and best offer. This may be your only chance to compete among multiple offers for the same property. If the offer has been accepted, there is still an option available to you! Your agent can submit what is known as a secondary offer. What this means is that if things do not work out with the current primary offer, you have the potential to become the new primary buyer! Our agents at Castle Rock Realty are well-versed in the specific language necessary to ensure your offer's secondary placement. To increase your chances of hearing those words every buyer wants to hear, 'Your offer has been accepted!', contact one of our agents today, and they will draft an offer that surpasses the competition!

Are you curious about how an increase in home loan interest rates can affect the home buying process? In this video, we delve into an example mortgage scenario to provide a clearer mathematical picture of what your monthly payments could look like based on today's rates. Let's consider a hypothetical situation: You're looking to purchase a $180,000 home with a 20% down payment, and you qualify for a 3.5% interest rate. In this case, your monthly mortgage payment would amount to $646.62. However, if you were to qualify at a 5.5% interest rate, your monthly mortgage payment would increase to $817.62. The difference between these two examples comes to $171. To put it in perspective, on a daily basis, this amounts to only $5.70, roughly equivalent to the cost of a gourmet cup of coffee. Numbers don't lie! By reviewing the mathematics behind how different interest rates can impact your loan, you'll gain a better understanding of how minimal the effect will be on your monthly payment. Join us to explore the fascinating world of interest rates and their role in your home buying journey.

We strive to make the listing process effortless for our sellers. Our 3-step process is straightforward: Make an appointment with one of the professional agents at Castle Rock Realty to visit your property and give them an overview of your home and the improvements you have made. Once the agent has viewed your home and you have provided them with all the necessary information, they will conduct a CMA (Competitive Market Analysis). A CMA is similar to an appraisal, and the agent will analyze similar properties that have sold within the last six months, as well as properties currently on the market, to establish a value for your home. Factors considered during the CMA include location, condition, home size, lot size, and any added improvements. Your agent will schedule an appointment with you to discuss the CMA results, recommend a list price for your property, and create a marketing plan specific to your home. They will also provide insights into the market and explain your closing expenses. Equipped with this knowledge, you will be able to make an educated decision on listing your home. These 3 steps will help you determine whether you are ready to sell at this time. Click the link below to get your 👇FREE Download!👇 YES! I want the FREE GUIDE!

Do you remember some of your “firsts” in life such as taking your driver’s license test? Going to your first day at a new school or job? These major life experiences can weigh heavy on a person because of how important these moments are to them; connecting with people who have already been through these milestones in life can provide peace of mind and certainty. Selling your home can sometimes bring on those “first” life experience emotions, whether it is your first time selling or you have sold multiple properties in the past! Today’s real estate market is fast- paced and ever-changing. Did you know that you are likely to see anywhere from 5-15 showings potentially within two days for your property? A showing could last as little as five minutes or as long as two hours!  At Castle Rock Realty, we find it essential to keep you in the know with these types of details so you can have a stronger sense of what to potentially expect in today’s market. Our priority is to provide our customers with the tools they need to make the best decisions about their property based on knowing as many of the facts as possible in advance. Being provided this information ahead of time will make you feel confident and secure in the sale of your home! Contact us today to discover the wide variety of real estate services we provide that make your home selling experience a pleasant and exciting one!