Waukesha County Home

the snow makes it hard to inspect those areas." Start with the Internet Ludwig said when searching for a home online, first-time buyers should go to the websites with the most photos of each home. He also said while photos are wonder- ful when it comes to searching online, they only tell part of the entire story of a home. "The more photos you can view, the bet- ter idea you will have of the home," he said. "The biggest challenge is that the listing they see on the Internet can be days or even weeks old and might already have an offer on it and if their search cri- teria are too specific they may miss some of the homes that would fit their needs." Quartuccio, who has a mortgage back- ground, said she always advises her clients to look into a lender-paid or financed private mortgage insurance ver- sus the traditional monthly payment, because many times it is a better option for customers that they are not aware of. "There are low-down payment options such as FHA or no down payment with USDA Rural Housing (address specific if in a rural area)," she said. "You can still buy a home with less than 20-percent down and private mortgage insurance" Your credit report shows the major items such as car loans, student loans, credit card debt which loan officers are going to go off to qualify first-time buy- ers for a purchase price, Quartuccio said. "However, I advise clients to write down all their debts such as cellphone, insurance, utilities and so on to have the best overall picture of what expenses are incurred monthly," she said. "I feel that any buyer needs to feel comfortable above all else with all their expenses." Quartuccio said prospective buyers can use that number to determine what they feel their purchase price should be. "There are many times that people call with a predetermined sales price in mind but after realizing all their monthly obli- gations and with how low interest rates continue to be can afford more than they think," she said. Finding an agent Ludwig said buyers should find an agent who is willing to sit down with them and explain the entire offer process even before showing homes. "An agent should take you through the entire offer contract and will share an abundance of market data to help you make a solid decision," he said. "Going to open houses is a great time to interview agents. Put together a list of questions that you would ask them on how they work with buyers to get a good feel of who might be a best fit to help you. This also gives you a chance to look at a home close up and get a good feel regarding prices." Ludwig said prospective buyers should also try not to get too excited too early to where it clouds your judgment in making a good decision. "Discuss your finances and amenities ahead of time and go into your house- hunting process agreeing on these specif- ic items," he said. "Going in on separate ends of the spectrum will cause stress." A first-time homebuyer should pur- chase more on "needs" than "wants" on their first home and often fulfill theirs "wants" on their second and possibly third homes, Ludwig said. "Sticking to too many wants can actual- ly get in the way of the buyer even pur- chasing a home at all while many of the homes they can afford are being pur- chased by other buyers. A great agent will be able to educate a buyer on what's available on the market and what fits their budget." Timing to buy is right Quartuccio said interest rates are still low so now is an excellent time to pur- chase a home. "I also ask the question of how long they expect to be in their first home," she said. "Most first-time home buyers are in less than seven years," she said. "Buyers shouldn't be afraid of look- ing at a longer term ARM where the pay- ment would be fixed for 5 to 10 years." Quartuccio said the rates on those loans tend to be lower than a fixed rate loan. First-time home buyers are a key component to the housing recovery and necessary for every sector to move up, she added. "Mid price, luxury and new construc- tion market all depend on first-time home buyers to start the cycle," she said. "Inventory is extremely tight right now, especially with the winter we just had. The houses that are priced right are sell- ing quickly. If you find something you love, know that there may be a bidding war or multiple offers on a property." It is all about budgeting and sticking to it, Quartuccio said of the buying process. It is easy to want everything new, shiny and beautiful when looking for a home but as exciting as this time is knowing where your budget is and not deviating from it is the best advice. She also sug- gested planning for the possibility of higher taxes, possible association fees, the economy and possible loss of a job when determining the comfort level of a mortgage. "I usually recommend people taking out a 30-year amortization verses a 20- or 15-year loan and making additional prin- cipal payments as possible," she said. "You can always pay more, however, should a personal tragedy happen you cannot pay less without affecting your credit." APRIL 2014 HOMES PLUS 11 w w w. d f o c 1 . c o m – Over 2,000 Furniture & Accessory Items in Stock! – Great HIGH END Pre-Owned Merchandise at LOW END PRICES! • FURNITURE • TAPESTRIES • RUGS • ART • LAMPS • PICTURES CHANDELIERS • MIRRORS 14265 Capitol Dr. • Brookfield • 262.439.8745 Hours: Mon., Thurs., Fri., Sat. 10:30am-5:30pm • Sun. 11am-5pm or by Appointment INVENTORY CHANGING DAILY COME SEE WHAT'S NEW! QUALITY DESIGNER FURNITURE FOR LESS! " MAKE AN OFFER " on 30% of inventory that must go to make room for new items arriving! 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It runs from 6:30 p.m. to 8 p.m. and will include a ques- tion-and-answer session. The following Milwaukee/NARI mem- bers will make presentations: ■ Rick Hillman of Continental Surveying Services LLC, Richfield: "Landscapes and How They Relate to Property Boundaries" ■ Zach Lieven of David J. Frank Land- scape Contracting Inc., Germantown: "Storm Water Management" ■ Patrick Devereux of Stone Oak Land- scapes Inc., Cudahy: "Spring Plant Mainte- nance Tips/Yard Clean Up" ■ Kevin Wolff of Wolff's Landscaping Service Inc., Mequon: "Hardscaping Options." Space is limited, and reservations are required. Call the Milwaukee/NARI Home Improvement Council office at 414-771-4071 to reserve your space or send an email to info@milwaukeenari.org.

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