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Changing Real Estate Markets with Josh Bucio
Manage episode 449771679 series 3599188
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Mike Rohr and Jeremy Doering explore the shifting real estate landscape, examining how evolving community preferences are influencing home-buying decisions. They kick off the conversation with a nod to Wisconsin’s colorful fall season and vibrant sports scene, setting the stage for a lively discussion.
They break down key trends, including the shift from a seller's market to a more balanced one, and what that means for both buyers and sellers. Pricing realistically has never been more crucial.
Special guest Josh Bucio from Waterstone Mortgage shares his expertise on the importance of personalized mortgage advice and the critical role of pre-approval in the buying process. He highlights the need to consider community dynamics, explaining that there’s more to buying a home than just the property itself.
Want to make smart decisions in today’s ever-changing market? Tune in for expert advice and community-focused strategies.
Episode Highlights:
04:10 - Price is such a big factor in being accurate and realistic about the price of homes. If it's not dialed in, if it's not the top house within that price range, it sits, and then you end up having to reduce the price or even let the listing expire and relist at a new price. If you get the price right from the beginning, you're better off and will probably get more for your house without going through that whole process.
21:30 - You'll hear pre-qualification and pre-approval. The main difference is pre-qualification is usually verbal information. “Oh, you work at the hospital and you make about $70,000 a year. Oh, okay. That's good enough, and I kinda have an idea what you do.” That pre-qualification is not as reliable and not as valuable as a pre-approval. So a pre-approval verifies everything. There are levels to the pre-approval process where the local team can handle it, using automations and visual verifications of documents like income, debts, assets, credit, and employment history. Those are usually the big five that lenders check.
30:46 - I feel like the mindset lately is to invest in more real estate. I don’t know if you’re seeing that from some people, but they’re taking equity out and buying second homes and investment properties, or they’re moving up.
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