First Time Home Buyer

[bobbledude25]

I'm looking to buy a house and we have limited our choices down to anywhere in Brookfield, New Berlin, Menominee Falls, Pewaukee, Sussex, Germantown. Looking in the $200,000 range. Anyone have any good advice or know of any nicer houses around that price range in those areas?

[paul253]

http://www.shorewest.com/

 

Thats probably the best website you can use. Just put in your price range and what you're looking for. Then write down the MLS numbers of the ones you like and go look at a bunch of them on one day so you can compare them to each other. I bought a house last November, and I am kicking myself for not waiting like 6 more weeks when I would have gotten $8000 for nothing.

[endaround]

That is a fairly large area. I guess the first question is do you want city water/sewer or well/septic/mound

[valpocrewsader]

Don't know how it compares to the site paul253 recommended, but I always use http://www.wihomes.com .

[tnweill]

I'd also check out www.realtor.com if you could.

[Patrick425]

Before we purchased the house we are in now in Waukesha about 10 years ago, we looked in Brookfield. While we realized that prices would be steeper in Brookfield, we were really shocked by the extra amount you pay for location there. It ended up being an extra 15 minute commute to work for us, but we settled on Waukehsa, because it just seemed like a similar house and lot size in Brookfield went for about $100,000 more. I would prefer to live in Brookfield, but not at that price.

[Chio151]

Not sure what price of home you were looking at Patrick, but 100,000 seems a bit excessive in difference between the two cities. One huge factor in Brookfield's favor is the lower taxes. Waukesha & Wauwatosa had such high taxes that we basically ruled them out. When we were looking we found that a very similar cape cod home in Waukesha would be 150,000 and in Brookfield 170,000. However, due to the difference in taxes, the Brookfield home would be a lower monthly payment.

 

Also, keep in mind that with a starter home we are talking about relative value and the ability to gain/resell more than absolute square footage value. Don't get trapped into that mindset. A small home in a desirable neighborhood where more expensive homes surround it is generally a safe bet. Always make sure to avoid buying the 'nice' house in a blah neighborhood.

 

Having bought 2 homes in Waukesha County in the last 5 years, I think you'll be very happy with the current prices. Golden opportunity with the prices, rates, and govt tax breaks.

[Patrick425]

$100K may have been a bit of an overstatement, but not that much. At the time we were looking for a house around the $150K - $170K range. I know that every time we saw a house in that price range in Brookfield, we were very disapointed when we went to see it. One in particular that was in the neighborhood just east of Brookfield Square was awful and my thought if you puchased the place you were just basically paying for the land because the house needed total renovation, not to mention that it was small.

We ended up paying $160K for a house in Waukesha. I truely believe that if you took the house we purchased with the lot size and placed it in Brookfield (based on the houses we saw in Brookfield for that price range), that it would have gone for at least $225K and probably more.

[Chio151]

$100K may have been a bit of an overstatement, but not that much. At the time we were looking for a house around the $150K - $170K range. I know that every time we saw a house in that price range in Brookfield, we were very disapointed when we went to see it. One in particular that was in the neighborhood just east of Brookfield Square was awful and my thought if you puchased the place you were just basically paying for the land because the house needed total renovation, not to mention that it was small.

 

We ended up paying $160K for a house in Waukesha. I truely believe that if you took the house we purchased with the lot size and placed it in Brookfield (based on the houses we saw in Brookfield for that price range), that it would have gone for at least $225K and probably more.

Gotcha, I could totally see cases like that. There are certainly situations where I saw people with unrealistic expectations on price. I think the best thing to do is live on realtor.com for a bit and get an understanding for what homes are going for. Also though, check zillow.com and see what suggested values are and (most importantly) what homes actually sell for. Don't be afraid to lowball and ask for many conditions in the offer. It's a buyers market.

[packfan79]

Make sure you get a good home inspector when you do decide on a house it can save you lots in the long run. Also do your research on the area, I've live outside of Oshkosh and close to a lake and have found out that the town I live in is relatively low lying and my sump pump is pretty much always running, I've already had to invest in a generator and will probably get a backup sump pump.

[bobbledude25]

The houses we have looked in Brookfield have been nothing short of terrible in the $200,000 range

[LouisEly]

I bought a house last November, and I am kicking myself for not waiting like 6 more weeks when I would have gotten $8000 for nothing.

 

We ended up paying $160K for a house in Waukesha.

 

Funny, I have $160K saved up for a down payment. I don't qualify for the $8K because I make too much, but still can't afford anything more than a 2-bedroom 35-year-old condo, because anything more than that will run over $550K. SoCal is not all it's cracked up to be.

 

I'd think your best bet for value would be southern Waukesha county. Anywhere where subdivisions have been built in the last 5-7 years is going to be ripe with foreclosures and inventory.

[Invader3K]

Where I live (Fort Atkinson) there are a lot of houses in that 200,000 range that are less than 10 years old for sale, with prices already being cut significantly. Nice big houses too. Guess a lot of people can't afford those mortgages anymore.

[NeedMoreFans]

We're looking in Madison at the moment, and anything less than $200K is either 900 sq. ft., in need of major work (lots of angry people when they were foreclosed on), or in the not-so-good parts of town. I'm not convinced the market cooled off here one bit.

[Invader3K]

in need of major work (lots of angry people when they were foreclosed on)

I wonder how often stuff like that happens. I bet a lot more, recently.

[LouisEly]

We're looking in Madison at the moment, and anything less than $200K is either 900 sq. ft., in need of major work (lots of angry people when they were foreclosed on), or in the not-so-good parts of town. I'm not convinced the market cooled off here one bit.

If anyone is looking in Madison, my sister and brother-in-law are selling their house. 1600 sq. ft. tri-level plus basement, 3br + entertainment room/bar (they use it as 2 br, office, and entertainment room/bar since they have no kids), 2 bath, built in 2002, big deck (16'x12') out back, cedar fenced back yard, ceramic tile (doesn't get cold in the winter!), and is immaculate and has been meticulously taken care of. They/we finished the entire lower level and built the deck out back, $10K in recent landscaping. It is just behind American Family on the northeast side in a nice subdivision where the houses are all built 2000 or newer. Listed at $219K. I can send pictures; PM me if you would like details.