There is no doubt that we have entered a buyer’s market here in the Madison area. This market, although great for all buyers, is especially great for the first time Madison area home buyer. With plenty of mortgage options available and still amazingly low 30 year fixed rates available, people with adequate credit and stable income have enormous buying power in this Madison market. Despite the fact that buying property in Madison continues to prove as a solid investment, buying a home is a huge decision and it is important that each person ensure that it is right for them. I found some great tips on the Freddie Mac site that I thought potential first time home buyers may find helpful. It lists some of the great pros to home ownership, like having your OWN place and the potential for fixed monthly payments for the next 30 years, as well as some risks of homeownership that you may not have considered. I would urge everyone to take a look at this site and then let me know if you are interested in making a real estate purchase here in the Madison area.
Wisconsin Real Estate Update
The Wisconsin Realtors Association submitted a press release today detailing some positive news about the 3rd quarter real estate market in Wisconsin. In comparison to many parts of the country, Wisconsin’s real estate market is still going strong. Although there is no question that the number of home sales per quarter has decreased when compared to the last few years, the actual median price of homes has still continued to rise. It actually rose by 2.4% compared to that of the median price in the 3rd quarter of 2006. When comparing home sales to the third quarter of last year, the numbers are not as attractive with the total number of house sales dropping by 9.8% in the state of Wisconsin. This is far better however than the national decline which had a significant drop of 13.7% for the same time period.
With interest rates remaining very favorable at 6.38% for a 30-year fixed and Wisconsin real estate still proving to be a positive investment, there is no reason to hesitate when considering home ownership in the Madison and Middleton areas. If you would like more information about this Wisconsin Realtors Association press release or to discuss the very stable Madison and Middleton real estate market, please give me a call.
Timing Your Real Estate Purchase
I know it is difficult to sort out all the real estate headlines that hit the press on a daily basis. Foreclosures, dropping prices, and daily decreases in sales volume! Many people are asking themselves, “is it ok to buy a home with all of this swirling?” Absolutely!! With the shift that has occurred in this real estate market, we are definitely in the midst of a buyer’s market. There are greater prices today than what we have seen in years, and these prices are paired up with fantastically low-rate mortgages. Many speculators believe the Federal Reserve will cut the rate again by another quarter point at the end of this month. This potentially means even better interest rates during a time when buyers have great negotiating ability. My recommendation is to get a head start on your property search so that you are ready to take advantage of these great rate offerings. This is a perfect time to step into home ownership and investment opportunities.