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.
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.