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Low Interest Rates and Low Prices Make a Great Time to Buy!

by Judy Gull

Foreclosures and falling prices combined with rock-bottom interest rates have turned many would-be home buyers into new home owners. According to the National Association of Home Builders/Wells Fargo Housing Opportunity Index hit home prices hit a new record level of affordability. Of all new and existing homes sold during the last three months of 2011, 75.9% could have been comfortably purchased by families earning the national median income of $64,200. It was the highest percentage recorded in the history of the index, and a big increase from 72.9% just three months earlier. And while it’s possible for home prices to continue to drop, it’s perhaps more likely that they will increase again as economic recovery reaches more sectors and more people realize that now is a great time to buy a home.

Another reason to start looking for homes sooner rather than later are low, low interest rates. According to housing analysts, interest rates are near a 50-year low! As of mid-May, 2011, 30-year fixed mortgage rates had fallen to 4.63% - the lowest rates of the year. According to USA Today, the last time average rates on a 30-year fixed mortgage were this low was during the 1970s when minimum wage in Wisconsin was less than $2 per hour!

With mortgage rates at this level it makes a lot of sense to stop waiting and start shopping for your first home. If your family has grown in the past couple years and you need more room, or even if the kids have left for college and you’re looking for something smaller or closer to work, these interest rates make it possible to find a new home better suited to the size of your family. Of course, with many people scrambling to find a place to rent, it follows that now is the best time to invest in rental properties. Why wait? Stop by our office today for more information about buying the home of your dreams for a lot less money than it may take before long.

La Crosse Housing Market Staying Strong

by Judy Gull

It’s no secret that housing and real estate markets all over the country have been hurting for the past couple of years, but there are areas that are improving and even showing evidence of growth. La Crosse, Wisconsin is one of those areas that continues to thrive, despite being in a recession. La Crosse has exciting housing trends, as well as plenty of spacious and comfortable living options to offer new home buyers.

In 2011, the La Crosse housing market has seen a sharp increase in median sales price. In January of this year, the median price was $125,500, but in just six months that number has risen to $143,000. With the median sale price climbing, potential home buyers should be encouraged to look for their dream home in the La Crosse area during the remainder of 2011.

Home sales in the area are down from a year ago, but considering that first-time home buyers in La Crosse were supplemented by the Federal Housing Tax Credit Program in 2010, the drop off is not a real setback for the market. In fact, home sales actually increased from May to June, showing that there may be more growth to come later in the year.

The declining unemployment rates in the area make La Crosse real estate a stronger market. According to the Wisconsin Realtors Association, the housing market should receive a healthy boost with more residents working. The state of Wisconsin’s unemployment rate is under the national average and with 25,000 jobs already added this year, things are definitely looking up for the state, the area of La Crosse and for Wisconsin real estate in general.

Displaying blog entries 1-2 of 2

Contact Information

Photo of Judy Gull Real Estate
Judy Gull
RE/MAX First Choice
757 Sand Lake Road
Onalaska WI 54650
Direct: 608-781-7714
Fax: 608-783-4263