Home Buying in Middleton>Question Details

Kelli Boyles, Home Buyer in

If I'm moving to Middleton for 2-3 yrs, should I stay out of the market & rent? or purchase a foreclosure?

Asked by Kelli Boyles, Sun Apr 20, 2008

Will purchasing cause me to lose money on such a short turn-around? Are there any 'deals' to be found in that area right now?

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3
Kelli-You pose an interesting question. The simple answer, Yes, there are "deals" to be found in some price points and some locations as a reflection of the current real estate market. There are also market segments in Middleton that are continuing to show great strength-thus reasonable sale prices but still some adequate appreciation in the short term.

It all really depends upon your price range and the area in Middleton you wish to live. MIddleton being named the #1 city in the US by Money Magazine last year has helped it remain strong in resale.

I took a look at a few key numbers this morning. Currently there are 120 homes for sale in the city of Middleton with an average asking price of $473K. In 2007, 145 homes sold which was 53.9% of the entire market with an ave. sale price of $351K. From this you can see that the average price being asked is almost 35% higher than the ave. sale price in 2007. If these seller's receive pricing near what they're asking, the city of Middleton market will truly show it's still outperforming the real estate market as a whole in the greater Madison area.
2 votes Thank Flag Link Mon Apr 21, 2008
Unless you plan on renting your home out as investment income after you move I would recommend renting. You need to remain in your home a minimum of 5-6 years to make a profit.
1 vote Thank Flag Link Sun Apr 20, 2008
Kelli--If I am reading the question correctly, you are asking if you should buy in Middleton in 2-3 years from now. Correct? I think the answer depends on more than what we know about you from this question. Owning a home is smart for many people at some time but may not be the right decision for everyone all the time. This is what I know--In 2-3 years Middleton will be continue to be a great place to live. When it comes time to make a decision on renting or owning, let's look at the world from your point of view and you can decide what is best for you. Take care.
Tom Meyer
Web Reference: http://www.tommeyer.com
0 votes Thank Flag Link Thu Oct 8, 2009
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