If I'm moving to Middleton for 2-3 yrs, should I stay out of the market & rent? or purchase a foreclosure?
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?
Sun Apr 20 2008, 14:58 - Middleton - Home Buying - 2 answers
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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. Mon Apr 21 2008, 05:48 Web Reference: http://www.kittlesonteam.com
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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.
Sun Apr 20 2008, 19:30
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