Market Conditions in Madison>Question Details

Anne-marie S…, Home Buyer in Reston, VA

Do we buy our retirement home now - 6 years early?

Asked by Anne-marie Stacey, Reston, VA Sat Oct 31, 2009

My husband and I found our dream retirement home/property about 6 years too early.... Financially, we could probably manage that second mortgage, but things would be very tight. Is the real-estate market so good right now for buyers that we should seriously consider making that plunge now? The house is about 2 hours from our current home - so we would get some weekend and vacation use out of it.

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Sandra Mathewson’s answer
Anne-marie,
In my area, I helped a couple with the same situation. They did purchase the home and since I am a property manager, I rent it out.
They can still check on it, but have an income of $1100 a month to pay the mortgage.
Maybe that would work for you, for a few years anyway?
Sandra
1 vote Thank Flag Link Sat Oct 31, 2009
The market in Madison is improving, but we are still in a strong buyer's martket. Madison also has it's own mini-markets within the county. Areas such as Etlan, Syria, Aylor & Graves Mill are bringing higher prices than other sections of Madison. Mountain views and privacy are driving the market there.
Bud Kreh, Licensed broker in VA, Montague, Miller & Co. 540-948-6655.
1 vote Thank Flag Link Sat Oct 31, 2009
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