Wisconsin Real Estate
When most people hear the word Wisconsin they will often think of the Green Bay Packers or maybe cheese. While these are both two characteristics of Wisconsin, the fact of the matter is that the state has so much more to offer both visitors and residents including: hiking, camping, fishing, cross country skiing, ice skating, and for those who are in the cities unlimited amounts of night life. It is this wide variety of activities that makes the state of 5.5 million people a popular place to live and relocate for many different businesses as well as families. This is why the real estate market within the state is considered to be a great long term investment.
Wisconsin has not felt the effects of the contraction in real estate prices over the last several years. However, prices have now began to present many attractive opportunities for first time home buyers who can use the government sponsored program to be able to purchase the ideal home in the right area. To qualify for the government program you must have never owned property within the last three years. There is an $8,000.00 credit which can be used to help with the down payment, if you own the home for at least 36 months you will not have to repay the credit. To be eligible for the full credit families must make less than $150,000.00 a year, while individuals must make no more than $75,000.00 per year. You can also be able to qualify for partial credits if families make less than $190,000.00 a year, while individuals must make no more than $95,000.00 per year.
When you examine the shape of the Wisconsin real estate market it is clear that prices are remaining fairly stable. According to residential real estate figures released by the FHA, Wisconsin residential home values remained stable from the first quarter 2008 to the first quarter 2009, where prices declined .9%. Compared to the rest of the country this kind of stability is a sign of the overall strength that is being seen in the price of real estate in Wisconsin.
As you look at the different cities throughout Wisconsin this overall level of price stability is obvious. For example in Madison, forward looking indicators and signed contracts increased by 1.1% from 2008 to 2009. Lawrence Yun, the head economist with the National Association of Realtors said, “This increase could be the leading edge of first-time buyers responding to very favorable affordability conditions and an $8,000 tax credit, which increases buying power even more in areas where special programs allow buyers to use it as a down payment. Another major area within Wisconsin which could help shed some light on the overall shape of the real estate market would be Milwaukee. Like with what is taking place in Madison, Milwaukee is also seeing price stability in many different areas, part of the reason for this is the overall business friendly atmosphere that the city is known for. Where between 1990 and 2000 the city added 11,000 service sector jobs, while many cities throughout the Midwest were seeing huge declines as jobs were leaving their cities. If you are looking for an out of the way community in Wisconsin you may want to consider Delafield. Located in Southern Wisconsin this small town offers affordability with low property tax rates, where the current property tax rate is assessed at $11.14 to $12.86 per $1,000.00 of assessed value on the property. Another major benefit of living in Delafield is that it is only 25 miles outside of Milwaukee; this means that you can be able to have that small town feel while being close enough to enjoy the benefits of living in the big city.
Clearly the real estate market in Wisconsin has remained stable despite the decline in prices which are taking place nationwide. For first time home buyer or those who are relocating to the state this means that you can be able to purchase a house in market where prices are stable. Then once prices do begin to increase you will be able to benefit from the long term price appreciation that will take place.