Madison Wisconsin Rental Information: Looking for a rental - call Sue Stark (608) 354-8107

Everyday I am asked about available rentals in Madison Wisconsin and the surrounding area.  Sometimes from my relocating clients and sometimes from my sellers that need to vacate a property quickly due to a short closing time frame.  Either way, I have created a resource that I believe will be very helpful.  To view current rentals available in the area check out my website at www.suestark.com and click on my favorite links.  I now have a section dedicated entirely to local area rentals.

Sue's Monthly Report November E-Newsletter

Good Afternoon Blog Followers. Here is the early edition of my November E-Newsletter "Sue's Monthly Report" Everyone else will receive their copy on Friday. Enjoy and please feel free to contact me anytime.

CLICK HERE to view the November Early Edition of Sue's Monthly Report

My Madison Wisconsin Area Best Buy of the Week

This week we are visiting the lovely community of Oregon just a very short drive just south of the Hwy 12/18.

Oregon is a village in Dane County, Wisconsin, United States. The population was 7,514 at the 2000 census. It is part of the Madison Metropolitan Statistical Area and is a suburb of Madison. The village is located mostly within the Town of Oregon.

In 2011, Oregon was voted as one of the Top 100 'Best Places to Live' by CNN Money.

Visit My Best Buy of the Week in Oregon, WI

Madison Wisconsin Best Buy of the Week

Check out this great 3 bdrm, 1.5 bath two story in Valley Ridge. Finished exposed lower level. New flooring, freshly painted, new furnace. Master bathroom suite has large walk-in closet and dual sink vanity. Home Warranty included for your piece of mind. All this for only $199,900.

Click Here for more info

2011 August Home Sales Report - Wisconsin REALTORS® Association

2011 August Home Sales Report - Wisconsin REALTORS® Association.

Stop Renting and Buy While Homes are Most Affordable

If you're currently renting and have dreamed of owning a home, now may be the perfect time. Trulia.com is reporting that during the month of July, buying was cheaper than renting in 74% of the country's 50 largest cities.

However, in 12% of the cities, such as New York, Seattle, and San Francisco, you could rent a place for less than you could buy one. And in the rest of the cities (14%), it was about even, with renting being only slightly less than the cost of buying.

What's tipping the scale to make buying cheaper than renting? Of course, it's the declining home prices and historically low interest rates are also helping to encourage home buying. Recently, interest rates for 30-year and 15-year fixed have been hovering near 4%. Also, the increased demand for rental units is pushing rents up, making now a good time to buy as purchasing a home is cheaper than renting one in most major U.S. cities.

This is making purchasing a home enticing for those who are planning to stay for several years and have the ability to put down a downpayment of about 20 percent.

Where are the hot buying markets? Las Vegas tops the list. The S&P/Case-Shiller home price index, as reported by CNNMoney.com, shows that prices "have plunged more than 59% from their August 2006 peak."

Other markets where buying beats renting include Detroit, Michigan; Mesa, Arizona; and Fresno, California. All of these are places where the cost of a median price condo/townhouse is approximately seven times annual rent.

And as reported by CNNMoney.com, Arlington, Texas; Sacramento, California; Phoenix, Arizona; and Jacksonville, Florida, "all had buy-rent ratios of eight," according to Trulia.

New York is the highest city to rent a home (of the 50 markets surveyed). And to buy in that city would cost about 36 times as much, pushing the purchase price to about a million dollars.

If you're renting now and wondering is this the right time, it really depends on your particular circumstances. Timing the real estate market is never a perfect science. However, the indicators are strong that if you can afford to buy, today's market certainly offers many good opportunities.

Here are a few things to consider to help you make your decision.

The first is the length of time you'll stay in the home. Moves are costly and purchasing a home requires extra cash for commissions and closing costs. So, if you're not sure you can stay for a while, postponing buying might be the right choice. However, if you've been in your rental for a long time and have roots in your city, there are great deals on homes. It might be the right time for you to start paying your own mortgage instead of paying your landlord's mortgage.

How much downpayment? This is a critical concern. With stricter lending requirements, having cash to put down is a make-or-break factor in purchasing a home. Buyers often have to come up with 20% and that can be a big chunk (or even all) of a person's savings. Also, note that the money usually has to be "seasoned". In other words, the downpayment money can't just suddenly appear in your savings account only days before you decide to buy a home. Ask your real estate agent and loan officer for more details.

The cost of owning a home. Part of the thrill of owning a home is the fact that you own it. That means you're responsible for everything inside and out. Of course, planned developments and Homeowner's Associations may cover some of the outside maintenance but then you'll be paying monthly fees. When considering whether to buy or rent, one of the things many first-time buyers neglect to think about is the cost of maintenance. When appliances break; you, the homeowner, will pay to fix them. No more landlord or apartment manager to the rescue. So, if you think things through and weigh the cost of rent versus the cost of buying, you may find the cost and the increased responsibility are well worth it because along with homeownership comes the pride of making your home yours exactly as you like it.

Rates Stay Low, BUT Will Costs Go Up?

Great article by Dean Hartman on September 22, 2011

We are enjoying extremely low interest rates, for sure. With the global economy, the national economy and unemployment where they are, no one is predicting a dramatic change in rates any time soon. BUT, on Monday, the Obama Administration floated out some interesting proposals they are considering through the Acting Director of the Federal Housing Finance Agency (FHFA), Edward DeMarco. It appears that two significant changes in housing financing are on the table.

You should know that FHFA is the new regulator that is overseeing the restoration of viability of Fannie Mae and Freddie Mac. They are charged with reducing the risk on loans delivered to the GSEs in order to protect the U.S. taxpayer.

In a speech this past Monday, Mr. DeMarco mentioned two potential changes:

Increasing the role of the private sector to lessen the risk held by the public sector.

The method mentioned was increasing the insurance coverages assumed by the PMI (Private Mortgage Insurance) companies. One result could be higher insurance rates for loans where customers put less than 20% down. The second wrinkle is potentially more damaging…the idea that PMI coverage may be required on loans with 21%-25% (maybe even 30%) down! Clearly, this is an attempt to get more fee income to the MI companies to entice them to remain viable and continue to serve those with less than 20% down. Regardless, the net result is that more people will have to pay more money for private mortgage insurance. “How much?” and “To what extent?” is yet to be defined; however, more costs to more people is bad.

Adjusting fees.

Recognize that the GSEs charge fees. Explaining what they are and why they exist is a topic for a different day. Suffice to say, today, fees are fairly standard geographically speaking. Mr. DeMarco is talking about adjusting the fees (i.e., increasing them) for areas that have proven more risky. This proposal means the hardest hit areas will have the most difficult time recovering because the increased fees always get passed on to the consumer. Rather than “spread the risk”, FHFA is talking about punishing the defenseless.

The predictable outcome of these “strategies” is higher costs to the consumer which makes buying a home more expensive. As costs go up, desire to buy goes down (as does the borrower’s ability to be approved for a mortgage).

Message: Buy sooner rather than later!

My Madison Wisconsin Best Buy of the Week

This week I am featuring this lovely listing in Nakoma at 4105 Yuma Dr. This 3 bedroom, 1.5 bath Cape Cod in the heart of one of Madison’s finest neighborhoods is as move-in ready as it gets! Beautiful hardwood floors throughout, remodeled kitchen with custom cabinets & solid surface counters. Beautiful 1940’s built-ins & trim as well as arched entries. 2 fireplaces. Formal dining. Inviting finished lower level with fireplace & wet bar. Spacious screened porch ideal for outdoor dining and entertaining! Nicely landscaped fenced yard with patio completes the package. This poplular location makes this home a tour you do not want to miss!

Additional Information

Sue's Monthly Real Estate Report for September 2011

Here is an early release of my September Real Estate Report for all my website and social media followers. #madison #real estate #bestbuy #livinginmadison #suestark Enjoy!

September Edition - Sue's Monthly Real Estate Report

My Madison Wisconsin Best Buy of the Week

Every week I will scour the MLS for “My Madison Wisconsin Best Buy of the Week”

This week I am featuring an adorable ranch home in the popular Madison West neighborhood of Valley Ridge. This REO property is in amazing condition and less than 10 years old. Priced at only $184,900 this is an amazing opportunity to purchase in this great family friendly neighborhood.

Click Here for more details