July 07, 2011

Real Estate in Lake Geneva WI – Is it Time to Buy?

Posted to Geneva Lake Area

No one can deny the recent uncertainty of the housing market, but it may be the right time to buy real estate in Lake Geneva, Wisconsin  The basic reasons are historically low interest rates; a trend toward higher interest rates; more mortgage options at lower down payments than in the very recent past; rising rents and falling house prices; changing demographics; and a large selection for buyers.

In the past month  The Wall Street Journal, CBS Money Watch, Forbes, and National Public Radio have each explained these concepts in more detail and have made compelling arguments  to purchase now.  CBS Money Watch advocates purchasing real estate as a healthy portfolio diversification, while in an interview with National Public Radio, Mark Zandi with Moody's Analytics said "I think the arithmetic is such that if you plan to live in your home five or more years, then you should really consider buying a single-family home in most parts of the country at this point in time," he says. "Prices have fallen so far, that single-family housing now is very, very attractive; very affordable [...] and it's now even attractive relative to renting."  Finally, and importantly for the Lake Geneva area, the Wall Street Journal article predicts a higher demand for second homes in the next two years.

The takeaway is that for the buyer with the right qualifications and motivation, buying real estate now makes good sense.

Posted by:  Janet Giovannetti

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