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Known for it's progressive mentality, Madison, Wisconsin's housing market still reflects national trends:

• National housing inventories for February 2010 revealed a more than 8 month supply of homes available on the market.
• Mortgages in January fell to 4.99 percent from 5.03 percent.
• Historically home buyers have averaged approximately 25% of their income being paid toward their home.  With this buyer's market and the abundant supply of homes, home prices have been low.  Couple that fact with low mortgages and the First Time Home Buyer's Tax Credit Program which ends this month for all non-military personnel, and you see the national average for affordability drop to roughly 14 percent.

While the housing market in Madison tends to react more slowly and less drastically than the rest of the country, we none-the-less do feel the same effects.

As the First Time Home Buyer's Program comes to a close later this month, affordability will decrease.  This means sellers may experience continued turbulence. 

Madison will continue to be a buyer's market.  With affordability dropping, however, the number of eligible buyers may decrease as well.  The number of buyers in Madison with a post-secondary degree or other higher education should marginalize this.

Whether you're buying or selling, the market in Madison is always moving.  Sometimes more slowly than we'd like, but it's definitely beginning to show signs of speed as we enter the warm-weather season. 

If you're new to South Central Wisconsin, let us help you find your new home!

CLICK HERE to contact me.