MADISON (WKOW) -- Home sales are now a strong part of the economic recovery, so if you're thinking about buying a house, now may be the time to start looking.
Realtor Tobi Silgman with Liz Lauer and Associates of Keller Williams says there are two crucial first steps when looking to buy your first home.
"First, choose a buyer's agent. You should have someone looking out for your best interests. The agent will walk you through every step of the way and it doesn't cost the buyer anything.
Secondly, meet with a lender. It's important to know what you can comfortably afford. Getting pre-approved for a loan will make your offer stand out among other buyers and look good to the seller."
The lender will help break down your debt to income ratio, credit score, down-payment needed and the different kinds of loan programs available.
When it comes to the housing market, Silgman says she's been seeing a change.
"The inventory is down and the number of buyers is up. Homes in some
areas are selling for at or above the asking price with competing
offers. Even condos that have been on the market for years are
seeing competing offers. Their months of inventory have dropped over the
past 5 years from 3-4 years to about 9 months."
There are two incentives out there for buyers right now.
They are low interest rates and lower home prices.
Silgman says the way things are going, she expects the housing market to rebound.
"In many areas of Madison it is happening already. I can't predict the future but presently I feel pretty good about the value of real estate moving in the right direction."
