Competitive Housing Market Makes it a Great Time to Buy

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Updated: 7:12 PM Oct 21, 2008 Competitive Housing Market Makes it a Great Time to Buy With the economy down, many people in Marathon County are looking to sell their houses, which has created a competitive market, and lower prices. Posted: 6:04 PM Oct 21, 2008 Reporter: Matt Behrens Email Address: mbehrens@wsaw.com Competitive Housing Market Makes it a Great Time to Buy

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Realtors say a lot of people are looking to sell their houses right now, and that competitive market leads to lower prices, making it a great time for people looking to buy.

The latest surveys show the average price of a home in Wausau is $128,300, which is down 4.8% from a year ago.

In fact, real estate officials say the housing market has become increasingly competitive for sellers, and as a result, they've seen more and more people buying.

Rob Rybarczyk, the co-owner of Coldwell Banker Action Realty says, "It is a great time to buy, so we are seeing that bring out some buyers that hadn't been looking before, because they can get a good home at a great price."

But while the idea of owning a home can be attractive, there are a few things you should be ready for, before making a commitment.

Mary Litzenberger, the Vice President of People's State Bank in Wausau says, "They need to look deep down in their gut, and decide how much each month they can afford, and they have to run a budget."

But with prices down in the area, that doesn't mean you should rush out and make a purchase, as the research also says the home foreclosure rate increased in Marathon County from 1 to 1.4% over the past year.

And to make sure that doesn't happen to you, Litzenberger says you need to make sure that you're ready to buy a house, no matter what the market is like.

She adds, "The best time for you to buy a home is when you're ready, when you're comfortable, when you feel you can take on that responsibility."

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