1914 Monroe St

Madison, WI 53711

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It’s all about the Down Payment in Madison’s market!

Save for Down Payment to Buy a Madison WI Home For Sale

Saving for a Down Payment

While Madison WI’s real estate market presents challenges for many, it still remains an optimal market for first time home buyers and investors. Reasonable home prices, a healthy inventory (search Madison homes here) and still low interest rates create a winning combination for those looking to make the leap from renter to owner. Many of the Alvarado Group’s featured listings are a perfect fit for first time home buyers.

As a result of tightened lending standards, however, securing a healthy down payment is even more important than ever. The days of zero-down loan programs are a thing of the past and more money on the table upfront can mean a faster approval for your loan and, perhaps, a better rate.

While you should be sure to leave some cash reserves in place to handle unexpected costs associated with your new home, there are several steps you can take to start building a sizeable down payment. Here are some worthwhile suggestions:

Set up an automatic savings plan

Every financial advisor will tell you that when money comes directly out of your paycheck and into a savings account before you even receive it, you will hardly notice the difference. For most, this was money spent on mindless discretionary purchases, anyway, from a daily latte to random online shopping — chances are, you won’t miss it at all.

Sell something

You might have a high-ticket item in your possession that you really don’t use or need — perhaps a boat, motorcycle or even an extra big-screen T.V. Cashing in any collectibles or assets can free up funds to go directly into your down payment savings.

Liquidate investments

Liquidating stocks, mutual funds, savings bonds or other investments can also help. Cashing in any extra assets will only add to your growing down payment sum.

Look into government programs

Talk to your WI real estate agent or mortgage professional to see if you may qualify for a special home buyers program. For example, HUD’s Good Neighbor Next Door program offers teachers, police officers, firefighters or other public servants extreme discounts on homes in certain neighborhoods.

Don’t be afraid to ask

If there is an event coming up in your life that friends and family will most likely get you a gift for, don’t be shy — let people know you are saving to buy a home and would appreciate a check. Loved ones will be more than happy to contribute to this cause. If you’re fortunate enough to receive a very sizeable gift, however, let your real estate agent know; lenders may want to know how your down payment was funded in order to make sure you can handle monthly mortgage payments on your own.

These suggestions are just the tip of the iceberg. Please contact the Alvarado Group team for more detailed information about securing a down payment, and be sure to share these ideas with others (real estate tips via Twitter) you know who may soon be making the move to homeownership!

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Five Things to Look For in a New Neighborhood

So you’re on the home-buying market. Congratulations! Madison is a great place to live. Even so, you’re probably already overwhelmed by decisions: Wood or brick? One- or two-story? Carpet or parquet flooring?

And that’s not even including one of the most important factors in any new home-purchase: location, location, location. It might not be everything, but it’s almost everything. It will determine your commute, change your social life, shape your children’s education, and affect a host of other aspects in your life.

You probably have your own list of things to look for when looking for your new abode. But if you want a bit more guidance as you do research, we at ABODO have put together a handy checklist of things to look for (and avoid) as you examine possible settings for your new house. You will also learn more when you meet with your Realtor for a buyer consultation.

1.  School Districts

If you don’t have children and don’t plan on having them, skip to the next item. But if you have a family — or think you might have one within the next few years — school districts should be a major component in your neighborhood choices. There is a full list of Madison and surrounding schools with information here and other sites like, niche k12 offer testing statistics, user reviews, and contact information for hundreds of thousands of schools nationwide — public, private, and charter. It might be a good idea to schedule a tour, or attend an open house, so you can get an idea of how your child (or potential child) might fit in with the culture and educational philosophy. Here’s a map of Madison’s public school districts. You might also find the annual report from the Wisconsin Department of Public Instruction helpful. It collects data — test scores, AP enrollment, graduation rates — for public schools in Wisconsin, so you can compare schools across districts and cities.

2. Property Taxes

You’ll be paying taxes on your house and the land it sits on, so it’s a good idea to know the general tax rate in the neighborhood you’re investigating, and what it gets you. If you’re in the market for a particular property, it’s easy to find the value of the house and attendant land up for purchase. Just visit the Madison Assessor website and use this handy search tool: You type in an address, and the Assessor will give you the value of the property, the amount of recent taxes paid, and a host of other details about the property and area. You can even see how recently the roof of your potential home has been replaced.

3. Neighborhood Parks

Local parks — state, county, or city — provide health benefits and recreational opportunities beyond your backyard. Plus, studies show that nature sojourns are linked to lower blood pressure, reduced obesity rates, and mitigated pollution effects. Fortunately, Madison is loaded with parks and biking trails — it’s repeatedly named one of the most bike-friendly cities in the nation due to its expansive system of off-road trails.

Scope out the local parks and what they offer, such as tennis courts, basketball courts, grills, or beaches. Also, do a little research into which local parks often host festivals or concerts throughout the year. Armed with that information, you can decide how close — or far — you want to live to these events.

4. Safety Concerns

To check up on the crime rate in your potential future neighborhood, visit NeighborhoodScout.com to get a general sense of where crime is happening, CrimeReports.com for a map of that labels types of offenses as well as trends, or FamilyWatchdog.us for a map and details of nearby sex offenders.

5. Eye Test

This neighborhood measure is the easiest to research: just take a look around and see how you feel. Does it feel like you and your family would enjoy living here and walking around? Is the location close to what is important to you? If you value privacy and large lots but also want to live close to downtown, you might have to decide on how important the commute is to you vs the yard size. Location and neighborhood are important factors and makes the difference in a house feeling like a home. It’s a simple test, and it shouldn’t be underestimated.

 

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5700 Rosslare Ln, Fitchburg, WI – Sold by Alvarado Real Estate Group

Just sold to first time home buyers who are excited to call this beautiful home their own! Fabulous Seminole Highlands 2 story with over $100,000 in recent updates offers 4 Br, 2.5 BA and 2,543 SqFt. Congratulations to the new Buyers! 

This home was sold and marketed by Susan Stoehr, Broker Associate / Relocation Specialist - The Alvarado Real Estate Group. To discuss buying or selling your home, please contact Susan at 608.251.6600, or susan@thealvaradogroup.com

 

 

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Wisconsin VA Home Loans

    Military families are well aware of how tiring it can be to move often. With...

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