November 20, 2008

Are you crazy? Are you so flush with money that you don’t mind giving away $20,000 or $30,000 of your equity? I almost said “hard-earned” equity – but for most of us who’ve bought in the last 10 years, we didn’t have to do much other than sit back and watch our home appreciate. But however we’ve earned the equity, it doesn’t seem on the surface to be a good idea to sell right now.

But what if I told you that by giving away $20,000 I’ll give you back $30,000? You’ve now netted $10,000. Sounds a bit better now, doesn’t it? You’re continuing to earn equity the “easy” way – even in this different market.

Let’s say that you own a house that a few years ago was valued at $200,000 – up 30% from when you bought in 1999. Unfortunately prices have dropped in your area so now your home is only worth $180,000 – down $20,000 from 3 years ago. Ouch! It’s no good wishing you’d sold then – that window of opportunity has already passed. But if you have a stable job in an industry that appears to be weathering the economic downturn fairly well, then you might want to consider taking advantage of lower prices on larger homes. If you’ve had to drop your price 10%, then larger, more expensive homes will have to drop their price also. A home that would have cost $300,000 two years ago may now be listed for $270,000.

Then add in the monthly savings of an incredibly low interest rate (I just spoke to a Mortgage rep and he told me as of December 30, 30 year mortgage rates are holding at between the high 4% and mid 5% range. Fifteen year rates are slightly lower at 4.75%.) So what does this mean to your bottom line? For many, the cost is only a couple of hundred dollars more a month for a much bigger comfortable home. Only you can do your calculate what the cost of moving into a more spacious home would be. If I were looking to move up, and my long-term employment seemed secure, I’d definitely be looking now!

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Local Information for Beaver Dam, WI

Latitude: 43.459967 -- Longitude: -88.836066

ZIP Codes for Beaver Dam, Wisconsin	53916
Area Code for Beaver Dam, Wisconsin	920
Time zone for Beaver Dam, Wisconsin	CST

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Beaver Dam is a city in Dodge County, Wisconsin, United States, along Beaver Dam Lake and the Beaver Dam River. The population was 15,169 at the 2000 census. The city is located within the Town of Beaver Dam. Beaver Dam was first settled by Thomas Macki and Joseph Goetschius in 1841, and was home to almost 100 people by 1843. Beaver Dam was incorporated as a city on March 18, 1856. Also in 1856, the Milwaukee Railroad reached the area, encouraging further growth. The city was named for an old beaver dam located in a stream flowing into Beaver Dam River. The area was also known as Okwanim, Chippewa for beaver dam. Since 1996, the average annual snowfall in Beaver Dam has been 59.6 inches. The 2007-2008 winter season was the snowiest on record, with a recorded 119.7 inches of snow. -- Source: Wikipedia.com

Wisconsin 2000 Census Population Profile Map

	Beaver Dam	Wisconsin	United States
Population	15,169	5,363,675	281,421,906
Median age	37.3	36	35.3
Median age for Male	35.3	35	34
Median age for Female	38.9	37.1	36.5
Households	6,349	2,084,544	105,480,101
Household population	14,919	5,207,717	273,643,273
Average household size	2.35	2.5	2.59
Families	4,003	1,386,815	71,787,347
Average family size	2.94	3.05	3.14
Housing units	6,685	2,321,144	115,904,641
Occupied units	6,349	2,084,544	105,480,101
Vacant units	336	236,600	10,424,540

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November 20, 2008

Local Information for Beaver Dam, WI

Latitude: 43.459967 -- Longitude: -88.836066

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