Is Now the Time to Buy a House in Beloit, Wisconsin?
For many people in Rock County and the surrounding areas, the answer is yes. Despite any economic uncertainty caused by the COVID-19 pandemic, the market for Beloit houses has remained strong, thanks in large part to low interest rates and a booming local job market that has brought more young families to the area.
A Hot Job Market Makes Now a Good Time to Buy a House in Beloit
The Amazon Fulfillment Center opened in August 2020, hiring more than 500 full-time workers. SHINE Medical Technologies, a privately operated medical radioisotope production facility, broke ground on its campus in nearby Janesville, Wisconsin, at the end of 2020. SHINE will likely bring numerous high-paying tech jobs to the area. The new ABC Supply Stadium is under construction. The minor league baseball arena will draw fans and bring in management jobs. There are signs that a Ho-Chunk Nation casino may be developed in Beloit as well. If this development is ultimately approved, it could bring casino and construction jobs.
With exciting job creation on the horizon, the population of Beloit has invested in real estate. The Beloit Daily News reports that Beloit homes are attracting more than 10 possible buyers per listing. The average home in Beloit is selling for about $190,000, and for about $20,000 more, home seekers can build a brand-new house. High demand and lack of current inventory may lead to a construction boom as well.
Do You Have to Hurry to Buy a House in Beloit?
A house is a significant financial decision. While you shouldn’t rush to buy a house before you’re ready, those who are interested and able to invest in real estate might want to move quickly. Currently, Beloit homes are being listed, shown and purchased within about a month. And with more jobs slated to come to the area, home buyers may want to move before the competition becomes any fiercer.
Low interest rates won’t last forever. Kiplinger.com
predicts mortgage interest rates will rise as soon as the end of the year. The exact effect of a higher mortgage rate depends on the price of the house and the amount of your down payment, but a decimal point increase to each month’s mortgage payment adds up to a significant investment over the life of your loan. Many people will want to secure a lower rate while they can. You can use our mortgage calculator
to input the house price, down payment, loan term and interest rate to determine what your monthly mortgage payment might be.
Whom Do You Speak to About Securing a Home Loan?
Well, we’d love it if you spoke to us at First National Bank and Trust Company. With four locations in Beloit – on Grand Avenue, Inman Parkway, Madison Road and Cranston Road – we’re never far. If you’re ready to buy a house in Beloit, our local experts will happily explain our simple loan application process. We offer competitive rates and easy online payment options. We make loan decisions locally, and if you’re looking to move quickly in this competitive market, we also offer prequalification for home loans. Buying your dream Beloit home may be easier than you think.