IRON MOUNTAIN -- After a dismal 2009, experts are expecting a rebound in the housing market this year.  This is largely due to the amount of money available to potential buyers, like $6,500 to $8,000 in federal tax credits and low interest rates on mortgages.

"Interest rates fixed for 5 percent for 30 years are at historically low numbers,” said Kingsford Range Bank Community President Bill Edberg.  “I've been in this business for 35 years and we've not seen a period of time when we've had interest rates this low, so if you are in the market for a home, all those factors rolled together make this a good time to do it."

Wildwood Realty owner, Susan Hardy, said the rebates and interest rates have helped renew interest among potential buyers.  But to take advantage of the federal tax credits, buyers need to act soon.

"It's best to look now,” said Hardy.  “If you have to have it signed by April 30th, it has to be accepted by April 30th and closed by June 30th, it's going to take you probably at least 30 days or more to get your loan, so it's time."

Edberg cautioned that people should buy homes they truly can afford and not rush to meet the April 30 tax credit deadline.

"Buying a new home just because there are credits available really isn’t the best idea,” he said.  “It might affect the timing of the decision of when to buy, but the fact that the credits are available should really not be the decision of whether or not you should buy or sell.  Basically it should be based on what you can afford."

The U.P. is also getting some good news in the housing market; www.housingpredictor.com ranked Marquette the 12th best market in the country for potential home buyers in 2010.