If you’re actively looking to buy a home in the Madison WI real estate market, you’re probably aware that it’s been a seller’s market for over a decade now. We know it’s easy to get discouraged because we know about buyers who have bid on our listings and lost out...for the third, fourth, or even the sixth time (true story). We feel fortunate that the clients we represent have never been put through a situation like that (also true). That said, it’s important to have a conversation with your Realtor about what it takes to compete in the event you pursue a home and a bidding war ensues. While Madison area inventory is not expected to miraculously improve anytime soon, there are a number of constructive ways to structure your offer that will…
A seller’s market is when there is less than six months of inventory on the market. In the Madison area we have been facing a severe shortage of inventory for the last seven (!) years. What are the reasons for these market conditions and why are they persisting?
Perhaps more importantly, what can a good real estate agent do to increase your chances of landing a great property in a multiple bidding situation.
The first reason we’re in a seller’s market is obvious: there is precious little inventory for sale. The question on everybody’s mind however, is why?
Why is there so little inventory?
What are the forces that have caused inventory to dry up to levels not seen in more than a decade? Why is it becoming more and more difficult for…
Strong job growth, a confidence-inspiring economy and even the lowest mortgage interest rates in decades aren’t enough to boost home sales in Madison. Why?
Because there aren’t enough homes available to satisfy the demand. In fact, at the end of April (the latest month for which we have statistics), there were only 1,079 homes for sale in all of Dane County. This represents a 1.62-months’ supply of inventory. A 6-month supply, by the way, indicates a balanced market.
With supply and demand at work here, home prices are escalating quickly, while the number of closed sales are dropping. How did we get here and what, if anything, can be done to ease the pressure on the market?
Interest rates beckon
Despite recent hikes, interest rates…
Going over our blog posts from the past year we’ve learned that some of our most popular involve homes currently on the market. Hey, we get it. Even if you’re not in the market for a home, it’s fun to take a look at what buyers are clamoring after, what home prices are doing and being nosy by looking inside other people’s homes, even virtually.
We’re seeing a bit of a trend this week – CONDOS! Always a popular option for those on a budget, condo living also offers a sense of a carefree life, sans the snow blowing and landscaping chores. All three of this week’s most popular homes for sale in Madison are condos.
Lots of privacy on the Northside
This week’s most popular home for sale in Madison is a condo in the Cherokee community. Located…
Even if you aren’t house hunting, it’s fun to take a look at what is most popular on the current market, how home prices are faring and to take a peek inside other people’s homes. We’ve rounded up the three listings that are receiving the most attention on our website this week and, yes, two of them are condos but the third is a very interesting historic home in Hill Farms.
Canal Place Condo
The most popular home on the market in Madison this week is this garden-style condo located in Canal Place. Sure, the price ($239,900) accounts for some of this home’s popularity but so do the low association dues ($115 a month), the updated bathroom and kitchen and the new windows and carpeting.
Built in 1984, this home features 2 bedrooms and 1 bathroom…
It’s about that time of year when experts in the various segments of the economy release their predictions for the coming year and Realtor.com’s is getting the lion’s share of the attention. Arguably, the Realtor.com® 2017 National Housing Forecast looks very much like their 2016 predictions, with the exception of some good news for the Madison, WI real estate market.
Expect your buyer to be either a Millennial or a Boomer
The National Association of Realtors (NAR) has been touting their expected onslaught of Millennial homebuyers, despite other, negative economic indicators for this generation. The folks with the money, Baby Boomers, on the other hand, are largely responsible for the housing market recovery in several regions of the country,…
Even if you’re not in the market to buy a luxury home in Madison, it’s fun to take a peek into the high-end property market. The three most expensive homes for sale in Madison right now are stunning – each offering something the others don’t.
From the custom cabinetry to the open floor plan, there is so much to love in this elegant West side home. Built in 2008, it offers 6 bedrooms and 5.5 bathrooms in 7,851 square feet of living space. The home sits on a .41-acre lot.
Our favorite features include the amazing shower in the master suite, the floor-to-ceiling windows that let in tons of natural light, the wine cellar and the theatre. Don’t miss the outdoor entertaining area.
This home is offered at $1,650,000. See photos by clicking…
The January 2016 housing market results are in for Dane County and the picture remains clear: we are in a strong seller’s market in many areas of Dane County, Wisconsin. Prices were up almost 7% year-on-year in January 2016. Listings (single family homes and condos combined) were down almost 22%. And yet sales for January 2016 were up a little more than 6% year-on-year despite less inventory to choose from. Breaking it down into a bit more detail, inventory was down over 20% for single family homes and almost 25% for condos when comparing January 2016 to January 2015. That’s a big change from what we were seeing not that long ago. Average DOM (Days on Market) was also down from January 2015. This January in Dane County, WI it took about 64 days on…
Results are now available for Dane County, Wisconsin home sales for December 2015. The median sales price for December 2015 rose a hefty 6.22% year-over-year while total active residential listings were down more than 21% year-over-year. Total sold residential listings were down only fractionally over the same period. Buyers clearly remained undeterred by the winter weather with traffic remaining solid throughout one of Wisconsin’s coldest months. It should be pointed out however, that with the exception of a handful of days the weather has been unseasonably warm this winter by any measure and snow has only fallen in moderation.
Inventory for both single family homes and condos in Dane County WI was down considerably in December 2015 compared to…