Market Update

Where are the houses?

Drive around, how many For Sale signs are you seeing?

Gone are the days of seeing 5-10 homes over a 2 week period, going back to your top house and slowly making a tentative offer to the seller.

No, if a person wants to buy a home in Dane County this decade, the buyer needs to be highly motivated, focused, determined, financially capable and have a realtor who is knowledgeable and strategic.

This spring we are still seeing homes selling 8%-15% above list price, depending on the condition and location. Most homes have 3 to 20 offers for the seller to consider. So even with interest rates at 6.5%-7%, buyers understand the long term benefits of home ownership and are moving forward with a purchase. This continued market trend offers the perfect opportunity for those planning to sell a house. Historically high demand and extreme lack of supply = high price and favorable offer terms for sellers.

Most home owners have incredible equity and wealth in their homes, which is the cornerstone for building wealth in our country. For those looking for a buyers market, I am sorry to say that is not happening in Dane County. There are simply not enough built homes to support the population in the Madison area. Dane County has only grown in desirability! If you have a house to sell, don’t wait, the time is now!