For those following the Madison area real estate market, things are beginning to move faster. After scrolling through properties that are under contract, you will begin to notice that their days on the market are starting to trend lower. You can also find folks who are actively searching will tell you that they have been competing against other people when bidding on homes. This was prevalent at the end of 2023, but the level of competition is beginning to trend upward once again.
Buying: Ohhh, the spring market… Dane County’s ‘”spring market” starts near the end of January/start of February and ends in mid to late May. The spring market in Madison is synonymous with hyper-competition, limited inventory, and quickly appreciating real estate. Now is the time to talk with your agent about avenues you can take to strengthen your offer and set yourself apart from other home buyers, i.e., find a lender with unique and competitive products, talk about modifying your offer, adjust your search parameters, etc…
Selling: Gear up sellers! The buyers are starting to hit the ground running! Though we are not at peak levels of home demand, it looks as though we are starting an upward trend. Now is a great time to start talking with your agent about market conditions and putting a plan in place if a move is on your agenda for the year. Interest rates are still hanging out in the 6s but seem less temperamental than at the end of 2023. That being said, if you are giving up at a 3% rate, it would be wise to check in with a lender on what your buying power looks like and determine if it is worth it to jump out into the pool with the rest of the buyers out there.
If you have any questions about what is going on in the Dane County market or would like to talk through your real estate goals for 2024, please feel free to reach out!
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