A Gen-Z's Guide to Life and Real Estate

The market has continued to pick up from my last market update. As of the day that I am writing this (2/23/24), Single-family home listings are up to 429 after hanging out in the low 400s at the start of the month, and even condo listings are starting to bounce back with 109 listings compared to 89 at the start of February.

Competition: while I don’t have any firm numbers to back this one up, after scrolling through pending listings on the MLS and showing homes over the past month, a large number of listings, especially in the $275,000-$500,000 range, are receiving multiple offers. We have certainly been seeing the return of contingency waivers and allowances as buyers hope to make their offers stand out amongst the crowd.

Active Buyers: If you are a buyer that is actively looking, it would be wise, if you haven’t already to have some conversations with your lender and real estate agent on how you can get creative with your offer/offer presentation.

New Buyers: Take time to plan out your search. One of my favorite things to hear from prospective buyers is something along the lines of – “We have a longer time frame and want to take time to gain insight into the market and become more familiar with the buying process.” Buying a home is a huge step to take in life, and the more you can educate yourself and learn from others, the better, especially in a competitive market. When entering the market, be prepared to soak up information, and make sure you find an agent that is willing to tell you what you need to know even if those conversations have some tidbits that aren’t the easiest to hear.

Sellers: For those looking to sell in Dane County, now is a great time! Though inventory is bouncing back, it is still historically low. Buyers are looking at as many options as possible, and with the limited options out there, your home is guaranteed to stand out. Of course, if you need to sell to buy, you need to take that thought into consideration and remember that as you sell your house, you are entering the pool of buyers that are already out there. As mentioned above, ask your agent about the buying market, and what you can do to work around the home sale contingency amongst the other contingencies.

As always, if you have any questions about the Dane County market or what you can do to prepare yourself to buy or sell your home, please feel free to reach out!