Dane County Real Estate Blog - Madison Real Estate

Holiday Market Update

The latest news about the real estate market this holiday season.

Happy holidays! Thank you for putting your trust in our team. I also want to give you a quick update on what’s happening in the market. There are so many doom and gloom headlines. While they might reflect some parts of the country, real estate markets are very local. Even from one city to another nearby, there can be vast differences. 

Right now, homes are still selling, however, the supply of available houses is still low. We have half a month of active inventory. Even if you include the listings with accepted offers, we still only have one month’s supply. A balanced market would have about six months of inventory, so this is still a seller’s market. If you’re a buyer…

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Why You Should Consider Selling In Autumn

Four reasons why homeowners should consider selling in the fall.

I’m sure you’ve heard that spring is always the best time to sell your house. While spring is traditionally a good time to sell, each other season also has its advantages.

Here are a few reasons why you should consider selling in the fall:

1. Inventory. There’s less inventory in the fall compared to the spring and summer months. While there may be fewer buyers out there, you’ll also have less competition.

2. Buyer quality. The buyers during this time of year are typically more serious than those out on a nice day looking at an open house or touring homes to get decorating ideas.

3. School and weather. Summer vacation is over now, and kids are back in…

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Rising Rates While You're Under Contract

You have options to safeguard yourself from fluctuating rates.

The Federal Reserve has increased rates multiple times this year so far and will continue to do so throughout 2022. That means if you’re in the process of buying a home, the rate your lender quotes could increase sometime in the future. So what happens if interest rates increase after you’ve already gone under contract? Is there any way to protect yourself?

First of all, when we’re writing an offer with a financing contingency, we typically determine whether your rate is fixed or variable and what terms would allow you to cancel the contract. In a rising market like this, you should get a mortgage rate lock as soon as possible in the process to prevent your rate from…

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What You Need To Know When Buying A Condo

Are you planning to buy a condo? Here’s what you need to know.

I’ve recently been working with a few clients who want to purchase condos and then rent them out as a part of their real estate investment. It’s a great way to generate wealth but condos are not exactly like houses. If you want to pursue this route, there are a few key differences between the two you’ll need to know.

You can listen to my full explanation in the video above or skip to each topic using the timestamps provided:

0:00 — Introduction

0:34 — Condos are governed by more rules

0:49 — Many condo associations have rental restrictions

1:35 — Renting out your condo can drive down your property’s sales price

1:50 — The condo association typically takes…

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How You Can Write a Stronger Offer

Four ways to make your offer more competitive in multiple-offer situations.

Today’s real estate market is still competitive for buyers. If you fall in love with a home, chances are that other buyers have seen it as well, and you’ll have to compete against them to get your offer accepted. Even though interest rates have increased, there still aren’t enough homes to balance out our market. That means sellers have the upper hand, and buyers are forced to compete against each other. Fortunately, there are a few ways you can make your offer stand out to sellers.

1. Offer above the asking price. You’ll have to offer more than asking price if you want to win in a multiple-offer situation, but that doesn’t mean you’ll have to bring too…

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Do This to Counter Low Appraisals

What can you do if a home doesn’t appraise in this crazy-hot market?

 In the Madison market, inventory is incredibly low. As a result, competition for homes is fierce, and prices continue to rise. When you want to buy a home, the bank or your lender order an appraisal to make sure the house’s true value supports the amount you’re paying for it. This usually isn’t an issue; however, when prices are rising so quickly, homes often don’t reach the agreed-upon price during appraisal. What can you do in this situation to make sure the deal doesn’t fall through? 

In our current market, many buyers deal with this situation by skipping the appraisal altogether. They do this by either offering all cash or waiving their appraisal…

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The Top 3 Home Remodeling Projects

Here are the top three remodeling projects in terms of return on cost.

When it comes to remodeling your home, which projects stand the best chance of getting your money back when you sell? Sellers often ask about home upgrades, so today I’ll talk about the three that will get you the biggest bang for your buck according to data from Remodeling Magazine.

You can look over their Remodeling 2021 Cost vs. Value Report for 2022 here. These are the top three according to the report:

1. Garage door replacement. According to Remodeling Magazine, replacing your garage door has the No.1 return on cost, with a national average of 93.3%. It’s definitely a good way to increase your home’s curb appeal.

2. Installing manufactured stone veneer.…

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Rising Rates Are Affecting Affordability

Interest rates are shooting up; how does that affect buyers’ affordability?

Interest rates have increased recently; they’ve crested 5% on a 30-year fixed home loan. They’re still low compared to historical averages, but with what’s happening with the economy and inflation, the cost of everything is rising. Escalating interest rates will affect buyers’ affordability. 

A 1% higher rate increases your monthly payment by about 10%. For example, a 30-year fixed loan with a 4% interest rate might cost $2,000 per month, but when the rate climbs 1%, that monthly payment will be $2,200. That extra 10% you’ll pay monthly is simply going to the bank; it’s not giving you anything more than you had. 

“ESCALATING INTEREST RATES WILL AFFECT…

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How To Buy and Sell Without Being Homeless

Here are a few of the many ways to sell your home based on your situation.

It’s no secret that this is a tough market. People looking to buy and sell a home at the same time are in a tricky spot. Sure, you can sell your old house easily, but how can you buy a new one without going homeless? 

In a balanced market, it isn’t too difficult to line up your home sale with your purchase, but we are far from a balanced market. There are many ways to accomplish this goal, but I can only share a couple in this short video. Please reach out to me to go through your specific situation.

In a hot seller’s market like ours, you have two main options:

• Sell your old house first. Once it’s under contract, you’ll search for your new home.…

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Busting Five Home-Selling Myths

Here are a few myths about the market that you shouldn’t believe.

If you’ve been entertaining the idea of a home sale, there are five myths that you might be hearing, and I’m here today to share the truths behind them.

Myth No. 1: You can overprice your house, and it will still sell. This is simply not true. We have a very limited supply of homes, but consumers are educated. When you overprice, they know it – they may even skip over your home entirely.

Myth No. 2: You can sell your house as is. Technically you can do this, but if you do,  you’re telling consumers that something is wrong with the home. You should be willing to negotiate repairs as a home seller.

 “IF YOU DON’T MAKE REPAIRS, IT WILL BE REFLECTED IN YOUR…

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