Ten years ago, when the real estate market crashed, it kept many people from wanting to buy a home. That situation is dramatically changing, and the market is now open for sellers. There are many home buyers, especially in Dane County, but the supply is low. If you’ve been considering selling a home, you might want to take the opportunity to get the most out of your investment. One of the first steps you can take is to contact an agent, who will help you get your home ready and presentable, to find a buyer very quickly.
Madison, WI is a growing community. Although many millennials rent, as they get older, they become more likely to buy a home to set down roots. This population is adding to the stock of homebuyers, while the inventory of homes that are available for sale haven’t increased. Essentially, high demand is pushing prices for new homes up. Many properties, if presented well and priced to sell, have multiple buyers interested. According to the Wisconsin State Journal, median home prices are on the increase, not only in Dance County, but in 11 other counties in the south central region.
Lower mortgage rates have also helped the market, as more people want to buy when interest rates are low. Rental rates have been on the increase, and many people prefer to buy than rent when leasing costs more. There has been a slowdown on new home building in the area following the recession 10 years ago. It is beginning to recover, but it’s not catching up at the rate needed to meet demand. For a number of years, foreclosures helped supply the market, but there are fewer of these houses available today.
If you’re ready to sell a home in Madison, WI, call our office for a consultation about your property. We want to find the solution that fits into your needs and goals. Take advantage of the economy and make the most of your home investment while the market looks good for sellers.