Buyers, no doubt, it’s a great time to buy ! What we are seeing across Dane County are vast price drops, due to new Spring inventory coming in.  Let’s face it, if you are Seller who has to sell and your home has been on the market now since fall or winter (or even last summer!) the only choice you have to compete with an influx of new properties hitting the Spring market is to drop your price (or employ a Realtor with a very aggressive marketing plan…)  Great news for buyers looking to get a great deal on a home that’s been on the market for awhile.

Sellers, don’t fret !  Their are homes that are selling fast and above market value, they just are… shall we say homes that stand-out… Here are some things that your house will need to have for a quick sale and a good offer in my expert real estate opinion:

1. Updated features (especially kitchens!)
2. “Showing” condition - Tastefully decorated (think Restoration Hardware, Pottery Barn or Room & Board Styles) OR minimal decor/plain (white walls, no wallpaper, etc) & must be sparkling clean!
3. Great location/Great School District.
4. Uniquenesses factor - are their other homes/condos for sale that look very similar (floor plan, amenities?) The less of your type of home, the better.
5.   Finally, is it “priced right” for the market and other comparable homes?  If your home lacks some of the above, you’ll need to price it to reflect this.
6. Lastly, a home in a good location (quiet street, school district, neighborhood) needing updates, but  priced well is another very *hot* property to sell right now.

This market will be tough for sellers not meeting the above criteria, mostly because buyers have 7 homes (on average) to chose from that fit their criteria. So buyers can (and are) comparing and contrasting every detail.  They also have Time - Time to compare and make a well educated decisions. However, the trends indicate the properties meeting the above criteria aren’t on the market for long. Home owners looking to upgrade couldn’t ask for a better time to purchase a home in Madison. Historically, many desirable neighborhoods in Madison have sold far above market value. Today, they are selling at or below market value.  If you have a home (meeting at least some of the above criteria) I would not hesitate to put it on the market so you can buy in an area or house in town you may otherwise not be able to afford in a “good market”. As a client of mine who works for the State Board of Investment puts it, “I hear and understand all of the concerns on the macro front, there are a number of them. While the US housing market doesn’t look like it is getting any better any time soon, that is exactly the reason to buy now while interest rates are low. And, on a local level, the population and job growth in Madison will be one of the better ones within the state given the high quality of life and the benefits the UW brings to the area in research and innovation“.