Who's buying?

Right now we're serving many people who are very motivated to buy their first home and start building a better life through homeownership. Many of these folks are people who have either just started or are getting ready to start their family real soon.

On the other end of the spectrum, we're helping many longtime owners who are getting ready to sell their current home and downsize into a smaller one. These are the folks who are ready to simplify life and ease into a new lifestyle. 

And along these lines, we're also working with many relocating buyers who are working on their dream of living in a community that's a great fit for their values and their lifestyle.

Who's not buying?

We're not seeing as many move-up buyers as we

Here's our first real estate update for the 2023 sales year, covering all of the latest trends in the Dane County single family home market. Do you have questions about the real estate market in your neighborhood? You can always contact our real estate team for an open and honest conversation. 

Madison area home prices

The price per square foot increased from $199 to $210, an increase of 6 percent year-over-year. The median price jumped from $380,775 to $430,000, an increase of 13 percent. 

New MLS listings

A low supply of new listings is one of the reasons why prices keep rising in Dane County. New listings decreased 26% year-over-year, and were the lowest on record for the month of January. 

Dane County housing starts

New

Owning a home is about more than having a place to live. It’s an investment, too. And at Mad City Dream Homes we are here to help you make smart decisions when it comes to your real estate investment.

For example

We are here to help you choose the home improvement projects that will provide the best return on investment, and help you select the right contractors, too. 

We're here to advise you as to whether or not you should buy an individual property, and share our opinion on its resale value. 

And of course, as students of the market, we're always available to share our perspective on all of the latest trends in Dane County.

So, whenever you have any financial concerns about any aspect of real estate, we invite you to please reach out

Last year was a roller coaster ride, for sure. But in 2023, rates have fallen more than a full percentage point below the 2022 peak. In fact, as of this writing, a 30 year fixed rate mortgage from UW Credit Union is now available for as low as 5.75%

How much home can you buy in 2023?

Reach out to our realtor team if you're curious about your purchasing power in today's market. We'll connect you with a local lender who will help you make sense of your current financial position -- and pre-approve you for your mortgage, too. A lender who will give you all the time you need on the phone, and if you wish, even meet with you in person. Now there's a novel concept :)

You have a few dozen 55 plus communities to choose from in the Madison area, but in a low inventory market like ours, the number of listings available at any given point in time is relatively small.

So, if you're in search of a 55+ condo, our advice to you is don't confine your search to a 55 plus community. Instead, try expanding your search by focusing on the condominiums that will help you live the lifestyle you're seeking. When you adopt this approach, you'll discover you have many more condos to choose from. 

Two helpful resources

Two great resources are our Madison and Suburban Madison condo guides. Our guides offer an excellent introduction to hundreds of condominium associations in the Dane County area, and can help you identify the

How did the stock market perform compared to the Dane County real estate market in 2022? This chart says it all. 

And where will the market go from here?

Based on what we see in the market right now, we're predicting another year of strong real estate prices here in Dane County. For more information, we invite you to check out our 2023 predictions, where we cover many of the current trends in the Madison area. Or talk to your preferred Mad City Dream Homes realtor. We're always available to talk about your future, and the future of real estate, too. 

These last few weeks we've heard from dozens of friends who are eager to write their next chapter through the gift of real estate. 

Here are just a few of our clients who are working on their dreams right now:

• Our friend, Jennifer, who is excited to make the jump from apartment-living to homeownership. 
• Emily and Eric, who are ready to become first-time homeowners and build wealth through real estate. 
• Mark and Myah, who are excited to lay down their roots and start their family. 
• Simona and Dylan, who are eager to buy their first home for Little Baby Mila. 
• John and Elizabeth, who are excited to move up to a larger home for their growing family. 
• Tom and Lisa, who are scheming to relocate to Madison and be close to loved ones. 

It's time for a big shout out to our clients, LeAnn and Roger, who just sold their Madison home for $620,000 after paying $550,000 for it just over a year ago. That's 13% more than their original investment. Not bad at all for the cold month of January. 

The keys to success? Here are a few insights:

#1) Smart cosmetic updates

A little fresh paint, some new cabinet hardware, and a few new light fixtures -- all based  on the recommendations of the Mad City Dream Homes team. Mad City Dream Homes provided the contractor recommendation, too. 

#2) Professional staging

Thanks to the artistry of Debbie Lea and Shelley Lazzareschi, LeAnn and Roger's home stood out as a showcase listing and attracted a tremendous amount of traffic during the holiday

More condos. 

Imagine a new wave of modern condominiums that are thoughtfully planned and constructed in environmentally sustainable ways that enhance the character of the downtown area. Condos that open up the pedestrian-friendly and bike-friendly lifestyle to a whole new population of people. Where walking to the park, biking around the lake, walking to the Farmers Market, and walking to a locally-owned coffee shop or restaurant are all a part of daily living. 

Now imagine what more condos would do for our tax base and the small business owners in the area. And how a new wave of condominiums would relieve some of the intense pressure on our local housing market and slow the pace of sprawl. 

My wish isn't confined to Downtown Madison. Other

Designer and color consultant, Wendy Broadhead, has been working in the home decor field for over 25 years, so she has a lot to offer on this topic. According to Wendy:

"Selecting your main home color can be daunting, but getting the right color makes everything else just fall into place. Whites and Off-Whites are so versatile, looking elegant and classic or rustic and relaxed."

(Swiss Coffee from Benjamin Moore -- photo from Benjamin Moore)

Choosing the right colors

Before you take on any large scale painting projects, Wendy recommends choosing your main color first. Some of her favorite colors include Benjamin Moore colors Simply White (OC-117, soft, slightly creamy), Swiss Coffee (OC-45, a touch of warm gray), and Chantilly Lace (OC-65,