Although many price points and locations in the Madison area have become long-term seller's markets, the month of July offers a good window of opportunity if you're still looking for the right home or condo in 2018. The reason is buyer competition decreases predictably in July, as the graph below shows.
In fact, buyer activity will be much more subdued for the rest of the year compared to the feverish pace we experienced this Spring. Many families will be focused on their summer vacation, the coming school year, and the holiday season before their attention returns to real estate. Then buyer demand will rise predictably again in early 2019.
More balance means more opportunity for buyers
A more balanced market means there will be fewer bidding wars in the months ahead - and more price reductions. But by no means does this mean you can afford to be passive with your search. Housing supply remains historically low, so you'll need to be actively engaged with your search if you expect to be successful in 2018.
Home buyer tips for the second half of the year
If you're serious about buying in 2018, we recommend hiring a buyer agent who knows how to get the job done in a low supply market. Have your mortgage pre-approval ready to go. And make your property search a daily priority. Schedule your showing ASAP when a promising new listing or price reduction hits the MLS, and be prepared to submit your offer immediately. You'll find your dream home and you'll get your offer accepted when you and your agent approach your search with a sense of urgency.
For more home-buying advice, check out these recent articles
- How some buyers are succeeding in Madison's low supply market
- There is no easy button for buying Madison real estate
- When should you sign a buyer agency contract?
You'll find additional info on our buyer's blog and our home buying guide at Mad City Dream Homes. And of course you can reach out to us anytime you'd like to speak with an experienced and service-oriented agent. Give us a call, and we'll help you plan your next steps for buying a home in 2018.
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred