If you follow conventional thinking the best time to buy a home in Madison is in the springtime, when many new listings traditionally enter the market. Times have changed, however. The Madison area has evolved into a perpetual seller's market, one that is especially challenging for buyers during the spring season.
To illustrate this point, take a look at our 2017 market data below. It shows multiple offers are most common in the months of March, April and May - which is a typical pattern for the Madison area. In our market more offers are rejected in the springtime than in any other season of the year.
Is the springtime really the best time to buy a home?
According to our data, the answer is "no". Your odds of having your offer accepted are actually much higher in the off-season. Not only that, by buying in the off-season you stand a much better chance of getting a fair price because bidding wars are less common in the summer, fall and winter.
If you failed to buy this spring, what should you do?
If you missed out on your dream home this spring we encourage you to stay engaged with your search. Think of buying as a year-round endeavor rather than a seasonal, springtime goal. It's impossible to know when the right new listing will come along, but when it does, be ready to pounce. Schedule your showing asap and be prepared to submit an immediate offer.
Are you serious about buying in 2018?
If your answer is "yes", check out our recent article on the opportunities available to buyers in the shifting summer market, and visit our buyers' blog for plenty of straight forward advice. We're here to provide you with all of the tools, information and service you need to successfully buy a home in 2018.
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred