Mad City Dream Homes Real Estate Blog, Madison WI

Late last year we predicted the Dane County real estate market would be more balanced in 2019, based on the belief that interest rates would rise above 5%. In December, the market did cool as cautious buyers waited out a rocky stock market. The month of January was a different story, however. The stock market stabilized last month and mortgage rates moved lower rather than higher. Local home and condo buyers responded very favorably in January and are very active in the market right now.   

Single family home buyers were very active in January

Single family home accepted offers increased in the month of January after decreasing by 19% the month before. As the graph below shows, accepted offers reached the 4th highest total ever for the month of

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We’re excited to announce we’ve launched a new platform for our website, which makes the new Mad City Dream Homes easier to use and navigate. Here are a few of the new search features that are now available at MadCityDreamHomes.com.

 

Property search from any page

Now you can launch your Madison area property search from any page on our website. This search bar allows you to quickly launch a search based on the city, neighborhood, address, street, zip code, and MLS number.

MLS Search at Mad City Dream Homes

The “more options” features gives you full access to all of our MLS search criteria.

 

Content search on a desktop computer

Our new “content search” feature makes it easy to locate the real estate guides, articles and blog posts that you’re looking for. If

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Do you know someone who needs to sell their home and under challenging circumstances? We’ve helped many different types of sellers over the years who’ve needed extra levels of attention and support.

Helping sellers through life's challenges

Helping sellers when they need it most

Some of the sellers who need a special level of support from us are clients who’ve lived in their current home for many years. The prospect of preparing a long lived in home can be overwhelming. For these sellers, we recognize both the physical and emotional facets of a home sale - and we’re ready to support them through all the phases of the selling journey. For instance, we work with organizing/decluttering specialists who can make sorting and editing a house full of memories a simpler process. During the home

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Congratulations! You’ve just signed your listing contract and put your home on the market. You’re excited and a little nervous about the prospects for your sale, and you’d like to know whether or not your listing is on track as your marketing plan unfolds. So how do you know if your listing is moving in the right direction? Here are 3 forms of feedback that will help you answer this question.

3 types of listing feedback 

Three types of listing feedback

Here are the 3 types of feedback that will help you track the progress of your listing.

#1: How many showings is your listing generating?

This first form of feedback comes down to whether or not your listing is generating enough showings in order to attract an offer. Here are a few guidelines you can use to evaluate

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Tucked between Century Ave and the southeastern edge of the Pheasant Branch Conservancy in Middleton is a popular condo community called Woodcreek Village.

Built in the 1980s, these 2-4 bedroom ranch and townhouse style units, sited on approximately 18 acres, are sought after for their natural views, quiet setting, and proximity to the shopping and recreational amenities offered in Middleton and Madison.

Many of the residents here enjoy outdoor activities, so having a deck that looks out onto the woods with sunset views and quick access to the trails of the Pheasant Branch Conservancy are ideal features. The residences backing the conservancy are especially favored by their owners and prospective buyers for the sweeping views of the

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Madison mortgage rates have been falling, even though they are predicted to rise above 5% in 2019. As of this post, the rate for a 30 year fixed rate loan in Madison is below 4.5%. For a look at current local rates, contact our friends at Great Midwest Bank and Johnson Bank.

Even when rates do rise above 5%, they'll remain attractive when compared to rates over the last few decades. For example, take a look at the graph below, which shows the average 30 year mortgage rate dating back to April, 1971. Over this time period the average rate for a 30 year fixed rate loan has been above 8%, which is far above current rates.    

mortgage rates in madison wi

Tips for buyers and sellers while rates are under 5%

If you've been thinking of buying later in 2019, we recommend you

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As "the only Waunakee in the world," this growing village north of Madison is known for its close-knit community, abundance of parks, and convenient location.

Take it from Ellen Schaaf, who has lived in Waunakee for 18 years and has been the executive director of the Waunakee Area Chamber of Commerce for the last 13. She grew up in Madison and started the house search after she got married and had her first child. "What was important to us was a forward-thinking, smaller community close to things, and Waunakee met that bill for us," she said. Schaaf is passionate where she lives, citing the village's small-town feel that's close to the big city.

This special "essence" of Waunakee is what called Brent Bickel to move here to start a new

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Unfortunately, some sellers do misrepresent or "under-represent" property defects on their real estate condition report. And it happens more often than we'd like to see. Based on our experience, failures to disclose are most likely to happen with For Sale By Owner and Limited Service listings. 

One fairly common omission is a seller's failure to disclose previous water intrusions. We know this because some water problems can be easy to detect. Mildew, water stains, soft wood, and elevated moisture readings are all signs of previous problems. When a seller does fail to disclose a water issue, that's a tip-off to be on the look out for other issues, too. 

sellers who lie about defects 

How to protect yourself from sellers who under-represent

One way you can protect yourself

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Here's a quick look back at the December Dane County real estate market, for both single family homes and condos. Let's jump right into it...

Dane County Single Family Home Update - Dec 2018

New Dane County single family home listings were the lowest ever for the month of December. A total of 211 new listings entered the market, a decrease of 12% from the year before. 

A low influx of new listings is keeping the inventory of active listings low, too. As of January 11th, only 1.5 months of supply were available for sale on the open market. 

 

Last month, a total of 265 accepted offers were recorded in the MLS - a decrease of 17% from the 321 accepted offers recorded in December of 2017. 

This historical view of accepted offers

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We recently listed and sold this condominium in the Town of Westport for $10,000 above the list price, which far exceeded our clients' expectations for their sale. The two biggest reasons for our clients' success were the staging and photography plans that we included in the marketing plan. The "before and after" photos below show the dramatic, positive impact that our stager and photographer had on this listing.

Living room photo before and after staging

The photo on the left shows the living room before the staging process began. The professional photo on the right shows the living room after our client worked with our preferred stager, Debbie Lea. 

Enhancing a listing with aerial photography

Next, we took our marketing to the next level

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