February 2021

Found 10 blog entries for February 2021.

Having weathered a year of the COVID pandemic, it's not hard to see the many ways our lives have been affected. For some homebuyers, job changes or furloughs may have decreased the amount of home they can afford. Other potential buyers have shifted to more self-employment work and aren't sure how that affects their financing. Patrick Averill of Thompson Kane has been helping many of our clients secure financing during this unique time. He recently shared a few insights with us about the current lending climate.

Q: How has the lending market changed with COVID? Is it more difficult to secure a loan?

Patrick Averill of Thompson Kane

Patrick: Due to COVID, underwriting guidelines have become more strict than they used to be. More up-to-the minute income information is required

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In our November nonprofit spotlight, we highlighted the beautiful and thought-provoking work of Madison artist Lilada Gee, who created several murals downtown and launched the Defending Black Girlhood podcast in 2020. You can view photos and articles about her State Street artwork in the pdf of this book, "Let's Talk About It," published by American Family Insurance. 

We are thrilled to share that Lilada joined State Rep. Shelia Stubbs and Shyra Adams in receiving the 2021 Rev. Dr. Martin Luther King, Jr. Humanitarian Award, presented to those who have demonstrated incredible leadership and volunteerism in the Madison area and reflect the values, beliefs, and actions of Martin Luther King, Jr. Lilada said in her January 18th acceptance speech (around

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At Mad City Dream Homes, we're always in learning mode. One of the ways we’re honing our craft this year is by participating in “market analysis mastermind” sessions. In preparation for each session, each agent performs an independent market analysis for an upcoming listing. Then we meet over Zoom to share our individual price opinions and form a consensus on the best price for the property. 

Mad City Dream Homes Mastermind Sessions

We're noticing two nice outcomes from our sessions. First, our mastermind sessions are resulting in some great discussion and helping all of us stay sharp in this year’s fast-paced market. Plus, each session allows us to tap into our collective expertise as a way to add value for a home-selling client.  

Are you someone who needs help pricing your home in

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We love connecting our friends and clients with trusted businesses. This is just one of the ways we strive to keep serving you day-after-day and year-after-year. So please reach out to us anytime you need a referral to a reputable service provider. We’ll do our best to connect you with a business who’s a good fit for your needs. 

Mad City Dream Homes Real Estate Team

With working by referral in mind, we want to remind you we’re never too busy to serve your friends and family whenever they need real estate help. And as you already know, we'll always give your referrals our best service and advice -- and never with any sales pressure.  

At Mad City Dream Homes, the majority of our clients are repeat and referral customers. This is our sweet spot -- helping and serving others. We

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At some price points, cash offers and escalating prices have made it more difficult for financed buyers to be competitive - especially if they’re only able to put 3-5% down. But, there are ways buyers can stand out in this situation. One way to appear more competitive in a tight market is through your lender. Dave Grauwels of Guild Mortgage helps many of our clients. He recently chatted with us to share how he and his team help his customers go through the offer process with a competitive edge. Read his top three strategies below.

Dave's Tips for Being Competitive as a Financed Buyer

Dave Grauwels of Guild Mortgage

  1. Get your pre-approval underwritten so your offer is nearly as appealing as cash. If a buyer starts the pre approval process early in their search, we can
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Inventory is tight for single family homes, and it's tight for condos, too. Here's our latest scoop on the Madison area condo scene covering the first 6 weeks of the year. 

Percent of listings with accepted offers and months of supply

Right now 58% of all Dane County condo listings are under contract with an accepted offer, which is a very high number for mid-February. Competition is especially high for condos priced under $350,000. Overall there are only .7 months of condo supply in Dane County. This is the lowest inventory level that our team has ever reported for our market. 

Madison Condo Listings with Accepted Offers Feb 13 2021

New MLS condo listings

Only 130 new listings entered the Dane County condo market in January. This was the third lowest total on record for the month. 

Madison WI New MLS Condo Listings Jan 2021

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It may seem unusual for an organization to ultimately wish it didn’t have to exist. But for many local groups associated with the Homeless Services Consortium of Dane County, the issue of homelessness unfortunately isn’t going away anytime soon. And as long as these groups continue to receive funding and support for their needed services, neither are they -- especially in the wake of the COVID-19 pandemic that is causing the housing gap to widen further. 

Among them is The Road Home Dane County, the only agency in the county that exclusively serves homeless families with children, which believes that every child deserves a home. The nonprofit provides case management services to help these families achieve self-determined goals and affordable, stable

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What's going on with Madison area real estate? The story of the year so far is low inventory. Here's our latest snapshot of the Dane County single family home market -- covering the first 6 weeks of 2021. 

Percent of listings with accepted offers

Right now 54% of all Dane County single family home listings are under contract with an accepted offer, which is a very high number for this time of year. The market for homes priced under $500,000 is especially competitive. 

Madison Single Family Listings with AOs Feb 13 2021 

Months of supply

Right now there are only .6 months of single family home supply throughout all of Dane County. Inventory is especially low for homes priced under $500,000. 

Madison WI Single Family Home Supply Feb 13 2021

New MLS listings

Dane County property owners have been slow to put their homes up for sale

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Technology makes it so easy to connect with friends and family. But there’s something really special about receiving a handwritten note. When we receive a personal note, we feel supported, appreciated, and cared for. The words mean a lot to us when someone takes time to put pen to paper and share their good wishes with us.    

writing personal notes

Try a 30-day personal note challenge.

If receiving a handwritten note is something you really appreciate, then why not get in the habit of sending personal notes yourself? For the next month, try this daily challenge: Send one personal note each day to a friend, a client, or a loved one. Be genuine and generous with your words. Then take time to notice how this habit impacts you and your relationships. If you immerse

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If you're thinking of selling your home in 2021, now is the time to put your home on the market, even though we're in the middle the winter season. Here's why: so far this year new listings are entering the market at an extremely slow pace. And with so much demand in the marketplace, many sellers are receiving multiple offers and selling for tens of thousands of dollars over the list. 

For a little more context, here's a quick look at how new MLS listings are trending in early 2021. 

Dane County new single family home listings

New single family home listings reached a new low in January and fell by 32 percent from January of 2020. Last month was the only January on record to log fewer than 400 new listings. 

Madison WI New MLS Listings Jan 2021 

Dane County new condo

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