June 2021

Found 8 blog entries for June 2021.

Low appraisals have become more common in the Madison area due to home and condo prices rising at an accelerated pace. If you're planning to sell your home soon, you should know this year's market can be tricky, because a low appraisal can potentially sidetrack your transaction, resulting in either a negotiated price reduction or even a canceled offer. 

Fortunately there are a few things you can do to protect your listing from appraisal issues. Below we share 7 ways you and your real estate agent can work together to prevent a bad appraisal from derailing your listing. 

how to avoid a low property appraisal

7 ways to protect your listing from a low appraisal

  1. Choose a listing plan that's designed to attract multiple offers. Your odds of receiving an offer with no appraisal
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While every real estate situation is unique, our team has noticed that sellers often view offers from buyers more favorably if they’re working with a local lender -- especially someone who takes the time to vouch for them. Even if your offer isn’t the highest or it includes financing or has other contingencies, having a local lender as part of the transaction can help distinguish your offer in a competitive market. Online or out-of-state lenders can cause listing agents to worry about appraisers, communication, and accountability. Sellers want a smooth closing, and a local, knowledgeable, and service-minded mortgage lender can help pave that path early on. 

For example, the determining factor in Mad City Dream Homes REALTOR Jake Johnson’s clients

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Do rising prices have you on the fence about buying a home this year? Reflecting on these 3 questions will help you evaluate whether or not it's the right time for you to pursue your dream home. 

Record High Madison WI Home Prices

Three key questions for home and condo buyers in 2021

#1: Would you have peace of mind if you found the right home in 2021? In other words, would moving to a new home eliminate a worry in your life and put your mind at ease? 

#2: Would you have financial peace of mind? Put another way, could you comfortably handle your monthly payment at this year's prices? 

#3: Would you be excited? Would your heart sing with joy even though you're paying more for your home than you hoped for? 

If you can answer "yes" to all three of these questions then

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Madisonians looking for relief from the hustle and bustle of city life don’t have to travel far to become immersed in nature at the University of Wisconsin-Madison Arboretum, spanning a whopping 1,200 acres from the southern shores of Lake Wingra to beyond the Beltline.  

This beautiful oasis, which occupies ancestral Ho-Chunk land, offers an unparalleled visitor experience for users of all ages. Whether you enjoy learning about restored ecosystems (the Arboretum manages the oldest restored prairie and offers family nature programs and children’s day camps), hiking the network of trails (more than 17 miles wind through restored prairies, savannas, woodlands, and wetlands), biking or running the 3-mile scenic paved drive, or watching the birds and

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The numbers are in, and Dane County condo prices continue to rise at the fastest pace we've ever seen. Here's our inside scoop on the Madison area condo market, covering the month of May, 2021. 

Price per square foot

The price per square foot jumped from $159 in May of 2020 to $190 in May of 2021. That's a 19% increase year-over-year and a 14% jump year-to-date. 

Madison WI condo prices May 2021

New condo listings

One of the reasons prices are rising is a scarcity of new supply. Only 186 Dane County condo listings entered the market in the month of May, which was the lowest level since May of 2010. 

Madison WI new MLS condo listings May 2021

Condo inventory and percent of listings with accepted offers

As of June 9th, only .6 months of condo supply were available for sale in Dane County. Overall, 70% of

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Congratulations to Dan Miller's friend, Lois, who recently celebrated her 100th birthday! Lois stays positive and active but she also credits her ability to stay in her home - her sanctuary - as key to her longevity and health.

living your real estate dreams

The real value of homeownership

Owning a home is about more than owning property. It’s about quality of life and quantity of life, too. 

Do you know someone who’s in search of their dream home? Our team is here to help you, your friends, and your family live out your dreams at every stage of life. Let’s have a conversation about your real estate dreams and goals. We'll help you explore all of the possibilities!

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The month of May was another very favorable month for Madison area home sellers. Here's our quick snapshot of the Dane County single family home market. 

New MLS listings

Only 713 new MLS listings entered the market in the month of May, which was one of the lower new listing totals going back to the year 2000. 

Madison WI New MLS listings May 2021 

Months of supply and percent of listings with accepted offers

As of June 7th, 58% of all listings were under contract with an accepted offer, which was lower than the 67% recorded last month. Right now there are .8 months of supply, which is up from .5 months in May. Single family home inventory is not quite as tight as it was during the peak spring market. 

Madison WI Percent of Listings with accepted offers June 2021 

Percent of listings receiving multiple offers

Our competing

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Madison area home prices are rising by double-digits in 2021, which has some first-time home buyers sitting out this year's market with the hope that prices will be falling significantly soon. We don't believe this is likely to happen. 

building equity with your home

Local trends favor more appreciation

Based on local supply and demand trends, we see prices rising. On the demand side, our population of home buyers keeps growing year-after-year, as Dane County consistently ranks as the fastest growing region in the state. Persistently low supply also points to higher prices: Dane County home building has been operating at subdued levels for the last 15 years, while new condo construction has been almost non-existent. 

Building a home has also become a much more expensive

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