October 2022

Found 12 blog entries for October 2022.

Here are a few perspectives to consider if you're currently on the fence about selling your home this fall:

  • Buyer demand has been decreasing as interest rates and inflation have been rising. Right now mortgage applications are 41% lower than they were at the same time last year.
  • Even so, inventory in Dane County remains quite low, which is a positive for sellers. 
  • Interest rates for a 30-year mortgage are at about 7 percent right now, but many people believe they will go higher. 

Will the market be better for sellers in early 2023? Not necessarily. Because we don't know what will happen with inflation, interest rates, buyer demand, and inventory next year. 

Selling your Madison Home in Late 2022

So, if you are thinking of selling your home in the near future...

We

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Last weekend our team introduced Laura and Shawn and their 3 kids to the Madison area. Laura and Shawn were in Madison because they just lost their Sanibel Island home to Hurricane Ian. Fortunately for this young family, they have the means to start over in a new location that's halfway across the country.

Laura and Shawn are just the latest example of how we see climate change changing Dane County real estate. More and more, we're hearing from people who are choosing to move to Madison, as they seek to escape the effects of a changing climate in other parts of the country. 

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Not long ago, back when money was real cheap, many buyers were willing to pay a premium for their home, even if their new home required an extensive amount of work. Buyers were willing to hire their own contractors after closing, and pay what they needed to pay, if that's what it took to secure a home and update it to their liking.

But now that interest rates are higher and the stock market is lower, buyer behavior has changed. Today's buyers are more selective and discerning. When they consider today's home prices, today's remodeling costs, and the amount of time it can take to hire and schedule a good contractor, they would much rather buy a move-in ready home instead.

Downtown Condo Staged by Shelley Lazzareschi

So, what does it mean to sell a move-in ready home?

Move-in ready means

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According to Freddie Mac, interest rates for a 30-year fixed-rate mortgage have more than doubled since the beginning of 2022, and as of this post they are now above 7 percent.

30 year interest rates Oct 2022

Where will mortgage rates go from here?

We certainly can't predict the future, but it's conceivable that rates for a 30-year fixed rate mortgage could approach 8 percent by the end of the year. So, for anyone that absolutely needs to sell right now, these last few weeks of 2022 are especially important, because buyer demand continues to decrease as mortgage rates increase.

We'll have much more to share about the market in the coming weeks and months. In the meantime, please reach out to us anytime you're in need of a real estate conversation. We would love to be a

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When “Safer at Home” orders and social distancing guidelines went into place, shelters that used to be open to folks experiencing homelessness day or night were forced to rethink their operations. One such shelter that has been trying to secure a larger and more permanent “home” is operated by Porchlight, Inc., which this month reached a record of housing 207 people in one night. 

Porchlight’s story began “when two people froze to death on the streets of Madison in 1984 – back when no one thought we had a homeless problem here,” said Porchlight Executive Director Karla Thennes. “Faith communities got together and rented the parsonage next to churches, got volunteers, and got sandwiches, and said, ‘If you’re homeless, come on in,’ and they did.” 

For

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Earlier this spring we were asked to help a family sell their home under some very challenging circumstances. The owner had recently passed away, and her 22-year-old son who was in charge of the estate was overwhelmed by the responsibilities that were before him.

So needless to say we were more than happy to help our client clean the house, clean up the yard, and address a few much-needed repairs. But the house was still in rough shape. It was filled with the smell of cigarettes, and all of the carpet needed to be replaced. Even so, getting the house to this less-than-perfect state was a big accomplishment given our client's circumstances.

Helping Sellers in a Time of Need

How it all played out

When we launched the listing, it was the height of the spring selling season. Back

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Here's the latest scoop on all of the key trends in the Dane County condominium market. 

Madison area condo prices

The price per square foot set a new record for the month of September, jumping from $184 in September of 2021 to $207 in September of 2022.

Madison WI Condo Prices Sept 2022

New MLS condo listings

One reason prices remain high is that the number of new condominium listings entering the market is quite low. Through the first nine months of the year, new MLS condo listings are entering the market at the slowest pace since 2002.

Madison WI MLS Condo Listings Sept 2022

Condo inventory

Because fewer people are choosing to sell their condo this fall, active inventory remains very low. In fact, there are fewer Dane County condos available for sale right now than there were at the same time last

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Here's our latest look at the Dane County single family home market. Do you have questions? Please contact us for a helpful conversation. In the meantime, here's our review of all the latest local trends. 

Madison area home prices

The Dane County price per square foot set a new record for the month of September, jumping from $191 in September of 2021 to $214 in September of 2022. Prices increased 12% year-over-year and 14% year-to-date.

Madison WI Home Prices Sept 2022

New MLS listings

One reason prices remain high is that new listings are entering the market at a slow pace. Through the first 9 months of the year, single family home listings are entering the market at the slowest pace since the year 2000.

Madison WI New MLS Listings Sept 2022

Single family home inventory

Because fewer people are

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Congratulations to our home-selling clients, who are enjoying a very productive fall season!

  • To our seller, Ken, who accepted a full-price offer. 
  • To our clients, Jenny and Robert, who accepted an offer for $10,000 above the list. 
  • And to our clients, Cindy and Dwight, who received multiple offers and accepted one for more than $50,000 above the list. 

All three of these stories are great reminders that quality always sells, and that preparation and attention to detail matter. The repairs and maintenance. The cosmetics and staging. The photos and marketing. The pricing and negotiation. All of it matters. And all of it makes an impact. 

Selling a Home in Madison WI 

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You're getting ready to sell your home and you're about to enter into one of the most significant financial transactions of your life. So how do you hire the right listing agent at a time when there are more realtors than there are homes for sale? Here are a few helpful suggestions for hiring the right professional.

How to hire the right realtor

First, ask the people you know for their recommendations.

You can start by reaching out to your friends and family and asking them to share a little bit about their recent home-selling experience. What did you friends and family learn about the home selling process? What worked well and what didn't work well for them? Do any of your friends and family HIGHLY recommend the listing agent that they worked with? If so, ask them to

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