March 2023

Found 10 blog entries for March 2023.

Installing new flooring can be a wonderful way to transform your home and increase its market value, as many of today's flooring products are beautiful, durable, and affordable, too. 

Mad City Dream Homes Cosmetic Updates

If you've been thinking of upgrading the flooring in your home, we recommend giving Dave Wilka from Floors for Less a call at 608-616-2118. Dave has proven to be an excellent resource for many of our clients, and we think you'll find Dave to be knowledgeable and reliable, as well. 

Do you need help with any other type of project around your home? Please reach out to our realtor team for a referral to a trusted contractor. It would be our pleasure to assist you. 

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We recently reported in our February real estate update that home-building activity in Dane County is down by roughly 40% from the peak construction years in the early 2000's.

BUT, what we didn't cover in our report is that the value of the average new construction home continues to move higher. In fact, for the first time ever, the average new construction home value is now over $500,000. This is according to a recent report by Dominic Collar from MTD Marketing Services, based on his historical review of building permits here in Dane County. Note, these numbers for January and February are based on relatively small sample sizes and will fluctuate throughout the year. 

New Construction Permit Values , Madison, WI

The trend toward higher new construction home values is one more reason why

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If you've been thinking about a new look for your kitchen, you've probably been thinking about replacing your kitchen cabinets. Our team recently met with local business owner Dale Tomalin, who showed us a more cost-effective approach than replacement, and we were impressed by the finished product. 

Dale is the franchise owner of Spray-Net of Southern Wisconsin, creators of a painting technology that is flexible enough to avoid cracking, hard enough to avoid chipping, and smooth enough for washing. Dale's product transforms old kitchen cabinets by giving them a brand new, factory finish look. His work also comes with a 15-year transferable warranty. 

For more information, you can check out Dale's reviews on his Google Business Page. And for a

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If you're thinking of becoming a first-time homeowner in 2023, it can be helpful to think of your home-buying experience as your opportunity to "get your foot in the door". 

buying your first home in Madison WI

In other words, the home you buy this year may not be your perfect home, in your perfect location, and at your perfect price. But it can be the home that helps you "get your foot in the door" for creating a better life -- and building a stronger foundation.  

Just by paying your mortgage each month, and by making the right improvements, you can start building equity right now that will help you move up to your next home a few years down the line. This is the perspective that many of our clients are adopting in 2023, and it’s this mindset that’s helping them experience their

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As of right now there are only 367 homes for sale across all of Dane County, and only 83 condos. At the same time, Epic Systems just announced that it's getting ready to hire 1,700 new employees. This is just one more reason why we anticipate strong prices in the year ahead, despite the recent news and uncertainty about the larger economy. 

Do you have questions about the market in your neighborhood or your condo association? We're always available to share our insights and observations, and answer all of your questions. 

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Dane County condo prices continued to rise in February, as buyers continued to compete for a limited supply of condominiums. Here's our latest condominium update, covering all of the latest trends in Dane County -- updated for the month of February, 2023. 

Dane County condo prices

The price per square foot increased by 7 percent year-over-year, while the median and the average price increased by 24 percent and 23 percent, respectively. Keep in mind these numbers are based on a relatively small number of sales in the month of February. We fully expect the median and the average prices to moderate as we accumulate more sales data this spring. 

Madison WI Condo Prices Feb 2023 

New MLS condominium listings

Only 96 condo listings entered the market in February, which was the

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Dane County home prices continue to move higher in early 2023, but by smaller margins compared to the large increases in 2022 and 2021. Here's our comprehensive report on the Dane County single family home market -- updated for the month of February, 2023. 

Dane County home prices

The price per square foot increased 3% year-over-year. The average price and the median price were up 2% and 5%, respectively. 

Madison WI Home Prices March 2023 

New MLS listings

A lack of fresh housing supply continues to support high prices here in the Madison area. MLS listings decreased 23% from last February and were the lowest on record for the month. 

 Madison WI New MLS listings Feb 2023

Dane County housing starts

New construction also continues at a relatively subdued pace. Current construction levels are well

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Most of our home and condo selling clients start working with us several months, and sometimes several years, before the for sale sign is posted in the ground. Very often this means we're helping our clients identify the simple cosmetic projects that add real value to their home. For example: choosing paint colors and painting projects, installing new light fixtures and new cabinet hardware, and installing new flooring -- to name a few. 

Mad City Dream Homes Cosmetic Updates

But sometimes, due to challenging circumstances, our clients need an extra amount of support, and we assume the role of general contractor. This was the case for our clients, Luke and Pat, who gave us the keys to their home and an $11,000 budget to address a few cosmetic updates. We stepped in as project managers,

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When you think about it, these numbers from the Mortgage Bankers Association are pretty shocking. Right now, applications for purchase loans (excluding refi's) are running 44 percent below the levels from a year ago and at the slowest pace in 28 years. 

Mortgage Applications March 1st 2023

And yet, prices keep rising. How can this be? 

Well, one thing we keep learning, based on our daily work in the field, is that we have a significant amount of pent up demand in the Madison area. And although we have no way of measuring it, there's no doubt in our minds that we have tens of thousands of residents here in Dane County who would love to buy a home if there was enough inventory to accommodate.  

The other elephant in the room is that new listings continue to enter the market at the

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We're all familiar with these common realtor stereotypes:

Realtors are all about the 3 percent.

Realtors don't work hard for the money.

And realtors have big egos, to name a few.

But when you hire Mad City Dream Homes to assist you with your purchase or your sale, we believe you'll find us to be generous, hardworking, and humble -- and always eager to help. We're grateful for the opportunity to serve you and for the trust you place in our team. 

Thank you and sincerely, 

Your friends at Mad City Dream Homes

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