August 2023

Found 15 blog entries for August 2023.

It's a time of scarcity for Dane County real estate. 

A scarcity of land to build on. A scarcity of materials and supplies to build new homes. And a scarcity of labor to do the work. 

One thing that is not in short supply is the number of people moving to Dane County. Our population continues to grow, and the options for homeownership aren’t keeping pace. Given this, we expect home and condo inventory will remain low and prices will remain high for the foreseeable future.

So when will it be a good time to buy real estate? We believe the best time to buy is right now. Not a year or two from now. And not when interest rates fall. Hoping and waiting for a better time to buy when both rates and prices are lower is likely to end in disappointment.

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For all of us who are homeowners, we are fortunate.

Fortunate to have a place of our own and to experience pride of homeownership. Fortunate to live with prosperity built through home equity. Fortunate to have the privilege of passing our prosperity on to the next generation. And fortunate for all of the help we have received along the way. 

Prices will continue to rise. 

So why not do everything we can to help others become homeowners, too? 

Here are 5 things we can do to help others achieve their dream of homeownership:

  • Support and get involved with homeownership initiatives like Own It: Building Black Wealth.
  • Help an individual or a family that is struggling to buy a home by offering our financial assistance.
  • Promote the wisdom
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in-kind community contributionsThere are plenty of initiatives in the world that need our financial contributions in order to move the cause forward. So donating our money is one important way that we can support positive change in the world around us. 

But there is another type of contribution that is equally important, if not more, and that is our in-kind contribution. By in-kind contribution, we mean donating our time, skills, and unique gifts to an initiative that's making a positive impact in the community. 

Here are just a few examples. 

  • donating our physical labor toward conservation projects at a beloved park
  • giving our time and attention to youth as part of a mentoring program like Big Brothers/Big Sisters 
  • offering our artistic, marketing or social media
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You may have heard that mortgage rates recently jumped above 7 percent, which is more than double the rate from less than 2 years ago. 

mortgage interest rates Aug 2023

And if you're like many other people, today's higher rates may have you thinking about putting your home-buying plans on-hold. And understandably so. 

But it's very possible you could be missing out on a real opportunity by deferring your goals. Because now that rates are higher, you have fewer competing buyers to contend with. And the competition and bidding wars will surely increase once rates fall again. 

So, if you're an aspiring buyer, here are two key questions we have for you: 

If you could find a nice home this year and if you could afford it by living within your means...And if you could picture

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Getting ready to sell? Here are ten potential projects that you should always consider as you prepare your home for the market. All of these are low-cost, high-impact projects that consistently provide a good return on investment. 

home prep checklist

10 projects to evaluate as you prepare your home for the market

#1: Painting

#2: Light fixtures

#3: Flooring 

#4: Cabinet hardware

#5: Window treatments 

#6: Staging 

#7: Cleaning 

#8: Mulching 

#9: Weeding and trimming

#10: Exterior power washing 

What questions do you have about selling in today's market? 

Call us when you're ready for a helpful conversation. We're here to answer all of your questions and help you make your big move happen. 

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If you're a numbers person, you might say the best time to buy a home would have been 11 years ago when the market bottomed out during the Great Recession. Since that time, Dane County home prices have risen by 94%. 

Or, put another way, if you purchased a Dane County home for $300,000 in 2012, that same home would be worth roughly $580,000 right now. 

Madison WI home prices since 2000

But what about the future?

If home prices are so high right now, you might expect lower prices and more opportunities to buy right around the corner. After all, prices always do eventually fall. 

Our take is that although prices will eventually fall, we don't see this happening anytime soon. There are simply too many factors at work that will limit supply and maintain high prices for the

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We live in an anxious world where the future often feels uncertain. So it's only natural that you will feel some anxiety, too, when you make the decision to buy or sell. After all, you are bound to have some high stakes questions. 

Your Dream Home Bucket List

On the buying side

Will interest rates go up or down from here? 

Will you find the type of home that you're looking for? 

If you do find the right home, how much will it cost you? 

And on the selling side 

How much work will you need to put into your sale? 

And what will be your return on investment? 

At Mad City Dream Homes, we understand the prospect of buying or selling a home can feel overwhelming. Which is why we're always focused on giving you all of the time and attention you need throughout

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The fall season is fast approaching, which means it's time to schedule your annual furnace maintenance. Two companies that we enthusiastically recommend are Brothers HVAC and Hillestad Heating & Cooling.

Both companies have support staff who make scheduling easy. And based on our experience, the technicians are professional, reliable, and effective communicators. As always, we recommend calling ahead and scheduling your service proactively. The best contractors are often booked several weeks out. 

Brothers HVAC: 608-291-0252 

Hillestad Heating & Cooling: 608-231-3888

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We have a tendency to assume that the real estate market will act as it always has according to predictable patterns and cycles. But, we're in a new era for real estate. And what we're learning right now is that some of the old rules no longer apply. Here are 3 examples.

Old rule #1:

Prices go through regular boom and bust cycles based on having either too little or too much supply.

  • New rule #1: Many systemic factors are at play which will limit supply indefinitely and keep prices high.

Old rule #2:

The springtime and the summertime tend to be the best times to buy a home in Dane County.

  • New rule #2: In a perpetually low supply market like ours, buying a home is now a year-round endeavor. Your best opportunity could present
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Here's our latest insight into the Dane County condominium market, covering the month of July, 2023.

July Dane County condo prices

Madison area condo prices continued to rise in July, and by all measures:

  • The price per square foot of $226 rose by 8 percent from $210 in July of 2022.
  • The median price of $322,500 jumped by 17 percent.
  • And the average price of $359,203 soared by 23 percent.

Madison WI Condo Prices July 2023

Note: Because the number of condos sold each month is relatively small, the monthly numbers can experience dramatic swings. However, these numbers for the month of July are consistent with how the condo market has been performing throughout the year.

New MLS listings

Only 122 condos were listed for sale in July, which was a decrease of

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