March 2024

Found 16 blog entries for March 2024.

Realtors have been in the headlines (and crosshairs) lately, which led me to do a google search of the most trusted and least trusted professions. And I came across this recent study by Gallup. (Real estate agents aren't included in the 2023 study, but in 2022 they were ranked just above attorneys and just below bankers.)

Gallup Poll about the Most and the Least Trust

According to this study, the most trusted are nurses, veterinarians, doctors, dentists, and engineers. The least trusted are politicians and people in marketing and sales. 

Or put another way, the most trusted are people who are known mostly for serving and tending to the well being of others (relational), while the least trusted are people who are known more for selling (transactional).  

All of this suggests to me that we

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Lane Manning recently met an aspiring buyer, Michael, who was in search of a condo on the westside of Madison. As Lane and Michael talked more about Michael's needs, they determined that the Marbella Condominiums would be an excellent place for Michael to land. 

And so Lane and our team sent out a letter to every owner in the association, which resulted in a response from Meghan and Shawn. Within a couple of weeks, Michael and Meghan and Shawn were all under contract with an official accepted offer.

Michael is happy. And Meghan and Shawn are happy, as Lane guides both parties to closing. 

Buying a Condo through Direct Mail

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You may have heard about the recent National Association of Realtors settlement related to buyer brokerage services and compensation. Although we have more to learn about exactly how business practices will change in the future, we do anticipate a few clear changes for consumers. 

On the plus side

We believe we'll see a variety of business models and compensation models emerge from the settlement, and consumers will ultimately have more choice. In the new landscape, the settlement will require many agents to do a better job of demonstrating their value proposition -- or face leaving the field -- which should help to elevate the profession.  

On the down side 

The home buying process in many cases will become more complex, not easier. And the

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One of the very best ways we can be of service to you is to give your home the time and attention it needs well before the for sale sign goes up in your yard. By focusing on the fundamentals of staging, we're able to create results like these that bring more showings, more offers, and a better return on investment to your sale. 

Mad City Dream Homes Staging

Are you looking for some sound advice on how you can best prepare for your upcoming sale? Please feel free to contact us. We would be happy to share our thoughts and recommendations with you. 

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When there are fewer properties to sell, we tend to see more brokers promoting exclusive access to off-market listings. It can be tempting to respond to ads like these. After all, you don't want to miss out on any "private and exclusive opportunities". 

But keep in mind, ads like these are sales funnels. And they're funneling you into "pocket listings" that benefit the advertising broker -- a broker who often receives both sides of the commission by withholding the property from the larger market. 

Yes, private listing programs are perfectly legal. But it's also fair to question who benefits most from these promotions, and how private listing programs impact housing availability in the broader community. 

Are private listing programs a practice

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When we invest more time, attention and financial resources into our clients, we earn more, too. 

For example: 

  • We earn a deeper appreciation for the work we do, when we view each client as an opportunity to serve. 
  • We earn the appreciation of our clients, when we lead with generosity. 
  • And over time we earn a reputation for being generous in the larger community, which leads to an abundance of new clients down the line. 

We're lucky we have so much freedom to invest in our clients. It's such a rewarding way to approach our work. 

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The Mad City Dream Homes team has had multiple loved ones affected by blood cancers, which is why we’re particularly proud to support the next generation of leaders advocating for a cure, like Sophie Bell. 

Sophie is a 2024 Student Visionary of the Year candidate for the Leukemia & Lymphoma Society (LLS). Over the past seven weeks, she has embarked on a fundraising campaign along with 13 other student teams to raise $300,000. And that money will be well spent: LLS is a leader in blood cancer research, patient access, and policy - in fact, treatments discovered through LLS research are being applied to clinical trials for other cancers, too. 

It’s not too late to support this important cause like Sophie has, which is working towards a cancer-free

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Recently a client asked us for our opinion on a home for sale on the west side of Madison. Our client was considering submitting an offer, and they wanted us to weigh in before writing. 

Our take was no, they shouldn't write. We were concerned about the resale value of this particular home and the potential for costly repairs in the future. And so we continued our search. 

The good news is we found a much better home for our clients just a few days later, and fortunately for our clients, their offer to purchase was accepted. 

Our client's story serves as a good reminder that sometimes saying no to one opportunity can open the door to a better one down the line. And knowing when to say no and when to move forward becomes easier when you have a

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We're beginning to see signs that more people may end up choosing to sell this year, based on our latest review of the Dane County real estate market. As the chart below shows, listings for existing single family homes are up noticeably during the first two months of the year, which is encouraging news for buyers. 

Madison WI Existing Home Listings by Month

If you're someone who is aspiring to buy a home in 2024, this is a great reason for you to stay focused and committed to your search. You just never know when the right opportunity will present itself, and when a little good fortune will come your way. 

Contact us to discuss your homeownership goals. We would love to help you. 

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Local home prices continued to move higher in the month of February. Here's our latest update on the Dane County single family home market.  

Dane County home prices 

Madison WI home prices Feb 2024

Home prices in the month of February:

  • The price per square foot increased from $216 to $242 (12 percent).
  • The average price increased from $449,298 to $494,752 (10 percent). 
  • The median price increased from $420,000 to $452,678 (8 percent).

 

New listings

New listings rose for the fourth straight month (an encouraging trend), but still remained well below what our market is demanding. A total of of 459 single family homes were listed for sale on the MLS in the month of February, which was the third lowest total for any month of February this century. 

Madison WI MLS Listings Feb 2024

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