The Madison real estate market will once again be very competitive in 2018. We're predicting another year of low inventory and rising prices for all of Dane County. If your goal is to buy in the new year, then right now is the time to start planning for your purchase. Here are our 6 new years resolutions that will help you successfully buy your dream home in 2018.
#1: Get pre-approved with a reliable local lender
Work with a proven, local lender who gives you the personal attention and service you need in today's competitive market. Some of the big box and internet lenders have a tendency to miss deadlines and issue bad appraisals. If you value good communication and reliable service, then go local with your mortgage. Ask us for a referral to a lender who's a good fit for your needs.
#2: Choose your price point based on your monthly payment
Home and condo prices are rising throughout Dane County, and many buyers are realizing they need to increase their budget in order to buy the property they want. To put your own budget in perspective, it can be helpful to look at it in terms of your monthly payment. For example, increasing your budget by $25,000 will increase your monthly mortgage payment by less than $100. Many buyers realize they can safely increase their budget when they look at it from this perspective.
#3: Educate yourself on the market
Some buyers aren't prepared to succeed because they haven't educated themselves on the market. Talk to us about the market conditions for your price point and location, and check out our online updates. Do your homework, and you'll be better prepared to take on the competition.
#4: Hire a buyer agent team you can trust
Work with a buyer agent team that is both responsive and responsible. Our team moves quickly so you're able to compete in this fast-paced market. We have the expertise you need to write a winning offer. We also provide the level of representation you want for a safe and sound investment.
#5: Begin your search before the spring buying season
Multiple offers and bidding wars are most common in the springtime. You're more likely to get a better price and better terms by buying during the off-season.
#6: Act immediately and decisively
Madison area properties are selling at the fastest pace on record. So schedule your showing immediately when a promising new listing becomes available. Then write your offer immediately if this home is the right one for you. Remember, if you snooze, you lose in this low inventory market.