You could be waiting for a long time, and perhaps, many years.
Why do we expect prices to remain elevated?
The big reason is consistently low supply.
And one huge factor driving low supply is our region's rapid population growth. Dane County is currently the fastest-growing region in the state, and according to a recent study by the Capital Area Regional Planning Commission, that trend will continue. The study projects the county's population will grow by more than 200,000 residents by the year 2050.
And yet there's very little new supply in the pipeline to accommodate that growth.
Yes, Dane County has added hundreds of new housing developments over the last decade, but most of that new construction has been for apartments, not homes and condos. The reality is single family home construction has been subdued for the last 17 years, while new condo construction has slowed to a near standstill.
So, if you've been waiting for a better time to buy, here's our advice to you:
Begin your search now, and when you see a chance to buy your dream home, take it. By paying down the principal on your mortgage, by taking good care of your home, and by tending to your home's appreciation over the long run, you can start building equity right now that will help you move up to your next home a few years down the line. And when interest rates do fall in the future, you can refinance your mortgage and lower your monthly payment.
Please reach out to our realtor team for more market insight and a helpful conversation. In the meantime we encourage you to check out these two articles for more of our thoughts on where we see prices going from here:
