Buying a home in Madison? With low rates and lower prices, many other buyers have decided to jump into the market, too. Home and condo sales are way up; and inventory is at its lowest level in several years.The good news for buyers is prices are beginning to rebound in many Madison area neighborhoods. The challenge for buyers is many homes are being snatched up very quickly, even within days of going on the market.
The real estate dynamic has changed in Dane County. Gone are the days of touring over 30 different homes over a three week stretch, and then returning to your favorite to submit your offer. In today's market, your favorite home likely won't last that long.
This year's home seekers are learning they need a solid plan in place in order to successfully close on the home of their dreams. With this in mind, house hunters should include the following in their 2013 purchase plan:
First, get your mortgage pre-approval. Know up front how much home you can comfortably afford.
Schedule a consultation with your buyer agent and clearly lay out the criteria for your new home.
Schedule showings that are highly-focused on your most important criteria. Emphasize quality over quantity. Remember, you goal is to find the right home for you, before it gets snatched up by the competition.
Have your agent send you instant listing updates whenever a new listing matching your criteria hits the market, or when an existing listing matching your criteria undergoes a price reduction. Review your listing updates as soon as your receive them.
Don't limit your search to foreclosures and short sales. The inventory of distressed properties is beginning to dry up, and many other buyers and investors are already competing for these homes.
Be prepared to act fast. When a promising new listing becomes available, schedule your showing immediately. When you've found the perfect home for you, work with your agent to submit your offer quickly. In this market every day, and sometimes even every hour, are crucial.
Our agents have the experience and expertise to help you find and close on your 2013 dream home. Contact us for a no-nonsense consultation. We're here to help!
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred