Buying Tips

Buying a Home in Madison & South Central Wisconsin: Real Estate Buying Tips

Found 216 blog entries about Buying Tips.

Recently a client asked us for our opinion on a westside home that was available for sale. 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. Fortunately their offer for this home was accepted, and move in day will be happening real soon. 

This is 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

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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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We'd like to pass along that we continue to receive excellent feedback from our clients about Gorilla Movers, Above Average Moving, and A1 Movers. They're easy to schedule and easy to work with -- and their crews take care of your precious cargo. 

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Just a quick reminder that we have hundreds of neighborhood and condo association guides for you to peruse and use.

So if you're in the mode of researching neighborhoods, our Madison and Dane County neighborhood guides are excellent resources for you. And if you're curious about condos, our city and suburban condominium guides offer a great introduction to hundreds of local associations.

If you'd like us to create a guide for your neighborhood or condo association, just let us know. We'd be happy to do this for you. 

Real Estate Guides

Browse Community Guides Here
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One of the best ways we can be of service to you is to help you make good decisions. For example:

  • What repairs and updates should you address before selling your home? 

  • Should you enter the market right now or wait for the market to change? 

  • Which lender should you use to finance your purchase?

  • Should you write an offer on this property or keep searching for a better fit?  

Decisions like these often come with big consequences: Problems encountered versus problems avoided. Dollars spent versus dollars invested. And opportunities gained versus opportunities lost. For each decision you face, we're here to help you make the right call. 

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Some people believe that it's nearly impossible to buy in this market. But we want you to know that you can achieve your homeownership goals when you have a good plan and the right team supporting you. 

Last year we helped 76 clients buy real estate across South Central Wisconsin, and we can help you and yours prepare for a successful purchase this year, too. When you embrace an action-oriented mindset and chip away at your goals each day, positive change can come your way sooner than you think. 

Call us to get started. We'd love to help. 

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Buying a home isn't necessarily easy in this market, but it doesn't need to be a frustrating and exhausting experience, either. Just the opposite, it can be a rewarding and life-changing event when you embrace the right mindsets. Here are 5 key mindsets that will help you achieve your homeownership goals in our low inventory market. 

#1) Choose optimism over pessimism, and trust in the process. You'll find the right home when you have a good plan and the right team supporting you. 

#2) Be active, not passive. "Zillowing" and perusing properties online can be interesting and fun, but it won't necessarily get the job done. A better approach? Partner with professionals who actively work your plan for you. 

#3) Think 12 months, not 3. Buying a home

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If one of your life goals is to become a homeowner, you might try embracing the mindset of "better over perfect". In other words, the home you buy this year may not be your perfect home, in your perfect location, and at your perfect price. But it can be the home that helps you create a better life -- and build a stronger financial foundation.  

Simply by paying your mortgage each month, and by making the right improvements, you can start building equity right now that will help you move up to your next home a few years down the line. You can experience your dream of homeownership, and you can start building wealth for your future, when you embrace better over perfect. 

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Let's have a quick look at the numbers: Last year, Dane County's population grew by almost 8,000 people, and yet we built just under 1,300 homes. This is a very familiar pattern in Dane County. As the chart below shows, new home construction has been subdued for the last 18 years, even though our county has consistently ranked as one of the fastest-growing regions in the state. 

madison area housing starts 2000 to 2023

What does the future hold for Dane County?

While many counties in Wisconsin are experiencing population declines, it's important to note that Dane County's population is projected to grow by another 200,000 people over the next 30 years. For this and a host of other reasons, we fully expect local home values will continue to appreciate for the foreseeable future. 

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Rates for a 30 year mortgage were approaching 8 percent just a few months ago, but now they're much closer to 6.5%. What new possibilities do lower rates create for you? Now is a great time to explore your opportunities with a trusted local lender. Contact your Mad City Dream Homes realtor for a referral to a lender who will help you understand your options and make good financial decisions. We'd love to help. 

New mortgage rates for the new year

 Chart and data are provided courtesy of the Freddie Mac Primary Mortgage Market Survey. 

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