The Madison area real estate market is super competitive right now, especially for buyers seeking an affordable property in a popular location. For example, we were recently involved with one local sale which received over 20 offers to purchase. Below we share a few highlights from this sale which show just how competitive the market can be during the spring real estate season. 

Signs of a competitive real estate market

Here are a few more highlights from this ultra-competitive listing:

• Every offer (except one) was for at or above the full list price. 
• One buyer submitted their earnest money with their offer. 
• Over half of the buyers who wrote an offer also wrote a personal letter to the seller. 
• One-third of the buyers specified

The Mad City Dream Homes team believes local lenders are the most ideal partners to help you with your home purchase. Why? It’s because they often have more flexibility and a quick turnaround time, which can be the keys to a successful real estate purchase in the current, fast-paced market.

The team has worked with all kinds of lenders, and has learned a few things along the way. “I’m always amazed when we have to chase down a loan commitment,” says Chris Venden. This has happened when working with lenders that aren’t local.  They don’t always understand the quick turnaround needed in the Madison area, and they sometimes have multiple layers of red tape that need to be worked through before they can make a commitment. "There is nothing more

Unfortunately, some sellers do misrepresent or "under-represent" property defects on their real estate condition report. And it happens more often than we'd like to see. Based on our experience, failures to disclose are most likely to happen with For Sale By Owner and Limited Service listings. 

One fairly common omission is a seller's failure to disclose previous water intrusions. We know this because some water problems can be easy to detect. Mildew, water stains, soft wood, and elevated moisture readings are all signs of previous problems. When a seller does fail to disclose a water issue, that's a tip-off to be on the look out for other issues, too. 

How to protect yourself from sellers who under-represent

One way you can protect yourself

Thinking of buying a home or condo in the Madison area? We've got three online tools that will help you reach your goals. Learn how to research building permits, research schools, and discover local neighborhoods with these 3 handy tools. 

3 helpful tools for Madison area home buyers

City of Madison building permit database

Have you ever found yourself wondering whether or not a home improvement project was completed properly and up-to-code? The city of Madison has a database that allows you to view the permits pulled for any residential property in the city. When you have questions about an individual property, you can research its permit history by visiting this website:

https://elam.cityofmadison.com/CitizenAccess/

State of Wisconsin

Who you hire as your buyer agent can make all the difference between success and failure in Madison's low inventory real estate market. Here are six ways a skilled buyer agent (or buyer agent team) can help you succeed in the months ahead. 

How a skilled buyer helps you succeed in a competitive market

1) Your buyer agent connects you with a reliable, local lender who goes the extra mile. For example, some local lenders will contact the listing agent and vouch for your financial stability when you're submitting a competing offer. Lenders who deliver personal service like this are worth their weight in gold. 

2) Your agent finds properties before they hit the market. A good buyer agent will identify "coming soon" listings before they hit the

This year has been the most competitive real estate market we've ever witnessed in Madison. Due to persistently low inventory, many buyers have missed out on their dream home and are still searching for the right property, in the right location, and at the right price.

Fortunately the upcoming holiday season offers a window of opportunity for buyers who stay engaged with their search. That's because the market slows noticeably during the holidays, as fewer offers are written in November and December than in any other month of the year. Over the years we've identified two other market trends which show the opportunities available during the holiday season. For more information, read on below... 

1) Competing offers are less common during the

Sometimes it takes a turn of events for you to find your passion. For Grant Priehs, a move to Madison was the impetus to explore new opportunities and do what he loves.

Priehs left work as an Art Director at a fast-paced marketing agency and began a successful career as a handyman in Madison. His company, Honey Do Handyman Services, has provided a rewarding way to help others. “Every homeowner has a list of things they notice every day - small tasks or updates that they just never get to; their ‘Honey-do’ list. But when you’re selling your home, you don’t want to have potential buyers leaving a showing with a dozen things they’ve noticed,” he says.

Priehs enjoys helping people complete projects they may not have the time or ability to complete on

When you think about home improvements, it's common to think of the aesthetic work. Many times, the first upgrades are adding solid surface counter tops, wood flooring, or updated paint colors. These changes are all significant, and add value to your home. But while they make a beautiful impact, they will not save you money. Your monthly bills will see the greatest reduction by making changes to the energy efficiency of your home. 

Focus on Energy partners with 108 participating statewide utilities to make these cost savings possible. Their programs include simple things like swapping out old light bulbs for energy efficient models, providing incentives for the purchase of a Smart Thermostat, and they also include more significant projects, like adding

Although many price points and locations in the Madison area have become long-term seller's markets, the month of July offers a good window of opportunity if you're still looking for the right home or condo in 2018. The reason is buyer competition decreases predictably in July, as the graph below shows. 

In fact, buyer activity will be much more subdued for the rest of the year compared to the feverish pace we experienced this Spring. Many families will be focused on their summer vacation, the coming school year, and the holiday season before their attention returns to real estate. Then buyer demand will rise predictably again in early 2019. 

More balance means more opportunity for buyers

A more balanced market means there will be fewer

If you follow conventional thinking the best time to buy a home in Madison is in the springtime, when many new listings traditionally enter the market. Times have changed, however. The Madison area has evolved into a perpetual seller's market, one that is especially challenging for buyers during the spring season.

To illustrate this point, take a look at our 2017 market data below. It shows multiple offers are most common in the months of March, April and May - which is a typical pattern for the Madison area. In our market more offers are rejected in the springtime than in any other season of the year. 

Is the springtime really the best time to buy a home?  

According to our data, the answer is "no". Your odds of having your offer accepted