Have you been considering a housing change? Maybe you've been in your starter home for a while, and you're ready for more space, and higher end amenities. This fall is the perfect time to make that change, with the best opportunity to both sell high, and purchase at a competitive price. Let me explain.
How the Starter Home and Move Up Markets Vary
There is a shortage of affordable housing in Dane County. Homes priced under $250,000 are selling quickly due to a limited supply of listings on the open market. For example, right now there are only 1.8 months of inventory in all of Madison. For homes in the $200,000 to $250,000 price range, there are only 1.4 months of supply. Homes that fall within this price range sell rapidly, and often at or above asking price At the same time, there is a broader selection of homes priced above $400,000. This means you can sell your starter home quickly, and at a good price. Then, you can enjoy a broad selection of homes for your next step. As the market naturally slows, you can also make offers without the extreme competition we experienced in the spring.
How the Starter Condo and Move Up Condo Markets are Different
The same is true of condos. The affordable condo market is tight, and there is significant demand. This is especially true of condos priced at or below $200,000. For example, in the city of Madison there are only 1.4 months supply for condos priced between $150,000 and $200,000. If you own an affordable condo, you can be confident that it will appeal to a large pool of pre-qualified buyers who are looking to stop paying rent. At the same time, luxury condos, priced higher than $400,000 have more than 9 months of inventory. Working with a good buyer's agent will help you find the right one, at the right price. Moving up in Madison is more possible now than it has been all year.
We can help you with all your real estate needs. Our team has effective plans to make your home sell quickly, and for the highest possible price. And we have strategies designed to help you find the perfect home for your next step. Let us know how we can help you.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred