This year is shaping up to be a great year for people who wish to sell their starter home and buy a larger, more expensive property. The reason is the market for starter homes is very hot and very favorable for sellers right now, while the market for higher priced properties is more balanced and a little easier on buyers.
How the Madison real estate market varies by price range
Take a look at this market data for Madison single family homes. Right now, 60% of all listings priced under $300,000 are under contract with an accepted offer. Above $300,000, only 30% of the listings are under contract. The market clearly favors sellers under the $300,000 price point. Above $300,000, there's less competition for listings, and buyers are having a much easier time finding and buying the right property.
The local condo market is trending in a very similar manner. Under $250,000, 66% of all condo listings are under contract with an accepted offer. Above $250,000, only 22% of listings are under contract. If you're planning to sell an affordable condo in 2019, the market clearly favors you.
Tips for Madison area move-up buyers
Here are 3 tips that will help you successfully coordinate your purchase and your sale in 2019.
1) Get educated. Read our articles on how to finance and effectively plan for your move-up purchase. Then check out our blog post on how to effectively attract multiple offers to your listing.
2) Meet with your lender. A good local lender will help you select your best financing option and plan for a smooth transition into your new home.
3) Contact your go-to Mad City Dream Homes agent. Your agent will complete your market analysis, connect you with our stager, and help you coordinate any minor cosmetic improvements that will benefit your sale. She'll also get you started on your search for your new home.
Are you planning to sell your starter home and move into a larger, more expensive property? Contact us now to get started. We specialize in helping move-up buyers coordinate their purchase with their sale, and very often we're able to successfully schedule your two closings to occur back-to-back on the same day.
