As we approach the warmer summer months the Madison real estate market shifts from "over-heated" to "balanced". The graph below, which shows accepted offers by month, puts this shift into perspective. As the graph shows, buyer activity decreases in June, a typical pattern for our market.
Opportunities for summertime buyers
Because the market shifts in June, the summertime is a good market for opportunistic buyers. A decent supply of new listings will hit the market in June, but competing offers and bidding wars will moderate. So right now is the time for buyers to stay engaged with their search and to act quickly when an appealing property is listed for sale. With a good supply of new listings, and fewer competing buyers, the summer market will present some real opportunities for those who stay focused on their search.
Price reductions are another area of opportunity this summer, as some sellers, who over-priced in the spring, will finally lower their asking price. Buyers who actively scan for price changes will find some good values in the months of June, July, and August.
The bottom line for buyers
Some Madison area buyers have given up on their search after striking out in the spring, but there is still plenty of opportunity for those who stay committed to their search. Contact us if you're in need of a resourceful and persistent buyer agent. Our team has the experience and work ethic you need to make your move happen this summer.
Tips for summertime sellers
June is an important month for sellers because buyer activity will decrease even further in July and August. If you've reached the month of June and your home hasn't sold yet, it's time to re-evaluate your pricing. Specifically, we recommend taking these 4 steps:
#1: Review recent sales.
How does your home compare to the listings that have recently sold in your neighborhood? Your listing should offer a good value relative to the properties in this list.
#2: Review current accepted offers.
These are great listings to review because all of them are priced to receive an offer in the current market. Is your home over-priced compared to the properties in this list? If so, it's time to adjust your pricing.
#3: Review listings without accepted offers.
These listings represent you competition. Keep in mind many of these properties are over-priced - otherwise they would already have an accepted offer. Make sure your listing stands out as offering a strong value relative to the properties in this list.
#4: Take the shifting market into account
Remember, the market shifts from over-heated to balanced in the month of June. Your pricing should reflect this change in the market.