We understand these are anxious times for many people, so we'll be doing our best to keep you updated on how the Madison area real estate market is evolving over time. Below we provide a brief look at what we see happening right now, as well as what we expect to happen in the future.
What is our experience with the market right now?
Right now we're actively assisting many people who are motivated to buy. We're also listing new properties and our listings are receiving strong traffic. We have noticed some relocating buyers are canceling their plans to fly into Madison and tour properties. We're also beginning to see changes in the way real estate is practiced (more on this below). Up to this point, this has been a pretty typical March for our clients and our team, but we do expect the market to change in the weeks and months ahead.
What is likely to happen in the weeks and months ahead?
Although it's too soon to tell exactly how the real estate market will evolve in the coming months, we do expect March through June to be the busiest months for real estate in 2020. Real estate tends to follow a seasonal pattern, and we expect more of the same this year. With that said, we also expect there will be people who either choose to delay or are forced to delay their plans to buy. Changes in the economy will cause buyer activity to decrease. When this happens, buyers will find it easier to buy, and sellers will need to work harder for their sale.
As we wrote in a recent blog post, we do expect home and condo inventory to remain low, which should give property owners some peace of mind during these uncertain times. We also expect low interest rates will continue to motivate a core group of buyers to participate in the market. Regardless of what happens in the short-term, we fully expect Madison area real estate will remain a solid investment for the long term. For more on the factors positively impacting our local market, check out this article from our blog.
Soon there will be plenty of changes in the way real estate is practiced, too. Open houses will become less common as sellers opt to go with private showings only. Agents and buyers will be required to sanitize their hands during showings. Video tours and FaceTime previews will also become more common. In fact we're seeing all of these changes beginning to take place right now.
How can you count on our real estate team to assist you in the months ahead?
We'll be sharing our market reports and updates with you in the months ahead, and doing so more frequently. In the meantime, if you have any questions about your local market and your specific real estate goals, please reach out to your favorite Mad City Dream Homes agent. We're here to provide you, your friends and your family with professional service and transparent market information - so we encourage you to contact us with any questions or concerns you may have.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred