Lane Manning recently met an aspiring buyer, Michael, who was in search of a condo on the westside of Madison. As Lane and Michael talked more about Michael's needs, they determined that the Marbella Condominiums would be an excellent place for Michael to land. 

And so Lane and our team sent out a letter to every owner in the association, which resulted in a response from Meghan and Shawn. Within a couple of weeks, Michael and Meghan and Shawn were all under contract with an official accepted offer.

Michael is happy. And Meghan and Shawn are happy, as Lane guides both parties to closing. 

You may have heard about the recent National Association of Realtors settlement related to buyer brokerage services and compensation. Although we have more to learn about exactly how business practices will change in the future, we do anticipate a few clear changes for consumers. 

On the plus side

We believe we'll see a variety of business models and compensation models emerge from the settlement, and consumers will ultimately have more choice. In the new landscape, the settlement will require many agents to do a better job of demonstrating their value proposition -- or face leaving the field -- which should help to elevate the profession.  

On the down side 

The home buying process in many cases will become more complex, not easier. And the

When there are fewer properties to sell, we tend to see more brokers promoting exclusive access to off-market listings. It can be tempting to respond to ads like these. After all, you don't want to miss out on any "private and exclusive opportunities". 

But keep in mind, ads like these are sales funnels. And they're funneling you into "pocket listings" that benefit the advertising broker -- a broker who often receives both sides of the commission by withholding the property from the larger market. 

Yes, private listing programs are perfectly legal. But it's also fair to question who benefits most from these promotions, and how private listing programs impact housing availability in the broader community. 

Are private listing programs a practice

When we invest more time, attention and financial resources into our clients, we earn more, too. 

For example: 

• We earn a deeper appreciation for the work we do, when we view each client as an opportunity to serve. 

• We earn the appreciation of our clients, when we lead with generosity. 

• And over time we earn a reputation for being generous in the larger community, which leads to an abundance of new clients down the line. 

We're lucky we have so much freedom to invest in our clients. It's such a rewarding way to approach our work. 

Recently a client asked us for our opinion on a home for sale on the west side of Madison. Our client was considering submitting an offer, and they wanted us to weigh in before writing. 

Our take was no, they shouldn't write. We were concerned about the resale value of this particular home and the potential for costly repairs in the future. And so we continued our search. 

The good news is we found a much better home for our clients just a few days later, and fortunately for our clients, their offer to purchase was accepted. 

Our client's story serves as a good reminder that sometimes saying no to one opportunity can open the door to a better one down the line. And knowing when to say no and when to move forward becomes easier when you have a

We're beginning to see signs that more people may end up choosing to sell this year, based on our latest review of the Dane County real estate market. As the chart below shows, listings for existing single family homes are up noticeably during the first two months of the year, which is encouraging news for buyers. 

If you're someone who is aspiring to buy a home in 2024, this is a great reason for you to stay focused and committed to your search. You just never know when the right opportunity will present itself, and when a little good fortune will come your way. 

Contact us to discuss your homeownership goals. We would love to help you. 

Local home prices continued to move higher in the month of February. Here's our latest update on the Dane County single family home market.  

Dane County home prices 

Home prices in the month of February:

• The price per square foot increased from $216 to $242 (12 percent).
• The average price increased from $449,298 to $494,752 (10 percent). 
• The median price increased from $420,000 to $452,678 (8 percent).

New listings

New listings rose for the fourth straight month (an encouraging trend), but still remained well below what our market is demanding. A total of of 459 single family homes were listed for sale on the MLS in the month of February, which was the third lowest total for any month of February this century. 

We'd like to pass along that we continue to receive excellent feedback from our clients about Gorilla Movers, Above Average Moving, and A1 Movers. All three of these companies are easy to schedule and easy to work with -- and their crews take care of your precious cargo. 

Madison area condo prices rose from $202 per square foot in February of 2023 to $235 in February of 2024. That's a 16 percent year-over-year increase. Note these numbers are based on a low number of sales in the month of February. We'll gain a clearer picture of price growth as we accumulate more data throughout the year. 

Dane County condo prices

New condo listings

A total of 153 Dane County condominiums were listed for sale in February, compared to 100 the year before. Listing activity remains light, but this is a step in the right direction. 

Active condominium listings

"Active" or "available" listings are those that don't have an accepted offer. Although Madison area condo inventory remains tight (with only one month of supply),

Just a quick reminder that we have hundreds of neighborhood and condo association guides for you to peruse and use.

So if you're in the mode of researching neighborhoods, our Madison and Dane County neighborhood guides are excellent resources for you. And if you're curious about condos, our city and suburban condominium guides offer a great introduction to hundreds of local associations.

If you'd like us to create a guide for your neighborhood or condo association, just let us know. We'd be happy to do this for you.