As we return to a more balanced market, the art of negotiation is making its return, too. And it has been a long time coming. For the last three years, so many buyers have felt like they were at the mercy of sellers, where virtually every aspect of the offer to purchase was about buyers giving and sellers taking. But now, with the market mellowing, many buyers and sellers are realizing that they are on a much more level playing field when it comes time to negotiate. 

Now all of these terms are open for negotiation once again:

The price.

The inspection.

The appraisal. 

The home sale contingency.

And a host of other contingencies, too.  

Do you need help negotiating our changing market? 

Reach out to your preferred Mad City Dream

Do you need help with cosmetic updates and work around your yard and house? Here are 5 contractors who are serving our clients with excellence in 2022.

Luis Rios Yard Care (262-844-1768)

Luis does any type of yardwork you need in the spring, summer, and fall. This includes lawn mowing, gutter cleaning, leaf raking, mulch spreading, weeding, brush removal, and the removal of fallen tree limbs. Luis is also available for light home repair and painting projects. 

Hellenbrand Painting (608-220-8222)

We're receiving excellent feedback from our clients about Dennis and his crew. They've taken on some challenging projects this year and have completed all of them with skill and care. 

Wendy Broadhead, Color Consultant (608-235-8623)

We

How do buyers benefit in a more balanced market? Here are 5 big reasons why many buyers will enjoy shopping for their dream home in the summer of 2022.

Five ways buyers benefit in a more balanced market 

1) More selection

The selection of homes and condos is rising in Madison and across all of Dane County. So, if you're someone who hasn't been able to find your dream home yet, there is still hope for you this summer. You'll have more properties to choose from if you hang in there and stay committed to your search.  

2) Less competition

Fewer buyers are searching for homes and condos right now, which means we'll experience fewer bidding wars in the weeks ahead.  

3) Better terms

More selection and less competition will lead to better

Dane County condo prices increased by 2 percent in May and by 8 percent through the first 5 months of the year. We do expect condo prices to continue to increase this summer due to the low inventory in and around Madison. Stay tuned for our regular blog updates, which will offer plenty of market insight in the months ahead.

Accepted offers

Accepted offers were quite strong in May, given the recent rise in mortgage rates. Signed contracts were lower by 2 percent year-over-year and by 14% year-to-date.

New condo listings

New condo listings came in at the lowest total since 2003. Listings were lower by 13% year-over-year and by 8% year-to-date.

Available inventory

Only 119 listings and .8 months of supply were available for sale

Dane County home prices reached a new high of $219 per square foot in May, which was up 17% from $188 per square foot in May of 2021. Year-to-date, prices are up 15% from the prior year. Price increases will moderate in the coming months as inventory increases and competition decreases. Stay tuned for our monthly reports, which will always be up-to-date with the latest trends in the Madison area market.

Accepted offers

Buyer activity in May was actually quite strong even though interest rates have been rising. Accepted offers decreased 5% from the previous year and were lower by 14% year-to-date.

New MLS listings

New single family home listings were up slightly year-over-year, but remained low from an historical context. Low listing

It is absolutely still a seller's market when we consider the prices our listings are attracting in the month of June. So far this month we have multiple clients receiving full-price offers and other clients receiving offers for more than $30,000, $50,000, and even $65,000 above the list.

Prices are still rising in Dane County, but at a slower pace compared to the first few months of the year. If you're hoping to sell your home, condo, or investment property this year, please reach out to us for a planning session and an insightful view of the market. We're here to help you make good decisions in 2022, and over the long run, too. 

Interest rates have been rising, but for those buyers who stay in the market, there will be many more opportunities to purchase for the remainder of the year. Inventory is steadily moving higher, and it's just a matter of time before Dane County breaks the 500 listing mark for the first time in 2022. 

At the same time inventory is rising, showing activity is decreasing. This means buyers will have fewer competing offers to contend with in the weeks and months ahead. 

The market is becoming more balanced.

And buyers will benefit by having more properties to choose from, more time to search, and more room to negotiate.

So, what questions do you have about buying a home in the Madison area? We would love to be a resource for you as more

Many of our friends have questions about cosmetic updates and which ones offer the best return on investment. Right now we're helping a lot of people choose which updates to make and which professionals to hire (like color consultants, design consultants, painters, handymen, flooring companies, yard care companies, and the like). For other clients we're actually coordinating their cosmetic work for them as they prepare to sell. 

What questions do you have about real estate and what work do you need to get done? 

We would love to be a resource for you whenever you need guidance and support. Just reach out to your favorite Mad City Dream Homes realtor whenever you have any real estate questions or need any real estate help. We're always available

At Mad City Dream Homes, we have the opportunity to help a lot of people. But it's about more than helping people buy and sell real estate. It's about helping people as a way of life. Helping people as a daily practice is such a nice space to be in. When we consistently show up with contribution to others, we contribute to our own lives, too, by giving ourselves daily purpose. 

Another benefit of generosity is that it just so happens to be a great way of doing business. When people know us, and trust us, and appreciate who we are as people, then they tend to think of us when they need real estate help. 

If living and working with generosity is a daily practice that inspires you, then we would love to hear from you. We're always seeking to grow

The word on the street is that Epic Systems has big plans to keep growing. We're hearing that Epic has designs to grow from roughly 11,000 employees right now to 20,000 employees by the year 2030. If these plans do materialize, Epic's growth trajectory will have a huge impact on our local real estate market for decades to come.

Our local housing supply is already low, with just over 1,000 single family homes being built annually in Dane County. With Epic's continued growth, the Epic employee base will be absorbing a big portion of those thousand homes being built each year.

Which is one more reason why we believe Dane County will continue to be an ideal place to build wealth through real estate. Our county is currently the fastest growing region