It's only February 15th, but the hot Spring real estate market has officially arrived to Madison, Wisconsin. Talk to any local REALTOR and they will tell you that the competition is fierce for a limited supply of properties. Our latest market data provides some great insight into the current inventory, sales, and price trends in Madison. 

The Madison single family home market

Here's a quick overview of the Madison single family home market. 

Single family home inventory

Single family home supply continues to trend toward new historic lows. Right now there are only .7 months of supply available for sale on the MLS  - down from .9 months at the same time last year. Active MLS listings are down 25% from a year ago, and an amazing 52% of all

Buying a home is a several step process, and it begins before you even look at potential properties. Laurie Ellis-Mcleod, president of AERIE Preferred Financial Group, offers 6 tips to prepare you to buy this spring:

1. Don't dip into your retirement funds.  "You can't finance retirement. You need to rethink your plan to buy if you have to dip into your IRA or 401K to make it happen," says Laurie.

2. Watch your spending.  You don't want to hurt your credit during this crucial time. Avoid the temptation to close an account, open a new one, or make a large purchase. Your lender will be looking at all of these things, and any one of them could negatively impact your credit score.

3. Make sure you understand the full cost of ownership. Talk with your

In  2017 our real estate team helped 45% of our Madison area home-selling clients receive multiple offers on their listing. In 2018, our clients are way ahead of that pace with one recently receiving a whopping 14 offers to purchase. Great things happen when sellers receive multiple offers. Below are 5 reasons why we aim to attract competing offers for each and every sale. 

5 reasons to attract multiple offers

#1: Multiple offers help sellers attract the highest possible price. Just like an auction, the price goes up when buyers compete against each other. 

#2: Cash offers are more common when buyers compete. Heavy competition greatly increases the odds that one or more buyers will submit an offer without a financing contingency. For those

We've been meaning to address this topic for awhile because there are some buyers in the Madison area who are trying to purchase a home or condo by working directly with the listing agent. Rather than hire a good buyer agent, these buyers are searching for properties online and then calling listing agents to schedule a private showing. Although this approach sounds simple in theory, it usually doesn't work. Below we share a few reasons why you shouldn't try to buy a home directly through the listing agent. 

Why you shouldn't try to buy a home through the listing agent

#1: Your search usually isn't focused on the right properties. If you're doing your own property searches online, then chances are you are focusing on many of the wrong listings.

Last year we helped 50 Madison area clients sell their home, condo, or investment property. It was a good year for business, and a great year for results. In 2017 we were very focused on helping our clients sell for the highest possible price and in the shortest amount of time. Here are some of the strategies we used to achieve these results in 2017. 

Selling listings quickly and for a high market price

#1: Establish a "no budget" policy for each marketing plan. 

In other words, each listing receives its own customized marketing plan designed to produce the best results. We're huge believers in planning, preparation, and the creative process. Great things happen when we collaborate and get creative with our clients. 

#2: Implement

Why do you absolutely need a good buyer agent in the 2018 Madison real estate market? The answer comes down to three words: Historically Low Inventory. As our latest home report shows, Madison single family home supply is now below 1 month of inventory.

In the Madison condo market, inventory is down to a historically low 1.2 months of supply. 

How does historically low inventory impact buyers? 

In a low inventory market, the best properties sell very quickly. That means in today's market the buyers who rely on their own internet searches to find properties and schedule showings usually miss out on the opportunity to buy. Very often they're distracted by properties that already have an accepted offer (hint: this is a very common theme for

A 3 dimensional "dollhouse" tour is a wonderful way to show off a luxury property or perfectly staged home. In a dollhouse tour, the viewer uses the arrow keys on a computer keypad to navigate the property virtually, glimpsing 360 degree views of every room. For some recent examples from our own listings, take a look at the 3 dollhouse tours below, all of which were produced by Justin Lackner.

9th floor Nolen Shore Condo

This dollhouse tour does an excellent job of conveying the panoramic Lake Monona views spanning the dining room, living room and master bedroom of this perfectly staged condo. Take control of this tour yourself and try zooming into the lakefront view. With this up-close look, you're able to obtain a very realistic view of Lake

Thinking of selling your Madison area home or condo in the coming year? Here are 3 resolutions that will help you have a happy new year in 2018. 

#1: Hire the listing agent who will net you the most at the closing table

A beautiful visual presentation is a requirement for a successful listing, so choose an agent who provides professional staging and professional photography (at a minimum) as part of their marketing plan. Your listing agent should also offer guidance on the low-cost improvements that will increase your home's value and reduce its time on the market. Last, your agent should demonstrate the negotiation skills you need to achieve the highest possible price for your home. When all is said and done you'll be glad you hired an agent

Our most recent single family home report shows 2018 is shaping up to be another strong year for sellers in the Madison area. Right now there is only 1 month of home supply in Madison, which is about as low as it can go for our market. 

A closer look at inventory shows how supply has tightened over the last year:

• In December of 2016, a total of 438 Madison single family homes were listed for sale on the MLS. In December of 2017, that number dipped to 376 (a decrease of 14%). 
• In December of 2016, 33% of single family home listings had an accepted offer. In December of 2017, the percentage increased to 39%. 
• In December of 2016, 1.4 months of supply were listed for sale. In December of 2017, supply decreased to just one month. 

The Madison real estate market will once again be very competitive in 2018. We're predicting another year of low inventory and rising prices for all of Dane County. If your goal is to buy in the new year, then right now is the time to start planning for your purchase. Here are our 6 new years resolutions that will help you successfully buy your dream home in 2018. 

#1: Get pre-approved with a reliable local lender

Work with a proven, local lender who gives you the personal attention and service you need in today's competitive market. Some of the big box and internet lenders have a tendency to miss deadlines and issue bad appraisals. If you value good communication and reliable service, then go local with your mortgage. Ask us for a referral to a