The October Bounce

Posted by Dan Miller, REALTOR on Monday, September 17th, 2018 at 7:31am.

Each year the Madison real estate market slows down in September due to the Labor Day holiday and the back-to-school rush. We see this slow-down in both the single family home and condo markets. As an example, see the graph below which shows the number of accepted offers in the Madison condo market for each month in 2017. Notice how market activity dipped significantly in September and then bounced higher in October. This is a pretty typical pattern for our market. 

Madison Condo Purchase Activity by Month

As expected, this pattern is repeating itself in 2018. The first half of September was a slow time for real estate, but now we're seeing market activity pick up again as we approach the month of October. 

October = Opportunity for Sellers

If you have a home to sell, you now know the month of October is your best window of opportunity between now and the end of the year. The market will slow in November and December, which means right now is the time to get your listing on track. Specifically, now is the time to make sure your pricing and your marketing are as good as they can be. Here are a few quick pointers that will help you with this process. 

Tip #1: Review your Pricing

If you haven't already done so, work with your REALTOR to assess the most recent sales in the area, the listings which are currently under contract, and the listings which are still waiting to receive an offer. Also, take time to re-visit all of the feedback you've received from your showings. Review the data and the feedback with an open mind, and select a price point that's based on what the market will bear.  

Tip #2: Review your Marketing

Right now is also a good time to review your marketing by taking a fresh look at your listing photos. Think about these 3 questions as you review your visual presentation: 

  • Can I improve my photos by implementing a few low-cost cosmetic updates
  • Can I enhance my photos through better staging
  • Can I improve my photos through better photography

Remember, your visual presentation is the most important element of your marketing plan, and can either make or break your sale. Knowing this, you can dramatically improve your marketing by focusing on the basics and upgrading your listing photos.

Thinking of Selling your Madison Area Home?

Contact Mad City Dream Homes, and start planning for your successful sale. We'll get to know your home and your real estate goals. Then we'll recommend the cosmetic updates, staging ideas, marketing strategies, and pricing that are most appropriate for your listing.  

This article is published courtesy of:
Dan Miller, REALTOR
Mad City Dream Homes & RE/MAX Preferred
610 Junction Road #205, Madison, WI, 53717

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