We have a tendency to assume that the real estate market will act as it always has according to predictable patterns and cycles. But, we're in a new era for real estate. And what we're learning right now is that some of the old rules no longer apply. Here are 3 examples.
Old rule #1:
Prices go through regular boom and bust cycles based on having either too little or too much supply.
New rule #1: Many systemic factors are at play which will limit supply indefinitely and keep prices high.
Old rule #2:
The springtime and the summertime tend to be the best times to buy a home in Dane County.
New rule #2: In a perpetually low supply market like ours, buying a home is now a year-round endeavor. Your best opportunity could present itself when you least expect it, and it could happen in any month of the year.
Old rule #3:
The American Dream of homeownership is available and accessible to all who desire it and work hard for it.
New rule #3: The old rule was more myth than truth, due to practices like redlining and racially restrictive covenants. Today, high prices and heavy competition are real barriers for many aspiring homeowners, too.
How do the new rules impact you and your real estate goals?
It can be helpful to speak with a professional who is willing to assess your individual situation and offer some honest, local insight. At Mad City Dream Homes we're always available to assist you by asking good questions, listening to what's important to you, and offering you our best advice. Contact us to get started.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred