What a ride the COVID market was. We had record low mortgage rates and historically low inventory. Properties selling for unimaginable prices and in a matter of only days, and sometimes with a dozen or more offers.
The COVID market lasted long enough for many in our line of work to view it as "normal". But the truth is it was far from normal. It was overheated and unsustainable due to artificially low mortgage rates -- among other factors.
The good news
Here in Dane County, the good news is we are actually seeing our local real estate market trending along at a healthier and more sustainable pace:
Inventory is rising, giving buyers more properties to choose from and more opportunities to negotiate the terms of their offer. It's great to see inspection contingencies making a comeback.
Marketing times are increasing, giving buyers more time to view properties, more time to ask follow-up questions, and more time to submit their offer.
Price growth is moderating. Now buyers can tour a home and in many cases expect the home to sell for an amount that is close to the list, and sometimes even below the list price.
Here in Dane County, we're getting closer to a market where there is a more balanced give and take between buyers and sellers. This is a good thing. It's also a market that is demanding more dedication and skill from realtors. We'll have more to share on this topic real soon.
