We've all seen stories in the media and social media about how hot the real estate market is in Madison. But when is the market the hottest, and when are bidding wars most common? Here's a quick look at the numbers which offer some good insight into our local market.
Bidding wars are most common in March, April, May and June.
Take a look at these numbers from 2019, which show the percent of listings that had competing offers for each month of the year. These numbers are consistent with our own experience: The spring months are the busiest months of the year, and these are the months when multiple offers and bidding wars are most common.
Bidding wars are also very common for properties priced under $300,000.
Competing offers are also much more likely to happen for properties priced under $300,000. These are the properties that can receive up to 5, 10, and every once in awhile as many as 20 offers in a hot spring market.
Are you planning to sell in 2020?
If you're planning to sell this year and your goal is to receive top dollar for your home, then you should list your home in the spring. If you sell during the springtime, you'll have peace of mind knowing your property is listed when the market is at its seasonal peak. We also recommend you hire an agent who is an experienced negotiator - someone who knows how to leverage the market and negotiate a great offer from a solid and secure buyer.
Are you planning to buy this spring?
If your goal is to buy this spring, you should expect plenty of competition, so check out our recent blog post which offers 5 tips for buying your dream home in a competitive market. Also, we encourage you to view your home buying plan as a year-round endeavor. Sometimes the best opportunities arise during the fall and winter months and when you least expect them. If you're prepared to buy throughout the year, and if you're working with a team of dedicated buyer agents, your patience and persistence will pay off.
This article is published courtesy of: Dan Miller, REALTOR Mad City Dream Homes & RE/MAX Preferred