If you're a numbers person, you might say the best time to buy a home would have been 11 years ago when the market bottomed out during the Great Recession. Since that time, Dane County home prices have risen by 94%.
Or, put another way, if you purchased a Dane County home for $300,000 in 2012, that same home would be worth roughly $580,000 right now.
But what about the future?
If home prices are so high right now, you might expect lower prices and more opportunities to buy right around the corner. After all, prices always do eventually fall.
Our take is that although prices will eventually fall, we don't see this happening anytime soon. There are simply too many factors at work that will limit supply and maintain high prices for the foreseeable future. What's more, when prices do eventually fall, we expect the dip in prices to be shallow and short-lived.
So, what's an aspiring homeowner to do?
Our advice to you is to accept that buying a home requires your active -- not passive -- participation. It demands a strong commitment and a focused effort by both you and your buyer agent.
Equally important, buying a home in this market requires you to treat your search as a 12-months-out-of-the-year endeavor. You just never know when your best opportunity will present itself, so you need to be prepared to buy any day of the year.
Is buying a home in this market easy? Certainly, it is not.
But is it worth it? Most definitely, it is.
Call us when you're ready for a conversation. We'd love to help.
