This new year, the housing market started out with quite the bang. Buyer demand continued to climb over the past holiday season, and we are seeing more buyers who are pre-approved and scheduling showings than we have ever seen before. If this is any indication of what the traditional spring market will have in store, Q1 and Q2 are going to be a wild ride. Time will tell if the market continues to stay strong as we head into this fall.
In the greater Madison area, most sellers still have strong control over the market, and they are dictating contract terms, closing dates, pricing, and many even have their pick out of several competitive offers- especially in the non-luxury market. It is not uncommon to see buyers writing allowances in their offers for any gaps with the appraised value, defects found in an inspection, etc., to come out ahead of the other offers.
Total listings remain incredibly low, and there are hundreds, if not thousands, of buyers who are waiting for more inventory to become available to put some ease on how competitive they need to be with an offer. Buyers want to take advantage of the record low interest rates, but there are simply not enough houses available to buy for the many purchasers that are looking, and new construction cannot keep up.
Prices continue to increase in most price points at accelerated rates due to low supply and increasing demand, and yet purchasers are smart to take advantage of the rapidly growing equity positions that are possible with home ownership – if they can only get under contract.
What remains true is that homes that are presented well and that are clean, organized, and staged to sell, when priced right, will see quick, serious, high-volume showing activity and plenty of competition, a strategy the Husky Homes team excels at. We take our jobs and treat each transaction very seriously, and it means the world to us to have you and your referrals trust us with your home buying and/or selling journeys.
