Greater Madison Wi Real Estate Blog

 

March 31, 2020

How Has Our Market Reacted to the Coronavirus Pandemic?

Though the coronavirus is greatly influencing our economy, things haven’t changed too much in our real estate market.

With the coronavirus pandemic on everyone’s minds, it’s time for a quick update on how this impacts the real estate market. In my experience, things haven’t changed too much. I’ve actually been busier than normal these past couple of weeks, but that’s to be expected this time of year. Prices may be affected due to some people losing their jobs, but everything else is moving forward as normal. To find out more, watch the video above.

Posted in Market Update
March 24, 2020

What’s Been Happening in Real Estate?

As we head into spring, I wanted to bring you the latest numbers for our market through February 2020. Here’s what you need to know.

 

Here’s your market update through February 2020 as compared to February 2019. These are the latest numbers you need to know:

 

DeForest/Windsor:

  • Sales are down 67% from February 2019
  • Average sale price is up 9% to $335,000
  • Average days on market is seven days longer than last year.

 

Sun Prairie/Bristol:

  • Sales remained flat at 43
  • The average value is up 11% to $298,000
  • Days on market is down by 13

 

Waunakee/Westport/Vienna:

  • Sales are down 29%
  • The average value is down 15% to $397,000
  • Homes are taking seven days longer to sell on average

Madison:

  • Total sales are up 5%
  • The average value is up 6% to $319,000
  • Average days on market remained flat at 54 days

 

If you have questions about any of these areas or real estate in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you.

Posted in Market Update
Feb. 24, 2020

The Latest Numbers From January


Here’s what the latest January numbers tell us about our market. 

Selling a home? Click here to check out our step-by-step home selling process.

 

Welcome to your January 2020 market update for the communities of DeForest/Windsor, Waunakee, Sun Prairie, and Madison. 

 

Typically, home sales are at their lowest yearly point in January because the market already starts slowing down during the November-December holiday season, so keep that in mind as we go over the year-over-year numbers. 

 

In DeForest/Windsor, there were 14 home sales, which is unchanged compared to January 2019, and the average home value rose 10% to $365,000. The average days on market rose from eight days to 61 days.

 

"Home sales are at their lowest yearly point in January because the market already starts slowing down during the November-December holiday season."

 

 

In Sun Prairie, there were 48 home sales, which is a 63% increase, and the average home value rose 1% to $288,000. The average days on market rose 13 days to 51 days. 

 

In Waunakee, there were 18 home sales, which is a 26% increase, and the average home value decreased 2% to $483,000. The average days on market was 84 days, which is unchanged compared to January 2019. 

 

In Madison, there were 210 homes sales, which is a 4% increase, and the average home value increased 3% to $319,000. The average days on market was 50 days, which is unchanged compared to January 2019. 

 

We should see these numbers grow as we move further into 2020. As always, if you have any real estate questions or are thinking of buying or selling a home, don’t hesitate to reach out to me. I’d love to help you. 

Posted in Market Update
Jan. 27, 2020

How Did Our Market Change Between 2018 & 2019?


In today’s market update, let’s review the numbers from the overall market in 2019 and compare them to those we saw in 2018.

Selling a home? Click here to check out our step-by-step home selling process.

 

Before we get too far into the new year, let’s take a moment to review the 2019 market year as it compares to 2018.

 

In DeForest and Windsor, there were a total of 371 single-family home and condo sales for the year of 2019. That’s a 14% increase over the previous market year. The average home value increased by 7% from 2018 to 2019, and the average days on market was 53 days—a bit slower than the average of 45 days in 2018.


In Sun Prairie, there were 776 home sales, which was up by 2% over 2018. The average home value was up 2% over the previous year, ending at around $300,000. The average days on market in 2019 was 44 days, compared to 35 days in 2018.

 

"In Madison, the average home values jumped up by 5%."

 

 

In Waunakee, Westport, and Vienna, there were 305 home sales in September, a 2% drop year over year. The average home values in these areas increased by 2%, and the days on market increased from 36 days in 2018 to 45 days in 2019.

 

Finally, in Madison, there were 4,435 home sales, which is 4% fewer than the previous year. The average home values jumped up by 5% between those years. The average days on market stayed the same over both years at 35 days.

 

If you’d like more specific details about your market area, don’t hesitate to reach out to us. We’d love to help break down what’s happening in your market.

Posted in Market Update
Jan. 23, 2020

Busiest Real Estate Quarters


I broke down the sales numbers from 2019 by quarter to reveal when the best times to buy and sell are. Here are the results.

Selling a home? Click here to check out our step-by-step home selling process.

 

Which is the best quarter of the year to buy or sell a home? I broke down the total sales by quarter in various communities in the area to give you a sense of what the market’s like and when the most houses are selling. I always tell clients that February 1 to May 31 is the best window to sell your property because that’s when the most buyers are in the market. On the flip side, buyers will get the best deal if they’re able to buy outside of that window because there will be less pressure from other buyers. 

 

Here’s how 2019 broke down by quarter. However, keep in mind that this analysis was done on December 3, which means quarter four wasn’t finished yet. 

 

DeForest-Windsor:

Quarter 1—68 sales 

Quarter 2—120 sales

Quarter 3—94 sales

Quarter 4—54 sales

 

Waunakee:

Quarter 1—145 sales

Quarter 2—226 sales

Quarter 3—237 sales

Quarter 4—106 sales

 

"February 1 to May 31 is the best window to sell your property."

 

Sun Prairie:

 Quarter 1—55 sales

Quarter 2—101 sales

Quarter 3—80 sales

Quarter 4—47 sales

 

Madison:

Quarter 1—714 sales

Quarter 2—1392 sales

Quarter 3—1346 sales

Quarter 4—659 sales

 

As you can see, the third and fourth quarters of the year are always the busiest, so plan your home sale or purchase accordingly.

 

If you have any questions about real estate, please feel free to reach out to us by phone or email. We would love to speak with you

Posted in Market Update
Jan. 20, 2020

December 2019 Market Update


Today I’m sharing the latest market statistics from December 2019.

Selling a home? Click here to check out our step-by-step home selling process.

 

Today I’m sharing our market’s December 2019 statistics. These are all compared to December 2018’s numbers. 

 

DeForest/Windsor:

  • 27 sales, 40% increase
  • Average home value increased by 14%
  • Average days on market: 40 (seven days faster)

 

Sun Prairie:

  • 48 sales, 17% increase
  • Average home value increased by 7%
  • Average days on market: 57 (eight days longer)

 

"The spring market has already begun."

 

Waunakee:

  • 23 sales, 43% increase
  • Average home value increased by 25%
  • Average days on market: 55 (27 days longer)

 

Madison:

  • 314 sales, 19% increase
  • Average home value increased by 13%
  • Average days on market: 44 (four days longer)

 

In all of these areas, there were more sales than there were listings, which tells me that the spring market has already begun. Also, take note that home values increased in every market. 

 

If you’re considering selling this year or have any questions about the market, reach out to us by phone or email. We would love to help you.

Posted in Market Update
Jan. 16, 2020

Interview With Nick Toman Part 3


In part three of our financial interview with Nick Toman, we’re discussing owning real estate in your retirement years.

Selling a home? Click here to check out our step-by-step home selling process.

 

In part three of our interview with Nick Toman of Empowered Financial Management, we’re discussing owning real estate and how that aids the diversification of your portfolio.

 

Nick often receives questions about whether people should own real estate in their retirement years. If you like having properties in your portfolio or enjoyed owning property over the years, sometimes that can be a good anchor to a great income plan. For example, rental properties could be an excellent source of monthly income. This may give you some flexibility considering other retirement benefits, like social security or a pension. That cash flow may allow you to delay collecting some of those benefits, which could help out later in life.

 

"Rental properties could be an excellent source of monthly income."

 

The key in retirement, if you want to own real estate, is to be prepared; there is some work involved. However, some enjoy this, viewing it almost like having a hobby. If you want to own real estate, Nick would encourage you to do so. Not only is it an additional income, but you may enjoy it.

 

If you have further questions about anything we discussed, reach out by phone or email to me or Nick Toman at your convenience. We would love to help you.

Jan. 3, 2020

What You Must Know Before Becoming a Snowbird


If you’re thinking of becoming a snowbird, you need to understand your cash flow.

Selling a home? Click here to check out our step-by-step home selling process.

 

Snowbirding ties in quite nicely with retirement, but is it the right move for you? This is something that’s been a dream of mine, and today I’m joined once more by certified financial planner Nick Toman to answer that question.

 

"You need to understand all your sources of income in retirement."

 

Most often, when he hears the term “snowbird,” it’s referring to those who are either getting ready to retire or are already retired and want to move somewhere warm. If you’re considering moving to, say, Arizona or Florida, the key thing you need to understand before making a decision is your cash flow. Can you afford to make your move?

 

Some considerations you might need to make are selling your property here in Wisconsin before buying your retirement property, or renting a property in your preferred destination. You might also consider buying a property to rent out. In any case, you need to understand all your sources of income in retirement.

 

If you have further questions about downsizing, reach out to Nick or me by phone or email at any time. We would love to help you.

Dec. 17, 2019

Financial Planning for Downsizing Part 1


I’m here with certified financial planner Nick Toman with some tips for what to consider when downsizing.

Selling a home? Click here to check out our step-by-step home selling process.

 

Today I’m here with certified financial planner Nick Toman from Empowered Financial Management. We’re going to discuss downsizing and some of the things you should consider if you’re planning to sell your home to move to a smaller one.

 

Sometimes people choose to downsize when their children leave home or they’re ready to retire. When you’re considering selling a property you’ve lived in for years, it’s crucial to understand what your monthly income will be. That will help dictate where you transition to and what type of property you’ll buy next.

 

"It’s all about proper planning."

 

Many pre-retirees have done a good job paying down their mortgage. They’ve lived in their home for years and have a lot of equity, so when they sell their home, they can decide how to use the proceeds from the sale. It’s all about proper planning. These can be things people don’t always think about when considering downsizing.

 

If you have further questions about downsizing, reach out to Nick or myself by phone or email at any time. We would love to help you.

Dec. 5, 2019

A Short Fall 2019 Market Update





In today’s brief market update, let’s review the sales numbers in our area for September, October, and November.

Selling a home? Click here to check out our step-by-step home selling process.

 

Here are the latest sales numbers for our market areas as we observed them between the months of September and November of this year:

 

In DeForest and Windsor, there were 16 home sales in September, 26 home sales in October, and 28 home sales in November. The average home value was $344,000 in September before it dropped to $320,000 in October. In November, it climbed back up to $327,000. Sliding values are typical of the fall market.

 

In Sun Prairie, there were 70 home sales in September, 59 sales in October, and 47 sales in November. Home values here remained fairly consistent, moving from $311,000 to $309,000 over the three months.

 

In Waunakee, Westport, and Vienna, there were 27 home sales in September, 26 sales in October, and 21 sales in November. Home values in these areas fluctuated quite a bit—they went from $471,000 to $376,000 to $417,000 throughout the three months.

 

Finally, in Madison, there were 325 home sales in September, 311 in October, and 342 in November. The average home values jumped up a little, going from $297,000 in September to $322,000 in October, where they remained for November.

 

If you’d like more specific details about your market area, don’t hesitate to reach out to us. We’d love to help break down what’s happening in your market.

Posted in Market Update