In Madison, a house without a basement is going to be more difficult to sell. Most buyers simply expect one. The same goes for a home with a basement that has only an exterior entry. Thats not to say they can't be sold - but you'll need other "wow" features to offset the lack of basement.
In our area, most home have basements and they are expected, especially in a year round primary home. Secondary residences, cottages, etc. do fine without basements.
The one caveat to this is when a newer primary home is built with heated floors - i.e. hydronically heated slab. These can be energy efficient and so nice on cold winter days. Warm feet!
If the home is priced right and is one you really want, and the basement is no big deal, and there are similar homes that have sold with no trouble in the area you're considering, go for it!
The Pros of having no basement would be... no basement issues to deal with. So, for someone who is looking for a property maybe as an alternative to being in an apartment or a condo, they may see a basementless home as a positive.
That being said, you usually will pay a little less for a property with no basement, but will find the resale value will have the reduced similar percentage when you sell.
A nice property, will always sell if it is priced right. I just saw a cute basementless home in West Allis get 2 full-price offers on the same day.
Consider all your options, have your realtor give you some guidance.
Good Luck to you!
One question I have...is it a stick built home on a slab? Or is it a manufactured home on piers. The manufactured are usually harder to resell and sometimes harder to finance.