Market Conditions in Madison>Question Details

Josh Lavik &…, Real Estate Pro in Monona, WI

As a buyer or seller, what do you consider to be most relevant when looking at market conditions???

Asked by Josh Lavik & Associates, Monona, WI Sun Jun 17, 2007

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6
I would check with your local REALTOR. someone you know is full time and is experienced, perhaps seen a decade or few in this career. Inquire as to:

Average days on market for 2007 compared to 2006.
Median price in the market for 2007 compared to 2006.
Number of homes currently on the market compare both years.

That should good you a good idea of where is it. Wisconsin is really doing quite well in respect to all the negative media. There are about 5 states doing poorly we WI is not one of them. We are steady as we go and that is what we heard from national economists, professors and others at our December Management Conference. We are selling them one at a time and the buyer's are enjoying great rates!
1 vote Thank Flag Link Mon Feb 11, 2008
I would say that knowing that the market is working through a tough time, that your realtor/firm's web site and traffic are the 2 largest keys for buying or selling today.
0 votes Thank Flag Link Tue Apr 1, 2008
Hey Josh Great to see you on the web. My answer to your question is as follow.
I would tend to look at what the global market is doing with oil, what the current inflation rate is doing, what the feds are doing with interest rates, and last I would look at what area you are in and what is happing with the local job market. This is a great combination to use to predict the up coming market, and what will take place on a daily basis. Take care my friend.
0 votes Thank Flag Link Thu Sep 20, 2007
Number of homes on the market similar to the one you are thinking of selling or buying. Selling factor also include Homes that are under contract as these are the most recent homes on and then off the market because someone who was looking for a home did a lot of leg work and saw the value. This is one of the reasons Realtors say the first 30 days are the most important in marketing, over pricing actually leads to a lower net to owner over time.
0 votes Thank Flag Link Tue Jul 3, 2007
You will be best served by reviewing recent sales(comparables) in the area.Yes they should be as similar as possible and have been sold in the last 6 months or less.Another thing that the market can show you is how long on the market unsold properties have been on the market.When considering DOM(days on market) do your best to stick with houses that are similar to what your looking to purchase or sell so you can get a good reading as to where the demand is heading. With this in mind your next consideration may be to ask local people in the trade if they see a trend,by that I mean Real EstateAgents,Attornies,Title Searchers,Mortgage brokers etc. Remember all Real Estate is local so don't let the national info throw you when doing you investigation into what to spend on property or how to price the real estate you want to sell.
0 votes Thank Flag Link Fri Jun 29, 2007
In buying or selling, the most recent Sold properties (3-4 Months) will show you where similiar (style, location, and amenities) properties comparitively sold. This is the point where Buyers & Sellers have agreed on the value of a house, and sets the current market. In addition, looking at the current "Active" properties on the market, will show you what is available in that price range, and what type of property product you can expect . If there is ample competiion, the property you want to buy or sell has to stand out above the rest. The most prominent item is price. That will create traffic to the property. The property should then be spotless clean, maintained, de-clutter, and ready to move in. That's the property that will have the most demand, and is the best "deal" for buyers!
0 votes Thank Flag Link Fri Jun 29, 2007
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