Market Conditions in Madison>Question Details

Keith &…, Real Estate Pro in Verona, WI

Where is your local market headed? Has it turned the corner? Headed Up? Down? Flat?

Asked by Keith & Kinsey Schulz, Verona, WI Sat Feb 4, 2012

I'm just curious what peoples thoughts are about local markets around the country. Share your market predictions.

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George Silverwood ABR’s answer
I suspect you have seen increased activity in the first time home buyer market in Dane County as I have, This should impact the move up buyers as they can then sell their existing home. First time home buyers are seeing their rents go up, partly fueled by a very low vacancy rate. That, coupled with better job confidence, has them doing the math and deciding they can get a better quality of life wsith a mortgage payment than a rent check.
3 votes Thank Flag Link Sat Feb 4, 2012
Here's my thoughts on the Madison, WI area: I think we'll see some improvement in pricing and sales this year. :)
1 vote Thank Flag Link Sat Feb 4, 2012
We've been CRAZY BUSY (Cape Cod, MA). Who knows what the future will bring, especially since this is an election year, but right now we are happy to be selling lots of property! Best early Spring Market in a long time.
0 votes Thank Flag Link Sat Feb 4, 2012
Every real estate market is relative to the individual buyer's resources, their perception of values, demand for amenities, their commitment to a particular community and the standing inventory at any point in time. 1)-Take this information and align it with historic prices adjusted for inflation. 2)-Take adjusted historic prices and interpret the ratio of the interest rate fluctuations. A 200,000 house mortgaged with 2003 dollars for 5.75% may have cost more than a $200,000 house mortgaged in 2012 at 3.75% . Wages were comparably less and interest rates were at least 150% more in 2003 than today. Consider the 1991 to 1997 market in New England. When it bottomed over 6 years interest rates were at a "low" of 7.25% compared to 3.75 (30 yr Fixed FHA) today. I will discuss, suggest and interpret other common parameters into your client buyer profile to help you decide if this 2012 buyers market for is right for you. In Connecticut we see prices at 2000-2002 levels depending on a set of definable property attributes clearly showing lower prices and interest rates (which were 5.25% in 2003). I appreciate your due diligence and thoughtful consideration of your objectives when deciding to buy or invest. My goal is to help you succeed by being The Foundation of Your Success in Real Estate since 1996.
0 votes Thank Flag Link Sat Feb 4, 2012
With the interest rates at continued lows, the warm winter showing activity and accepted offers indicate a strong market. First time home buyers are making up a good part of my business right now. It is an excellent time to buy in the Madison WI market. Michelle Marking, ABR, RE/MAX Preferred
0 votes Thank Flag Link Sat Feb 4, 2012
I was at a group lunch (non Realtors) a couple days ago and ALL felt it was a great time to be buying. All older men, not buyers, but that is the first time in a few years that I've heard something that positive. It feels like the bottom has passed. More lookers, more inquiries.
0 votes Thank Flag Link Sat Feb 4, 2012
Absolutely George! First time home buyers have been the bulk of our business lately. 2011 was our best year ever as far as vacancy goes with our rentals.
0 votes Thank Flag Link Sat Feb 4, 2012
In our area Franklin County, PA we are the busiest we have been in over a year. As far as last year we were up 15% over the previous year and this year looks even stronger. Just since the last week of December 2011 our Internet hits are up over 200%. Here's looking to a Great 2012 and we hope it is not just the weather!
0 votes Thank Flag Link Sat Feb 4, 2012
Headed up here in Northern New Jersey, but excruciatingly slowly. It's as though we have two markets going simultaneously, though. It's difficult to get buyers to even look at short sales and, while a lot of them think they want a foreclosure, when they actually see a few REO homes, they run away in horror! And I hear from the REO agents that the banks still have not released their REO properties here, so who knows WHAT will happen when they finally do so.

I really wish we could somehow get the banks OUT of the real estate business. Just my opinion, but it's the banks' irrational behavior that is holding this market back. They refuse to pay for legitimate appraisals, so they get bad information, then they make bad decisions based on bad data and distressed properties languish on the market, which brings the entire market down.
0 votes Thank Flag Link Sat Feb 4, 2012
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