Dane County Housing Market Update - March 2022

Dane County Housing Market - March 2022

Hey, Dane County, welcome to another spring market. If you paid attention in recent years, you know that this is the time of year, that the crazy stories start to emerge.

Just how is the local market performing? Is now a good time to sell your house or should you wait to buy until the market shifts? With all the information that's flying around out there, it can be hard to make a decision and figure out what's best for you and your family.

Let's take a look at the data and see exactly what's happening in the Dane County area to help you figure out what's right for you. In Dane County, at the time of this post, we only have 217 houses throughout the entire county that do not have an accepted offer, and currently houses that are getting accepted offers in 2022 and have also closed this same year in Dane County are selling on average for 5.5% over asking price.

Now, I do feel obligated to make note that is an average. For everything pulling it up, there's somebody bringing them down, right? That's how averages work.

If you're looking to list your house and an agent tells you that you don't need to stage, or don't need to worry about making sure that it looks the best, or we don't need to do advanced marketing techniques, run for the hills - those are the ones that are pulling the average down. If you really want to maximize your opportunity, you still want to make sure you're taking all the right steps.

As far as market pacing is concerned, we have about one month of inventory across all price points in Dane County. Now for reference, six months is considered a balanced market. We are well below that balanced six month mark; we have a long way to go before that shifts back to balance between the sellers and the buyers.

Is it a good time to sell? Yeah, it's a really good time to sell your house. If you take the right steps, you're going to maximize your opportunity.

Is it a good time to buy a house? Opportunities exist where you look for them and people that are buying a house in 2023 are likely to be paying a higher price for those houses than they're paying right now, which equates to a monthly payment that's higher for the course of 30 years. You can  look at that initial pain of feeling like you're competing and doing too much, or the long range vision for where you want to be and what you want to accomplish. I do think that buyers that are buying today are still going to be sitting in good shape next year and years beyond.

As always, if you have any questions about your unique situation and what's right for you, give us a call. We are always happy to help! And don't forget to follow us on Facebook or YouTube for more real estate tips and information on the latest listings. Let's talk soon.