Dane County Real Estate Market Today
Markets are a compilation of sentiments of people. To know what the real estate market is like in any community, get a feel for the attitudes of people who are actually buying and selling homes. Get a feel of the attitudes of the Realtors who are working with real buyers and real sellers. Only people who are participating in transactions have the attitudes that are market-relevant. We can avoid the reporters who like a sad story and the brokers who don't spend hours with people who buy and sell homes.
This month--June, the attitude in Dane County is one of ACCEPTANCE. The players now understand the RULES. We know that some neighborhoods are more in demand, and some attract less interest than before. PRICE matters. CONDITION matters. LOCATION in the neighborhood matters. APPRAISALS matter. In fact, the real estate appraisal is the most critical, uncertain step in the real estate sale process.
Unlike any other year in my 21 year career of selling real estate in the greater Madison area, the appraisal is the deciding factor on real estate values. The system has changed and regardless of how in love with a property any person is, the appraisal is the great equalizer. I might love my home for the spectacular back yard, and you may be willing to pay $10,000 more because you share my joy for landscaping and view, but the number crunching process of the appraisal has no emotion. Bedrooms, bathrooms, garage, size, and neighborhood can be measured and that is what matters today. The system is in place to take the emotion out of establishing value.
SHORT SALE offerings are not necessarily homes that can be bought. Be prepared to be patient.
The market is CAUTIOUS. The market is ACTIVE. Working smart will take you further than working hard.
Tom Meyer, Realtor. Broker
Restaino & Associates
Middleton, WI
608-332-8331
Buyers |
 All real estate markets are local. Regardless of what you hear in the national media, take time to know the consumer sentiment about the neighborhood you want to live in. In today's economy, look to own the best location you can afford in the neighborhood you prefer. The best locations are incredibly affordable. You can improve a house, the location in a neighborhood stays about the same. |
Sellers |
 If you own the home in the premier location in your neighborhood, you may see a quicker sale than others in your neighborhood. Appraisals will not give more value to your location on a street- expect the payoff to be in a quick sale. A buyer will be more excited about location---but that won't translate into more dollars because the appraisal will determine what amount can be loaned--emotion is minimized. |