This year is another year of low mortgage rates and low inventory in Dane County, so 2020 is already proving to be another very competitive year for local home and condo buyers. With this in mind, here are our do's and don'ts for buyers in this year's fast-moving market.
Three don'ts for Madison area buyers in 2020
1) Don't wait for the weekend open house to tour a property
Instead, rely on your buyer agent to schedule a private showing as soon as each property hits the market. Many properties are selling right away and aren't lasting until the open house.
2) Don't call the listing agent to arrange a showing.
By the time you reach the listing agent, there's a good chance the property is already sold to another buyer. You're better off working with a trusted agent who will schedule each showing for you. It's your buyer agent's job to get you into each property as quickly as possible, so rely on your agent to take this work off your plate.
3) Don't rely on websites like Zillow and Trulia for your property search
Both Zillow and Trulia have some neat bells and whistles, but 40 to 50 percent of the properties that appear to be available for sale on these sites are actually already under contract to another buyer. You'll avoid a lot of wasted time and frustration by putting your buyer agent in charge of your search. Your agent has all of the tools and expertise you need to keep you focused on the properties that are truly available for purchase.
Three do's for Madison area buyers
1) Do get a mortgage pre-approval from a solid, local lender.
A reliable local lender with a strong reputation for service will help you get your offer accepted and keep your loan on track. So choose your lender wisely. Be wary of lenders with slick marketing campaigns who may not be able to back up their marketing with service. We've seen too many offers fall apart due to lenders who weren't thorough enough with their underwriting or who weren't able to meet the important deadlines of a transaction.
2) Do work with a trusted buyer agent.
A trusted buyer agent is worth their weight in gold. Among many other services, a great agent will manage your search for you, negotiate your offer, attend and negotiate your inspection, and be by your side every step of the way until move-in day. Hiring an exceptional buyer agent costs you nothing and is one of the best decisions you'll ever make.
3) Do read our article on how to write a winning offer.
Very often a seller is interested in more than just getting a nice price, so if you're in a competitive offer situation, you'll want to read our 22 tips for making your offer stand out from the competition. Our article shares plenty of practical advice that will help you write a winning offer. Of course, we always recommend you hire a trusted buyer agent who will help you structure an offer that protects your best interests, too.
Thinking of buying a home in the Madison, Wisconsin area? Check out our buyers' blog for more tips and advice. If you would like a referral to a trusted lender or buyer agent, please contact us and we'll put you in touch with a professional who's a good match for you.
