As of this writing, the rate for a 30-year fixed rate mortgage is at about 4.5% (for a real-time update on mortgage rates, click this link). This is a jump up from where the rate has been over the last several years, but still very low by historical standards.

How will higher mortgage rates impact the Madison real estate market? 

In the short-term, higher mortgage rates are creating some uncertainty, especially for buyers whose financing budget is tight. In the long-term, we believe higher rates will prove to have a positive impact on the market. Madison area real estate prices have been rising at an unsustainable pace, and higher rates are needed to temper that growth.  

Do you have questions about how higher rates will affect your purchase

A few days ago a prospective out-of-town buyer contacted our team about buying a home in the Madison area. He had been researching properties online and created a list of 20 homes he wanted to visit in person. We quickly checked on the status of each property and determined 18 of the listings already had an accepted offer. In other words, 90% of the properties on this buyer's list were already under contract and scheduled to close with another party.  

Mr Buyer was surprised to learn that so many of the properties on his list would be selling to other people. It was tough news for him to swallow, but a good example for others on how competitive the Madison real estate market has become.

Our advice for buyers in 2018

If you'd like to avoid the

It's a jungle out there for buyers in this year's real estate market. Madison area home and condo listings are at historically low levels, and we fully expect this to be the "new normal" for the next several years. Consequently some buyers are struggling in 2018 because they don't have the right tools, the right mindset, or the right agent to effectively compete. If you're planning to buy this year, here are 4 steps you should take right now to effectively compete in our low inventory market. 

4 steps for buying in a low inventory market

#1: Write down your goal and commit to it. For example, "By June 30th, purchase a 4-bedroom home for under $500,000 in the Middleton School District." Then re-visit your goal and work on it everyday. You're much

It's only February 15th, but the hot Spring real estate market has officially arrived to Madison, Wisconsin. Talk to any local REALTOR and they will tell you that the competition is fierce for a limited supply of properties. Our latest market data provides some great insight into the current inventory, sales, and price trends in Madison. 

The Madison single family home market

Here's a quick overview of the Madison single family home market. 

Single family home inventory

Single family home supply continues to trend toward new historic lows. Right now there are only .7 months of supply available for sale on the MLS  - down from .9 months at the same time last year. Active MLS listings are down 25% from a year ago, and an amazing 52% of all

Buying a home is a several step process, and it begins before you even look at potential properties. Laurie Ellis-Mcleod, president of AERIE Preferred Financial Group, offers 6 tips to prepare you to buy this spring:

1. Don't dip into your retirement funds.  "You can't finance retirement. You need to rethink your plan to buy if you have to dip into your IRA or 401K to make it happen," says Laurie.

2. Watch your spending.  You don't want to hurt your credit during this crucial time. Avoid the temptation to close an account, open a new one, or make a large purchase. Your lender will be looking at all of these things, and any one of them could negatively impact your credit score.

3. Make sure you understand the full cost of ownership. Talk with your

In  2017 our real estate team helped 45% of our Madison area home-selling clients receive multiple offers on their listing. In 2018, our clients are way ahead of that pace with one recently receiving a whopping 14 offers to purchase. Great things happen when sellers receive multiple offers. Below are 5 reasons why we aim to attract competing offers for each and every sale. 

5 reasons to attract multiple offers

#1: Multiple offers help sellers attract the highest possible price. Just like an auction, the price goes up when buyers compete against each other. 

#2: Cash offers are more common when buyers compete. Heavy competition greatly increases the odds that one or more buyers will submit an offer without a financing contingency. For those

We've been meaning to address this topic for awhile because there are some buyers in the Madison area who are trying to purchase a home or condo by working directly with the listing agent. Rather than hire a good buyer agent, these buyers are searching for properties online and then calling listing agents to schedule a private showing. Although this approach sounds simple in theory, it usually doesn't work. Below we share a few reasons why you shouldn't try to buy a home directly through the listing agent. 

Why you shouldn't try to buy a home through the listing agent

#1: Your search usually isn't focused on the right properties. If you're doing your own property searches online, then chances are you are focusing on many of the wrong listings.

Last year we helped 50 Madison area clients sell their home, condo, or investment property. It was a good year for business, and a great year for results. In 2017 we were very focused on helping our clients sell for the highest possible price and in the shortest amount of time. Here are some of the strategies we used to achieve these results in 2017. 

Selling listings quickly and for a high market price

#1: Establish a "no budget" policy for each marketing plan. 

In other words, each listing receives its own customized marketing plan designed to produce the best results. We're huge believers in planning, preparation, and the creative process. Great things happen when we collaborate and get creative with our clients. 

#2: Implement

Why do you absolutely need a good buyer agent in the 2018 Madison real estate market? The answer comes down to three words: Historically Low Inventory. As our latest home report shows, Madison single family home supply is now below 1 month of inventory.

In the Madison condo market, inventory is down to a historically low 1.2 months of supply. 

How does historically low inventory impact buyers? 

In a low inventory market, the best properties sell very quickly. That means in today's market the buyers who rely on their own internet searches to find properties and schedule showings usually miss out on the opportunity to buy. Very often they're distracted by properties that already have an accepted offer (hint: this is a very common theme for

A 3 dimensional "dollhouse" tour is a wonderful way to show off a luxury property or perfectly staged home. In a dollhouse tour, the viewer uses the arrow keys on a computer keypad to navigate the property virtually, glimpsing 360 degree views of every room. For some recent examples from our own listings, take a look at the 3 dollhouse tours below, all of which were produced by Justin Lackner.

9th floor Nolen Shore Condo

This dollhouse tour does an excellent job of conveying the panoramic Lake Monona views spanning the dining room, living room and master bedroom of this perfectly staged condo. Take control of this tour yourself and try zooming into the lakefront view. With this up-close look, you're able to obtain a very realistic view of Lake