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These tips may have worked in the past, but things in our market have changed. Here’s the outdated advice you should avoid.
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If you’re in the market to buy a home, you’ve probably heard all sorts of advice from friends and relatives about what you should be doing. However, some of the tips you’re being given don’t exactly work anymore in our market, so today we’ll be going over the outdated home buying advice you’ll want to ignore.
“You should wait until prices decrease.” We’ve been in a seller’s market, meaning there are too many buyers and too few homes. As a result, prices have gone up as people compete for listings. So while the advice makes sense, my argument is this: Rent is also high. In almost all cases, you’ll find that renting is more expensive than paying a mortgage, and paying rent means you’re not building any equity. On top of this, interest rates are still historically low. If you miss out on these rates by waiting, you’ll likely be paying more later on.
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Renting is more expensive than paying a mortgage, and paying rent means you’re not building any equity.
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“You should make an offer with room to negotiate.” For most transactions, this doesn’t work well anymore. Homes are selling close to or even above list price, and with multiple-offer situations occurring on many properties, you’re unlikely to hear a response if you don’t make a great or decent offer initially. Look at sold comparable properties with your agent and see what the market value is. If you keep hearing nothing back after submitting your offers, you may run into buyer fatigue and resign yourself to renting for the foreseeable future.
“You should wait for spring.” The time before the spring market is the best time to be out there. By waiting until spring, you’ll be competing with more people than you would be now. So if you can find the right property now, take the opportunity and avoid springtime competition.
“You should make an offer right away.” Yes, it’s important to get an offer in quickly, but you still need to have a comparable market analysis to ensure that what you’re doing is a good idea. It protects you in case it doesn’t appraise or big problems turn up during an inspection.
If you have any questions or would like to learn more, feel free to reach out to us for some answers. We look forward to hearing from you soon.
This 2 bed/1 bath cozy bungalow is nestled into Madison’s East side, just a short walk from Lake Monona.
The living room, which greets you upon entrance, features a wood burning fireplace, built in bookshelf, and well-kept, plush carpeting.
The kitchen, living room, and both bedrooms all provide ample storage space.
Windows throughout invite an abundance of natural light into the home.
The large, fenced-in backyard, which is anxiously awaiting a pet or garden, houses a shed with a roof and vinyl siding, both <10 years old.
Electrical, kitchen features, vinyl siding, and roof all recently updated.
Click here for more details.
Our March Madness Fundraiser is around the corner. Here’s how you can help us help others.
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Want to buy a home? Search all homes for sale.
Today I want to take a break from talking about real estate to present an opportunity for you to make a difference here in Madison. We’re inspired by the work of Second Harvest Foodbank of Southern Wisconsin, the area’s largest hunger-relief charity. That’s why we’ve partnered up with them for our annual March Madness Fundraiser, and we’re looking for sponsors to help make this an even more impactful event.
We’re asking for help in three different areas:
Every dollar we’re able to raise will provide three meals to local families in need. Our goal is to raise $6,000, which would provide 18,000 meals for local families in need. With your help, we can make this goal a reality.
You don’t have to be a business owner to get involved. Here is the link to donate to this campaign.“
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Every dollar we raise will provide three meals to local families.
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If you or someone you know has any interest in being a sponsor, please reach out to me via phone or email and we can discuss how, together, we can help end hunger here in our state.
We appreciate your generosity and look forward to seeing what we can do, as a team, for the Second Harvest Foodbank of Southern Wisconsin.
