Home Buyers Have High Competition
Buying a home in today’s real estate market can be quite competitive. With a current 2.16 months of inventory, home buyers are having a tough time. A balanced market is 6 months worth of inventory, which means the average home will spend 6 months on the market for sale. Scarce inventory, low interest rates on mortgages, and high competition gives home sellers the strong hand in today’s real estate market. On the other hand, home buyers have to act faster, know their highest and best offers, and be ready to compete. Having an experienced Realtor with the right negotiating skills will result in both sides getting a solid deal.
Low Inventory Leaves Buyers Living in Limbo
While we are working furiously to get more homes put on the market for all our home buyers, this will take time. With the break in the weather, Spring is sure to bring about many more homes ready to sell. Unfortunately, not everyone has time to wait. Professionals relocating to Madison for a new job, small families waiting for the ‘just right’ house to come on the market, and empty nesters looking to downsize to the right size house – whatever their situation, some people are in limbo until more homes start hitting the market.
Subletting, A Short-Term Option for Buyers in Limbo
Single Family Home for Sublet
This Madison family is renting out their home for a 10-12 month stretch, ideal for someone in between life moments (such as someone relocating to town). Located in the coveted Atwood neighborhood and close to downtown Madison, UW campus, Lake Monona, parks, cafes, groceries, schools and more.
1838 Jenifer St: $1950/mo rent, 2 beds, 1.5 baths, double sized garage, 1200 SqFt large yard, hardwood floors, original woodwork, gas range, convection oven, and remodeled basement.
More information on SabbaticalHomes.com or contact Ellen at edamschen@gmail.com 540-809-7874.
A few other great resources for someone looking to rent are SabbaticalHomes.com, Craigslist.org (one of our #1 choices to recommend rental hunting), Abodo.com (great if you’re looking for a specific complex to become available), and MadisonApartmentLiving.com
Home Sellers Wanted
If you or someone you know has been talking about selling their home this year, have them get a price assessment of their home by a licensed Realtor®… sooner than later. If they act today, we can give them an idea of what items they need to do to prepare to sell, and what kind of traffic their home will see in this Buyer-concentrated market. Knowledge can’t hurt, but waiting could. Contact a Broker Associate today to get your home value.
