2023 will be a year of uncertainty.  Financing options and education for buyers will be paramount. Last year the Federal Reserve took action to combat the highest inflation increase in 40 years.   In response to those efforts, we all witnessed conforming mortgage rates jump rapidly, from record lows in 2021 to the greatest increase in decades topping 7%.  Buyers realized the hit to their purchasing power as a result and many put a hold on purchasing a new home all together.   With the Feds efforts we are starting to see results.  Secondary market rates have settled in the low 6% range over the past month or two.  If some economists…

Friends of Restaino and Associates-I hope this holiday season finds you safe and healthy!  Last year at this time, I wrote about what a wildly competitive market 2021 had been.  I think most would agree, 2022 has been a challenging market for our clients, specifically on the buy side.  My name is Joe Boyle, and I am a Producing Branch Manager with Cornerstone Home Lending here in the Madison, WI area.  Thank you for reading some of my thoughts below. Shifting Markets-The Roller Coaster 2022 started out with a bang, not slowing down at all from 2021!  Low rates to begin the year coupled with low inventory proved to be…

At UW Credit Union, we’re here to help everyone achieve their homeownership dreams. Here’s a synopsis of market conditions, along with tips to help buyers reach their goals with confidence. Reaction to rising rates Fannie Mae reports that most Americans feel now is a good time to sell a home. Here are highlights from the most-recent Home Purchase Sentiment Index: 17% of Americans say it’s a good time to buy 76% of Americans say it’s a good time to sell 70% of Americans think mortgage rates will increase in the next 12 months 81% of Americans are not concerned about losing their job 26% of Americans say their household income…

Typically, we expect to see the housing market cool off along with the weather this time of year. That’s not the case this year though! We are seeing a strong seller’s market continue into the Fall months, outpacing the same time period last year. Despite the challenges that Covid has thrown our way, home sales (and prices) continue to climb. Home sales increased almost 26% percent over this time last year. Home prices increased almost 10% percent over this time last year. Surprisingly, there were more homes listed for sale during the last 2 months than the same time period last year, but higher home sales negated any possible inventory…

Market Update October 2020 Here’s how real estate performed across the southern part of our state this year, according to the RASCW’s statistical reporting… If you would like to download the full report, including interest rate forecasts and stats by county across the region, please use the link below: Get the Full Report

Home Sales Single family and condo homes sales were down about 6% compared to the same time last year. Undoubtedly, this is due to the lower inventory of homes for sale that our market continues to deal with. Inventory Inventory remains low for single family and condo homes in Dane County. Prior to COVID affecting real estate sales (and practically everything else in our lives) inventory was already low in the Dane County area. Even though sellers are starting to return to the market, inventory is tight and buyers face competition for the homes that are available. Home Prices The average sale price for sold homes over the past month…

Home Sales Home sales in Dane County, for single family and condo homes, remained lower this month than this time last year. Home sales were down almost 100 units, or about 10%, which is likely due to our area’s persistent inventory shortage. Inventory Inventory remained steady (though low) for single family and condo homes in Dane County this month. With inventory sitting at just under 2.5 months of supply, competition for homes can be fierce – especially in the average home price range. Home Prices The average sale price for sold single family and condo homes in Dane County this past month was $361,520. That’s a $38,287 increase over the…

Home Sales Home sales in Dane County remained lower this month than this time last year. In June of 2019 there were 962 single family and condo homes sold. This past month saw 779 single family and condo homes sold, representing a 19% decrease. Inventory One of the driving factors behind decreased home sales is low inventory. Inventory for single family and condo homes in Dane County remained largely unchanged from last month, and continues to hover around two months of supply. Home Prices The average sale price of single family and condo homes in Dane County for June of 2019 was $345,740. The same value for June of this…

Home Sales Home sales were down about 25% from this time last year. This is not at all surprising, given the continuing COVID-19 situation and tighter housing inventory. Only 651 homes (condo and single family) sold in Dane County the past month, compared to 871 homes in the same categories last year. Inventory Inventory has hovered around the 2 month mark, and we are still in what is considered a “seller’s market”. Inventory for May 2019 was 2 months of supply, while this past month saw inventory levels of 2.39 months of supply. Home Prices The average sold price of single family and condo homes in Dane County was $343,303…

The month of May sees us entering the second month of the safer at home order in our area. While it’s likely had a significant impact on your lifestyle, what impacts has it had on our local real estate market and how we work? We’ve definitely seen a decrease in real estate activity since the start of this public health crisis, but business is still moving. Thanks to the technology and modified practices available to our agents, homes are still being listed and sold, even if they are fewer in number. Our inventory has gotten tighter, as some sellers are holding off on listing their home until things stabilize with…