Wednesday, March 13, 2013

Smoking Hot Seller's Market, The Near Westside of Madison

A lawyer was giving his client some negotiating advice regarding a near west side property the other day. He said, "It's a buyer's market. Come in low with your offer and see what the seller does." What the seller did was they took another offer.... and the lawyer's client is still looking. Time to get out and take a walk around the block. It's a new day out there.  OK, there are buyer's markets but not in the near west side of Madison. Those tried and true neighborhoods located close to everything, with well built older homes are selling like it's 1999...or 2005.   You know the neighborhoods, Westlawn, Nakoma, University Heights, Sunset Village, Westmoreland, Midvale Heights, University Hill Farms to name a few.

Forty eight out of ninety six homes listed on the South Central WI MLS have accepted offers. * That's an incredible number... and not just because the sold homes are exactly one-half of the total. If you own a near west home you can make an offer on another house without selling your house first and know you're moving.  Your house is probably money in the bank. Be careful when you put that sign in the front yard; the couple driving by are probably going to run you over to get inside before the next couple comes down the road and beats them to the door.

Hey, what about the 48 that aren't sold? To live like the other half, the lower 48 need to look close at Price, Condition, and Location. If the condition isn't GREAT, fix it. Smart buyers today are not settling for work you should have done. If the location in the neighborhood isn't ideal....well, you can't move off of an unattractive street, but you can move off of an unattractive price.   There are buyers in the near west neighborhoods for every house. There will be a buyer for the less attractive neighborhood locations--like busy streets, or crummy lots on corners of two streets with double sidewalks to shovel. They maybe can't afford the better locations but they want the neighborhoods and the quality of the house. Check your price if your home isn't sold and you've been on the  market 21 days.



*Data is based on active and pending listings of single family homes in areas w11, w12, w13, w14 of the RASCWMLS at 3:30 PM 3/13/13.


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