Madison Wisconsin Homes and Real Estate: Middleton is Destination of Choice

Wednesday, March 21, 2012

Middleton is Destination of Choice

Middleton, Wisconsin is a hot destination for relocating home buyers today. Part of the drive is pent up demand of persons who moved to the area 12 or more months ago and rented before buying. Their time was well spent discovering and researching the market, schools, neighborhoods, housing stock, and commuter routes. These well prepared people are making offers from a place of knowledge and their offers are getting accepted. Times they are a changing.

The consumer of real estate services is a much sharper and cautious consumer in 2012. Home owners who know the reality of their situation (All markets are not buyer markets and home prices are not all down and out) are able to negotiate reasonable prices for their homes and purchase another home at a fair price and an unfair interest rate...if financing is even necessary. The relocating buyer comes to town well schooled in price points, but without the sharper eye of someone on the ground to guide them. We see over and over where well qualified buyers are losing out on their first choice home because they believe they have no competition; not a correct assumption in Middleton. People who are not otherwise motivated to move off the fence stack up until somebody gives them a reason to jump in. All it takes is one person to try to acquire a property at below fair market value and other ready, willing, and able folks will make offers in line with recent sales.

In the first 10 weeks of this year 61 homes in Middleton are showing on the SCWMLS as sold or pending. Forty one of those are over $250,000. It looks like the high demand is between $275,000 and $565,000.

To get a good look at homes selling in your neighborhood and homes offered for sale, use one of these sites:
Zillow, Trulia, Homes, or even Tom Meyer. Once you get the big picture, you are free to look to me to sharpen your view. It doesn't matter to me if you are staying, selling, or just looking to evaluate your current assessment. I'm a resource for anyone who wants to make a smart real estate related commitment.

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If Not Sold in the First 30 Days, Successful Sellers Conceded The Price

Through Mid-September, thirty seven percent (37%) of 126 home owners who sold in 2010 sold without making a single price concession. They typically attracted a buyer within 40 days of going on to the market. These successful owners conceded little on price as they sold for about 97%-98% of asking price.

Those who counted time on the market by months or even quarters eventually sold for an average of 91% of their initial asking price. Price reductions improved their success opportunity. Once their price was reduced to a price favorable to a buyer, the time on the market was short--about 34 days from last price change to accepted offer.

See September 20, Buyer Enticing Pricing

Disclosure

The source of data: South Central WI MLS Type of data: Single family homes and maybe condos and maybe other Areas: Madison and other areas such as McFarland, Shorewood Hills, Middleton, Maple Bluff, Oregon, DeForest, Cross Plains, Dane County, Fitchburg, Verona, did I say Middleton? Dates covered in these blog posts: January 2010 and continuing.

All comments are the relatively well thought out opinions of Tom Meyer. Those opinions are not necessarily shared by Restaino & Associates, other brokers, or the national, local, or state associations of Realtors... in fact, they may be significantly different.