Madison Condo Market Heats Up - May 2024 The Madison condo market continued its upward trend in May 2024, with both prices and listings showing positive signs. Here's a breakdown of what buyers and sellers can expect: Prices on the Rise Year-over-year increase: Data suggests prices per square foot jumped year-over-year in May, similar to the trend seen in March 2024.  Median and average price growth: The median and average condo sale prices are also anticipated to show growth compared to May 2023. Inventory on the Move Listings up from last year: There may be some good news for buyers. Early indications suggest an increase in new condo listings compared to May 2023. This could signal a slight shift in the market. Inventory remains tight: Despite the increase, condo availability is still expected to be lower than average. Buyer demand is likely to continue exceeding supply. A Competitive Market Multiple offers still common: Be prepared for competition if you're a condo buyer. The high demand may lead to bidding wars, especially for desirable properties. Cash offers prevalent: Expect a significant portion of condo sales to involve cash offers, putting cash buyers at an advantage. Tips for Buyers and Sellers Buyers: Act quickly and decisively when you find a condo that interests you. Consider getting pre-approved for a mortgage to strengthen your offer. Sellers: Price your condo competitively to attract multiple offers in this fast-paced market. Work with a realtor who understands the current market conditions. Stay Informed This blog post provides a general overview based on early indications. To get the latest and most accurate data, consult a local realtor or search for reports from reputable real estate agencies in the Madison area. With the condo market continuing to evolve, staying informed is key for both buyers and sellers. You may click www.realestateguy.net/blog for insightful articles, market updates, and guidance on buying and selling your home.   To begin your home search, https://www.realestateguy.net/buy

30 Reasons Why a Home Buyer's Agent is Your Real Estate Superhero Conquering the real estate market and landing your dream home can feel like a superhero movie – exciting, yes, but also filled with challenges. That's where your buyer's agent swoops in – your personal hero with the skills to guide you through every step! 30 things a great Real Estate Agent will do when you hire them to represent you to transform your homeownership dream into a reality: Think a Realtor doesn't do much?   Well here are 30 things, they do, sometimes quietly behind the scenes to help your home purchese go smoothly.  Finding Your Fortress of Solitude: Needs Assessment They'll be your confidante, understanding your must-haves, budget, and lifestyle to find your perfect fit. Market Mavens: They'll be your market gurus, educating you on trends, neighborhoods, and price points. Personalized Search: They'll be your search engine on steroids, finding listings that align perfectly with your criteria. Hidden Gem Hunters: They'll have access to the MLS and may unearth off-market properties that haven't hit the mainstream yet. Neighborhood Navigators: They'll be your local tour guides, providing insights into different areas, including amenities and commute times. Negotiation Ninjas: CMA Champions: They'll be your Comparative Market Analysis (CMA) experts, determining a fair offer price for your dream home. Offer Architects: They'll craft compelling offers that highlight your qualifications and make you stand out from the crowd. Deal Negotiators: They'll be your fierce advocate, using their negotiation skills to secure the best possible price and terms. Counteroffer Commandos: They'll guide you through crafting counteroffers and navigating seller responses. Market Masters: They'll advise you on the best approach based on whether it's a buyer's or seller's market. Paperwork Protectors: Contract Codebreakers: They'll translate complex real estate contracts into easy-to-understand terms. Disclosure Detectives: They'll meticulously review disclosures to ensure you're aware of any property issues. Deadline Defenders: They'll be your organizational gurus, managing deadlines and ensuring all paperwork is submitted on time. Expert Liaisons: They'll coordinate with inspectors, lenders, and other professionals involved in the transaction. Transaction Taskmasters: They'll ensure a smooth flow of communication and paperwork throughout the entire process. Inspection Insights: Inspector Insiders: They'll provide referrals to qualified and experienced home inspectors. Inspection Companions: They'll attend inspections with you, offering valuable insights and asking key questions. Report Reviewers: They'll help you understand the inspector's findings and prioritize any repairs needed. Repair Renegotiators: They'll work with the seller's agent to negotiate repairs or credits for identified issues. Warranty Warriors: They'll explain home warranty options and help you choose the right one for your needs. Closing the Deal with Confidence: Earnest Money Esquires: They'll advise on how much earnest money deposit to make and hold it securely. Homeowner's Hero: They'll help you secure homeowner's insurance before closing. Closing Cost Crusaders: They'll explain all the closing costs involved and ensure you're prepared financially. Document Deciphering Dynamos: They'll meticulously review the closing documents before you sign on the dotted line. Closing Conquerors: They'll act as your intermediary, ensuring a smooth and stress-free closing experience. Beyond the Sale – Your Continued Support System: Post-Closing Champs: They'll answer any questions you have even after you've moved into your new home. Referral Rangers: They'll provide referrals for reliable contractors, movers, or other home-related services. Market Monitors: They'll keep you informed about market trends that may impact your property value. Long-Term Allies: They'll build a lasting relationship, becoming your trusted advisor for future real estate needs. Welcome Wagon Wonders: They'll celebrate your success and welcome you to your new chapter as a homeowner! (You may Start looking at listed homes in the Madison area Home Search here.   (Stay tuned for Part 2, where we explore 20 more superpowers your buyer's agent possesses! Link in blog) A great place to start with advice is Real Estate Guy, Guy@RealEstateGuy.net  , or Call Guy at 608-513-1123 to discuss your plans.  I'm sure he will have ideas and options.

Can Buying A Home Help my Taxes? in Madison Wisconsin Buying a home can indeed have tax implications, and Madison, Wisconsin, is no exception. Whether it helps or not depends on various factors such as your individual financial situation, local tax laws, and federal regulations. Let's delve into some ways buying a home in Madison, Wisconsin, might affect your taxes.   We are not tax professionals, and it would be safe to consult with a tax professional.  1. Mortgage Interest Deduction: One of the significant tax benefits of homeownership is the ability to deduct mortgage interest from your taxable income. In Madison, Wisconsin, like in most parts of the United States, mortgage interest on loans up to $750,000 for married couples filing jointly (or $375,000 for married couples filing separately) is deductible. This deduction can substantially reduce your taxable income, especially in the early years of your mortgage when interest payments are highest. 2. Property Tax Deduction: Property taxes are generally deductible on your federal income tax return. Wisconsin, including Madison, tends to have relatively high property taxes compared to national averages. The ability to deduct these taxes can be a significant benefit for homeowners come tax time. 3. Capital Gains Exclusion: When you sell your primary residence, you may be eligible to exclude up to $250,000 (or $500,000 for married couples filing jointly) of the capital gains from your taxable income, provided you meet certain ownership and use requirements. This exclusion can result in substantial tax savings if your home appreciates in value. 4. Energy Efficiency Credits: Certain energy-efficient home improvements, such as installing solar panels or energy-efficient windows, may qualify you for tax credits. These credits can directly reduce your tax bill dollar for dollar. 5. First-Time Homebuyer Credits: While federal first-time homebuyer tax credits are less common than in previous years, there may still be state or local programs in Madison or Wisconsin that offer incentives for first-time homebuyers. These could include credits or deductions for closing costs or mortgage interest. 6. Home Office Deduction: If you use part of your home regularly and exclusively for business purposes, you may be able to deduct expenses related to that portion of your home, such as mortgage interest, property taxes, utilities, and home insurance.   It's important to note that tax laws and regulations can change, so it's advisable to consult with a qualified tax professional or financial advisor to understand how buying a home in Madison, Wisconsin, specifically affects your tax situation. They can provide personalized advice based on your circumstances and ensure you're maximizing any potential tax benefits of homeownership.   Convinced that you should be buying a Madison Home?   Let's get started Search for Madison area homes here.