Madison realtors: Housing market is ‘the perfect storm’ with more buyers than sellers

Madison realtors: Housing market is ‘the perfect storm’ with more buyers than sellers

Longtime Cross Plains resident Michelle Karls knew something had to change.

“I lived in my condo — it was a two bedroom, one bath — with my daughter. I’m a stay-at-home mom (and) she’s 12 years old. I got tired of sharing a bathroom with her because she’s into experimenting with makeup and that stuff,” Karls said.

Karls’ initial plan was to move in with her parents, but instead, she came into contact with Patrick Sierra, a realtor with Stark Company Realtors.

“Everything just kind of fell into place,” Karls said.

With Sierra’s help, she found a large space, close to her daughter’s school, but there was a problem, and it’s one that several homeowners are running into lately.

“They had already had an offer on it, but Patrick encouraged me to put an offer in anyway just to see,” Karls said.

Karls said she put in an offer that was smaller than the one already on the table, but got the home after suggesting a rent-back.

“(That’s) so they wouldn’t have to move out right away when we closed,” Karls said.

Area realtors say that’s one of the many creative solutions buyers have to consider right now.

“What we’re seeing a lot of is competing offers. Homes going on the market, you’ll see a lot of realtors advertising no showings until the open house (or) all offers being presented at 5:00 p.m. Sunday,” Sierra said.

Sierra said it’s all happening because the housing market is booming, with greater demand for homes and fewer people wanting to sell.

“The nationwide market itself is on a recovery since the last market crash,” Sierra said.

Another realtor, Jason Geiger, owner of Geiger Realtors in Madison, said the market is also being boosted by the city’s continued development. He said if you’re looking to buy, there are certain steps to take.

“Have an experienced agent on your side. It’s very crucial to have an agent on your side working with you, looking every day for properties. You (also) want to be preapproved. There’s no time to get financing after you find a house,” Geiger said.

Geiger said something else to consider is that the price of homes has significantly increased in the past 19 months. Toward the end of 2015, it was a median cost of $219,000 and today it’s about $250,000. Those selling for that amount are getting top dollar, and sometimes even more with bidding.