MADISON, Wis.— The real estate market is crazy competitive right now, partially because of the pandemic.
It’s not news to people who have been trying to buy a home over the last year or so: Inventory is low, and demand is high, leading to lots of heartbreak for would-be homebuyers. Realtor Matt Winzenried has seen it over and over again. In just one weekend there could be 100 showings and 15 bids on just one property.
“It’s just gonna be another bananas year,” he said. “I think there’s this big pool of buyers that are out early, and the limited amount of homes that are on the market are just getting all that activity.”
That intense competition is happening everywhere.
“Values kept going up this past year. Interest rates were low,” Winzinried said. “We had an incredible year, not only our team specifically, but just the housing market in Dane County, statewide and nationwide.”
With people spending more time at home, people want to love where they live. That increases demand. Others are looking to get out out of renting, which also increases demand. Meanwhile, some are choosing to remodel their current home to try to make it work, lowering the inventory of homes on the market.
“The couple I met yesterday, they’re first time homebuyers. In the area that they’re looking; they’re looking for under $400,000,” he said. “Nothing, nothing’s available for them to go look at.”
Winzenried said more homes should come on the market throughout the spring. Normally Super Bowl Sunday is when the market starts to heat up, but this year, it’s like it never slowed down.
“Sellers are sitting pretty,” he said. “It’s a great time to be in that position.”
His biggest advice to buyers is to get pre-approved for a mortgage, and secure a realtor.
“I’m a little biased, as a realtor,” he said. “If you tried to do any of this on your own right now, it’s just… I don’t know how you can do it, just given how fast things are moving. You need to make sure you’re seeing these properties the minute they hit the market.”
Most of all, he said to be prepared for the rollercoaster.
“Let’s be patient, we don’t need to panic by any means. But it’s nice to be prepared,” Winzenried said. “When the right home does hit the market, we are going to want to go out there and see it right away.”
