What a ride the COVID market was. We had record low mortgage rates and historically low inventory. Properties selling for unimaginable prices and in a matter of only days, and sometimes with a dozen or more offers.

The pandemic market lasted long enough for many in our line of work to view it as "normal". But it was far from normal. It was overheated and unsustainable due to artificially low mortgage rates -- among other factors. 

The good news

Here in Dane County, the good news is we are actually seeing our local real estate market trending toward a more normal and healthier place: 

Inventory is rising, giving buyers more properties to choose from and more opportunities to negotiate the terms of their offer. It's great to see inspection contingencies making a comeback. 

Marketing times are increasing, giving buyers more time to view properties, more time to ask follow-up questions, and more time to submit their offer. 

Price growth is moderating. Now buyers can tour a home and in many cases expect the home to sell for an amount that is close to the list, or even below the list price. 

Here in Madison, we're getting closer to a market where there is more balance, and more equal give and take between buyers and sellers. It's also a market that is demanding more professionalism and more skill from real estate agents. We'll have more to share on this last topic real soon. Stay tuned.