Do rising prices have you on the fence about buying a home this year? Reflecting on these 3 questions will help you evaluate whether or not it's the right time for you to pursue your dream home. 

Three key questions for home and condo buyers in 2021

#1: Would you have peace of mind if you found the right home in 2021? In other words, would moving to a new home eliminate a worry in your life and put your mind at ease? 

#2: Would you have financial peace of mind? Put another way, could you comfortably handle your monthly payment at this year's prices? 

#3: Would you be excited? Would your heart sing with joy even though you're paying more for your home than you hoped for? 

If you can answer "yes" to all three of these questions then that's a sign it's time to move forward with your homeownership goals. If you can't answer yes to all three, then right now may not be the time to buy.

Where are Dane County real estate prices headed from here? 

As we covered in a recent blog post, we believe local supply and demand trends favor more price appreciation in the years ahead. In the bigger picture, our country's large population of millennials is maturing from a generation of renters to a generation of homeowners, so we expect the demand for housing will be strong for many years to come.

It's nearly impossible to time the market, but here in Dane County we can count on supply being tight and demand being strong for the foreseeable future. Over time, we believe the Madison area real estate market will prove to be a great long-term investment for those who take the leap into homeownership.

A special thanks to realtor Tony Tucci for his contributions to this article. Tony is a generous friend to our team, and a true pro in our market.