Buy Real Estate and Wait


Have you heard the quote “Don’t wait to buy real estate, buy real estate and wait”?  This couldn’t be more of an accurate statement given the Greater Madison area market over the past few years. Since COVID, the average home in Madison has seen an astonishing 47% price increase- that’s in just 3 years, beating all major midwestern cities across Wisconsin, Minnesota, Illinois and Iowa. This is cited from Lawrence Yun, the chief economist of the National Association of Realtors. He shared this staggering statistic a few weeks ago while recapping data from 2023 and projections for 2024 - you can imagine the gasps heard across the room! 

If you’re one of the hopeful homeowners who wants to continue to wait it out for prices to come down, unfortunately all signs point to this not happening. In fact, purchasers who put their search on pause 3 years ago, are now seeing what was once a $300,000 house in 2021 cost $441,000 today. Where will this be 3 years from now? 

On the flip side, if you chose to compete in that market and reap the benefits of homeownership, you now have earned a tremendous amount of equity just by waiting. If you’ve done strategic improvements, that nest egg is likely even higher. Better yet, if you’ve worked with our team to identify key projects to do to improve your return when it’s time to sell, you’re definitely sitting on gold. 

It can be scary or intimidating to feel like you’re making a wise decision when writing an offer on a house and having to compete with SO many others, or perhaps at an interest rate you don’t favor. However, the data shows that local real estate continues to outperform expectations, making it an incredible tool to build generational wealth for you, your family, and future generations to come. 

Posted by Alison Crim on
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