Is Now A BAD Time To Buy A Home In Madison, WI??!!

[@reckersworld9351]

Thanks to your videos I was convinced to visit Madison. I just came back from a week there and it took all my will power to go back home. Madison is a great city with awesome people.

[@livinginmadisonwi]

Glad you liked the city! Any thoughts about moving here?

[@reckersworld9351]

@@livinginmadisonwi I'm thinking about it.

[@LWRC]

What size home is the typical rental home and what does it rent for? I'm somewhat familiar with Madison because I went to the University there many moons ago and curious what things are like today!

[@1lionmurrill]

I would agree if the home prices weren’t overinflated by 50%.

[@lydiabokti3888]

Thank you for your videos. They’ve been helpful. I moved recently to Madison and I’m looking for health insurance it’s just not easy to find an affordable insurance specially when you say Dane county zip code. Any tips? thank you in advance ❤

[@livinginmadisonwi]

Yeah health insurance is so expensive. Unfortunately I don’t have any tips other than call around and get a lot of quotes. Best of luck!

[@christinestrandberg6101]

So only rich people living in Madison. Living in Madison now and looking to leave. Thanks for the knowledge!!

[@LWRC]

If you think living in Mad town is only for rich folks....come to Orange County CA, specifically, the city of Irvine! Our starter homes by the Irvine Company for a 2200 sqft home is about $1.6MM without upgrades! More like $1.8MM when you are ready to sign on the dotted line!!! And don't forget the $1000.00 HOA fees!!1

[@clintfoster23]

I do understand that historically the midwest has not been hit as hard during a downturn in the housing market and that most realtors around the country are denying that a crash is coming due to the limited supply of homes on the market. However, there are an extremely large number of vacant homes not currently on the market (something like 14 million nation wide, likely investment homes that are now losing value) and new mortgage loan applications are occurring at the lowest rate in decades. Given that information along with the myriad of other indicators that seem to be pointing to a fairly large price correction looming for 2023, and perhaps beyond, is the current demand alone really enough to recommend purchasing a home right now? It seems more like a situation where proceeding with extreme caution might be a more fiscally responsible decision.

[@livinginmadisonwi]

Hello Clint, time will tell but the demand specifically around Madison with more and more jobs, retirees moving here to be close to grand kids, big city refugees moving here to raise their family, ect is much higher than the Midwest as a whole. Will/Is appreciation slow? It has but will we see houses see a significant price correction? I don’t think so. Mortgage apps have decreased because rates have been elevated, that will change here in the near future and all the pent up demand that is waiting for lower rates will flood back into the market and prices will take off again. It may be worth waiting, no one knows for sure, but what I’m seeing and experiencing here doesn’t say that so I want to share that with people that are thinking about it.

[@brittanyxox27]

Love your content! Do you know if the Leopold area is a nice area? I haven't found much information about it :/ Thanks!

[@Brandon-jq9sg]

It’s a rough neighborhood, extremely segregated mainly Hispanic & black people

[@brittanyxox27]

@@Brandon-jq9sg sad that it's segregated

[@mikeosmera2251]

My wife and I just moved to Madison as travel nurses and love it here. Currently renting in Sun prarie. We would like to buy a property to eventually turn into a rental. I have enjoyed watching your videos to learn a little bit more about the area. Do you guys go to the REIA meet ups ever? I’m going to try and catch the next one. Thanks again for the great videos

[@livinginmadisonwi]

Hey Mike! Good to hear you landed in Madison! If you want to talk buying a property as owner occupied and later convert to a rental let me know. That’s the best way to get into real estate investing! Joe

[@jackie6903]

You know just enough to be dangerous. Madison is in one of the worst crises in the US. You have no idea what is going to happen.

[@nesmith2621]

I enjoy your videos, but don't agree with everything you say. Real estate, the way you explain it in Madison, is not that cut and dry. There is no longer a seasonality to purchasing a home in Madison. If a property in the 300-450 range goes on the market it already has buyers. Interest rates aren't affecting the market in Madison like other metros. Smaller inventory juxtaposed with a high number of buyers means buyers are still offering above asking for homes. And rates are subjective depending on myriad factors like first time buyers and down payment amounts. Millenials also comprise the most debt-ridden generation ever, many of who have useless degrees and mountains of student loan debt. You also can't have a conversation about home affordability without mentioning the high property taxes in Dane County.

[@dmack696]

You should start making videos too if you know so much about Real Estate here in Madison. That way you can give us all the correct information.