In this episode, we invited our friend, realtor Lindsay Koch to talk about the housing market, especially in the Madison, WI area. Madison has been voted one of the top places to have a family, best cities to live, etc. many times. People choose Madison for the healthy job market, surprisingly diverse restaurants, vibrant yet still cozy city feel, and the ever-beautiful lake views. For years, the supply and demand have been quite off in the Madison housing market due to a couple of reasons: people are moving from bigger cities to Madison since remote working seems to be a permanent thing for some of us, and this has brought some “big players” to town. In addition, baby boomers are buying in cash to downsize, and their demand has clashed with most first/second-time millennial buyers. As a result, the housing prices have increased massively, and don’t seem to want to slow down. Waiving all kinds of contingencies and having 30+ offers are still very much a daily occurrence. The team asked about Lindsay’s experience with buying vs building. If you want to have a custom-built house right now, expect 18-24 months of construction time, and know that a construction loan is very different from a traditional mortgage. Your final building price may be uncertain until your closing date. Tim and Lindsay closed the episode with this: in this crazy market, if you are a buyer without an unlimited cash budget, the only weapon you have is – patience. Understanding that you might need to wait a while, and you may not get 100% of what you want, are crucial in this emotionally-draining process.
