All right, let’s walk through the numbers and data for February on small multifamily in Dane County. You can do the math; Dane County inventory is still pretty low, even though it’s kind of trending out.
So, let’s take a look. Here’s the first thing that I think is interesting: the median list price is jumping. There are a few reasons for this, but the biggest one is we’re going into spring. However, what’s interesting is that while we’re listing high, where they’re selling is down here. Let’s move on to pending transactions. This is where the average pending sale is, and if you go down a little bit, the average sale price is up, but it’s an interesting metric to consider. We’re listing high as we move into the right market, so everything is up a bit.
Inventory is rising, which is common when moving into springtime. It’s going to be easier to get renters in, so think about that. But here’s what’s important to notice: if you are doing the work to find off-market deals, you’re getting a better deal. This is based on sold public records versus actual sales. Taking the time to list it with a realtor who knows what they’re doing in that area is probably worth your time. I didn’t do the math on the percentage there, but the difference between off-market versus sold listings is pretty sizable.
If you’re looking into this, check out WisconsinHouseHacking.com. Our team of realty experts over there can help you navigate these waters and get the highest and best use. Also, if you didn’t know, we find the buyers for that. We find house hackers, which is a nice thing about using people who want to house hack. If you’re in that one to four or the two to four-unit range from a multifamily perspective, you can actually get a higher rate versus selling it to an investor because those people, since they’re getting better financing and all the first-time homebuyer incentives, usually get a better deal on that and will be living in it as their primary residence.
So, think about that as you’re doing that when you’re thinking, “What am I going to do with my property or getting ready to move it?” We handle both sides of that transaction and help you navigate the waters, whether you’re buying or selling. We help with running the numbers, getting a formula in place, so that you can make a good decision on that.
Anyway, hit us up. Contact us—call, text, whatever you’re into. Happy to help. Cheers.