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Expert: Real estate is a seller’s market right now

MADISON (WKOW) - Have you been itching to sell your home? Experts say now may be the right time to consider, as long as you have a place to move into.

The COVID-19 pandemic hasn't slowed down the real estate market one bit. In fact, it may be hotter than ever. Right now the current home inventory can't keep up with the demand.

"It's kind of a feeding frenzy right now," said Darren Kittleson, Operating Principal and Broker for Keller Williams in Madison.

Kittleson says due to COVID-19, most homes are getting offers before potential buyers even see the home in person.

"The buyer will put up with a lot of things right now because they would like to get a house, meaning they don't have to physically see it before they get an accepted offer," he said. "They may get a condition that they will get to walk through it after the accepted offer and these houses are still getting 5-10, I've heard as many as 36 offers on one property."

Kittleson says Keller Williams and other real estate companies are offering virtual open houses. One agent will get access to the home, go on Facebook Live and potential buyers can request the agent to show of places of focus in the home.

Kittleson says he wouldn't be surprised that the open house the real estate business has come to know may not return in the new normal.

"We're not having 20-30 people going through a house on a weekend afternoon," he said. "It's one agent at the most and it's still getting houses sold."

The current state of the housing market isn't expected to change anytime soon. It's part in due to many buyers thinking that the market wouldn't be as seller friendly as it is right now. The market is so much in the favor of the sellers that many buyers are doing all they can do be the chosen one.

"Here they will typically put up with a fair amount because they want to be the one offer that gets accepted," Kittleson said. "If there are 10 offers on a given Sunday or Monday, only one can get accepted that means there are nine other buyers that go back into the market to compete for the next one."

Kittleson doesn't recall in his 30+ years in the business the market being this seller-friendly.

"Our average sale price and our median sale price here in Dane County is the highest it's ever been," he said. "I don't know if I've seen and this is my 31st year in residential real estate that I've seen values as high as they are right now. The plea to a seller who is maybe thinking of putting a house on the market, I don't know if you'd have a better time to optimize your sale price."

Kittleson says it's anyone's guess when he the market could even out for buyers.

"I wish I had the crystal ball and I could figure that out."

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