Hey, everybody. Mark Gladue, listing specialist and broker associate with Lauer Realty Group here in Madison, Wisconsin. Today, I want to talk to those of you who have been thinking about either downsizing or moving up to the next home.

So maybe right now you're moving up because you don't have the ideal space, you're not in the location that you'd like to be, or you'd like to have a little extra room or to have a pool or something like that. Maybe you're downsizing because you know that it's time to move into a condo, get rid of some of the stuff you have, and do all that.

This is for all of you out there. I wanna talk to you about three things that are really important right now for you to understand the first is interest rates. So think about it. 2015, I refinanced into a 15-year mortgage at 3.25%, and I thought, wow, I'm never gonna get a rate like this.

Well, now I could get a rate of 2.5%, maybe 2.65%, on that 15 -year mortgage. Think about the money that I would save. Right? So interest rates are really important. It now the next is inventory.

So in Madison, right now, we have anywhere between 250 to 270 homes that are on the market at a given time. And those are being gobbled up by as many people as we can count. That's because every single time I go to write an offer, I feel like I'm in competition with somebody and they're or four, the seller is getting more money than they ever imagined.

So, I go into these seller appointments and I say, “Hey, I think we can sell your home for this”. And then they get this. And they're like, oh my gosh, I never would've thought. So your equity matters.

The third part is this. So let's say all of these people have refinanced or all of these people have purchased. And their interest rate is below that 3%. What do you think they're gonna do? Well, unless they need to, they're not gonna move because they have these numbers. And that means they are set for a long time.

So if you think about moving up or downsizing, you may want to think about doing it sooner rather than later, because once the economy starts to go up, then those interest rates are gonna start to go up.

If you've been thinking about making a move, you wanna make a change, or you just have questions, please reach out to me. I hope you guys are doing well.

I’m Mark Gladue, and I’m glad you stopped by.