Madison’s Condominium Glut
My wife and I have been looking to buy a home since we moved to Madison seven months ago. A small condominium/townhouse complex on the eastern edge of the city has had two units for sale for the past seven months. This photo is of an intersection near the complex:
Sadly, none of the signs refer to the townhouses that have been on the market at least seven months and there’s also a for sale by owner townhouse in the complex as well.
The psychology of buying a home is particularly complex given how expensive the average single family house has become. My wife and I have been looking in a number of markets for longer than we care to contemplate. When prices were too high, we would wonder if the market was at the top and the risk paralyzed our decision making. Now that prices are sliding we’re worried about how much further they will fall. Arghhh!