Lately whenever I meet someone that finds out I am a Realtor, I seem to get the same response.
Picture it:
Head tilted to side, light touch on the arm, followed by "So how are you doing?" in a tone that is more sympathetic than supportive. In reality, I'M DOING GREAT!! :)
While I appreciate the concern that the general public has, please know that most of the public's view on real estate is based on media reports. The media reports are based on the S&P Case Schiller Index, which is an index comprised of 20 metropolitan areas throughout the United States. During the housing boom, the Madison area, while experiencing strong growth, did not entertain the double digit appreciation that other major metropolitan areas experienced. Likewise, Madison is not experiencing the major decline that other areas are now experiencing.
Per the SCWMLS, in Dane County from October 1, 2007 through December 31, 2007, 465 listings sold, with average days on market of 91. By all accounts, that is an average market. Unfortunately, over the last several years while experiencing a somewhat 'hot' market, we were conditioned into homes selling in less than 30 days. While most market segments are selling in right around 90 days (an average market), there are some segments that are more or less appealing, hence shorter or longer days on market. Nonetheless, in the Madison area it seems that the right house, in the right neighborhood, with the right price and good marketing on the part of your Realtor, will continue to sell without problem. If it's not, then revisit your price, location, condition, and marketing. The answer will be found there.
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