5 ways to jump into the competitive housing market in Madison

Dan Spransy, owner and broker at Realty Executives Cooper Spransy, stopped by NBC15 News at 11 to talk about five ways first-time home buyers get get prepared to buy in the competitive housing market in Madison, Wis.

Spransy said the Madison market is at a historic low since tracked over 30 years ago.

Tip No. 1: Find the best realtor for you and your needs.

Make sure to "click" with the agent on a personal level, but more importantly, make sure they ahve the experience needed to help find your home.

Tip No. 2: Be prepared to compromise.

Spransy said chances are, first-time home buyers are not going to find the "perfect" home. Make a list of compromises on what you can and can't live without.

Tip No. 3: Find a good mortgage lender.

It's important to work with a lender who is responsive, easy to work with and fast. Ask the realtor for suggestions, as they know the "good from the "bad," which is important for making the process as smooth as possible. The lender should have a good reputation.

Tip No. 4: Make a strong offer.

Any new home-buyer will want to win over the seller from the beginning, especially in a competitive and fast-moving market like Madison. Also, lead with your highest and best offer out of the gate, especially when it means going over the listing price, according to Spransy.

Tip No. 5: Don't be afraid of technology.

Apps like Zillow, Trulia and Redfin have been improved through the years, and are now good resources for anyone buying or selling. Make sure to check out the market and refine the search to accommodate "must-haves."