The Ashland County real estate market is predicted to do very nicely this yr as mortgage rates remain at historic lows. One problem to the housing industry is the shortage of properties available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest accessible housing inventory in two years. The report explains:
“Last month saw the largest the most important the biggest year-over-year decline of housing stock in almost three years with a dramatic 12 % decline, pushing the number of properties for sale within the U.S. to the lowest degree since January 2018.”
The report additionally revealed that the decline in inventory stretches across all price points, as shown in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in obtainable properties on the market comes at a time when more buyers are anticipated to enter the market:
“The market is struggling with a large housing undersupply simply as 4.8 million millennials are reaching 30-years of age in 2020, a major age for many to buy their first dwelling. The significant stock drop…is a harbinger of the persevering with imbalance expected to plague this year’s markets, as the number of homes on the market are poised to reach traditionally low ranges.”
The question is: What does this mean to you?
If You’re a Ashland County Home Purchaser…
Be patient throughout your home search. It may take time to discover a residence you like. Once you do, however, be ready to maneuver forward shortly. Get pre-approved for a mortgage, be able to make a competitive offer from the beginning, and understand that a} scarcity in stock could result in the resurgence of bidding wars. Calculate just how far you’re prepared to go to secure a house, in the event you really like it.
If You’re a Ashland County Home Seller…
Understand that, in some ways, you’re within the driver’s seat. When there’s a scarcity of an merchandise on the same time there is a strong demand for that merchandise, the vendor of that item is in an excellent position to negotiate. Whether or not it is worth, shifting date, attainable repairs, or the rest, you’ll be capable to demand extra from a potential purchaser at a time like this – especially if you have multiple buyers. Don’t be unreasonable, but understand you most likely have the upper hand.
The Ashland County housing market will remain sturdy all through 2020. Understand what that means to you, whether you’re buying, selling, or doing both.