The Columbia County real estate market is anticipated to do very nicely this year as mortgage rates remain at historic lows. One challenge to the housing industry is the shortage of properties out there on the market. Last week, move.com released a report showing that 2020 is beginning with the least obtainable 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 virtually three years with a dramatic 12 % decline, pushing the number of properties for sale in the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in stock stretches throughout all price points, as shown in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in obtainable properties for sale comes at a time when extra consumers are expected to enter the market:
“The market is combating a big housing undersupply just as 4.eight million millennials are reaching 30-years of age in 2020, a first-rate age for a lot of to purchase their first house. The numerous inventory drop…is a harbinger of the persevering with imbalance expected to plague this yr’s markets, as the variety of homes for sale are poised to achieve historically low levels.”
The question is: What does this mean to you?
If You’re a Columbia County Home Purchaser…
Be patient during your own home search. It may take time to discover a house you’re keen on. Once you do, nonetheless, be prepared 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 lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to safe a home, in the event you really love it.
If You’re a Columbia County Home Seller…
Understand that, in some ways, you’re within the driver’s seat. When there’s a shortage of an item at the same time there’s a robust demand for that merchandise, the seller of that merchandise is in position to barter. Whether it is value, shifting date, potential repairs, or the rest, you’ll be capable to demand more from a possible purchaser at a time like this – particularly in case you have a number of buyers. Don’t be unreasonable, but understand you most likely have the upper hand.
The Columbia County housing market will stay sturdy throughout 2020. Understand what that means to you, whether you’re shopping for, selling, or doing each.