The Dodge County real estate market is expected to do very nicely this yr as mortgage rates remain at historic lows. One problem to the housing industry is the lack of homes out there for sale. Last week, move.com launched a report showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains:
“Last month saw the largest the most important the biggest year-over-year decline of housing inventory in nearly three years with a dramatic 12 p.c decline, pushing the number of houses for sale in the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in stock stretches across all price points, as shown within the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in obtainable homes for sale comes at a time when more buyers are expected to enter the market:
“The market is combating a large housing undersupply simply as 4.8 million millennials are reaching 30-years of age in 2020, a chief age for a lot of to purchase their first home. The numerous stock drop…is a harbinger of the continuing imbalance expected to plague this yr’s markets, because the variety of homes on the market are poised to achieve historically low levels.”
The question is: What does this mean to you?
If You’re a Dodge County Home Purchaser…
Be patient during your house search. It could take time to find a dwelling you’re keen on. When you do, nonetheless, be prepared to move ahead quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a} scarcity in stock may lead to the resurgence of bidding wars. Calculate just how far you’re keen to go to secure a home, should you truly adore it.
If You’re a Dodge County Home Seller…
Realize that, in some ways, you’re in the driver’s seat. When there’s a scarcity of an item at the same time there’s a sturdy demand for that item, the vendor of that merchandise is in an excellent place to barter. Whether it is worth, moving date, attainable repairs, or the rest, you’ll be capable to demand extra from a potential purchaser at a time like this – particularly if in case you have a number of consumers. Don’t be unreasonable, however perceive you most likely have the higher hand.
The Dodge County housing market will stay robust all through 2020. Understand what that means to you, whether you’re buying, selling, or doing both.