The Douglas 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 released a report showing that 2020 is beginning with the lowest available housing stock in two years. The report explains:
“Last month saw the largest the most important the biggest year-over-year decline of housing inventory in almost three years with a dramatic 12 p.c decline, pushing the number of houses on the market in the U.S. to the lowest level since January 2018.”
The report additionally revealed that the decline in inventory stretches across all price points, as proven within the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in accessible properties on the market comes at a time when extra buyers are anticipated to enter the market:
“The market is fighting a large housing undersupply just as 4.eight million millennials are reaching 30-years of age in 2020, a main age for many to purchase their first house. The significant stock drop…is a harbinger of the continuing imbalance expected to plague this 12 months’s markets, as the variety of homes on the market are poised to succeed in historically low ranges.”
The question is: What does this mean to you?
If You’re a Douglas County Home Buyer…
Be patient throughout your property search. It could take time to discover a house you’re keen on. Once you do, nonetheless, be ready to move forward quickly. Get pre-approved for a mortgage, be able to make a competitive offer from the beginning, and understand that a} shortage in stock might lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, in case you actually love it.
If You’re a Douglas County Home Seller…
Realize that, in some ways, you’re in the driver’s seat. When there is a scarcity of an item on the similar time there is a strong demand for that merchandise, the seller of that merchandise is in position to barter. Whether it is price, transferring date, doable repairs, or anything, you’ll have the ability to demand more from a possible purchaser at a time like this – especially if you have a number of interested buyers. Don’t be unreasonable, however perceive you probably have the higher hand.
The Douglas County housing market will stay sturdy all through 2020. Understand what that means to you, whether you’re shopping for, selling, or doing both.