The Dunn County real estate market is expected to do very nicely this yr as mortgage rates stay at historic lows. One challenge to the housing industry is the shortage of houses 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 stock in virtually three years with a dramatic 12 % decline, pushing the number of properties on the market in the U.S. to the lowest stage since January 2018.”
The report also revealed that the decline in stock stretches across all price points, as proven in 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 expected to enter the market:
“The market is fighting a big housing undersupply simply as 4.8 million millennials are reaching 30-years of age in 2020, a primary age for a lot of to buy their first home. The significant stock drop…is a harbinger of the persevering with imbalance anticipated to plague this yr’s markets, as the variety of houses for sale are poised to reach traditionally low levels.”
The question is: What does this mean to you?
If You’re a Dunn County Home Buyer…
Be patient during your house search. It could take time to discover a house you like. When you do, nonetheless, be ready to maneuver forward shortly. Get pre-approved for a mortgage, be ready to make a competitive offer from the beginning, and understand that a} scarcity in inventory could lead to the resurgence of bidding wars. Calculate just how far you’re prepared to go to secure a home, in the event you truly love it.
If You’re a Dunn County Home Seller…
Understand that, in some ways, you’re within the driver’s seat. When there’s a scarcity of an item on the same time there is a sturdy demand for that merchandise, the vendor of that item is in an excellent place to barter. Whether it is price, shifting date, possible repairs, or anything else, you’ll be capable to demand more from a potential purchaser at a time like this – particularly when you have multiple buyers. Don’t be unreasonable, but understand you most likely have the higher hand.
The Dunn County housing market will stay strong throughout 2020. Understand what that means to you, whether or not you’re shopping for, selling, or doing both.