The Eau Claire County real estate market is predicted to do very nicely this 12 months as mortgage rates remain at historic lows. One problem to the housing industry is the lack of properties out there on the market. Last week, move.com released a report showing that 2020 is starting 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 almost three years with a dramatic 12 percent 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 properties on the market comes at a time when more buyers are anticipated to enter the market:
“The market is fighting a large housing undersupply simply as 4.eight million millennials are reaching 30-years of age in 2020, a first-rate age for a lot of to buy their first home. The numerous inventory drop…is a harbinger of the persevering with imbalance anticipated to plague this yr’s markets, because the number 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 Eau Claire County Home Purchaser…
Be patient during your property search. It could take time to find a home you’re keen on. When you do, nonetheless, be ready to move forward rapidly. Get pre-approved for a mortgage, be able to make a competitive offer from the beginning, and understand that a} shortage in stock could lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to safe a house, should you really love it.
If You’re a Eau Claire County Home Seller…
Notice that, in some ways, you’re in the driver’s seat. When there’s a shortage of an merchandise at the similar time there is a robust demand for that item, the vendor of that merchandise is in a good position to barter. Whether it’s worth, moving date, potential repairs, or anything else, you’ll be able to demand extra from a potential purchaser at a time like this – especially if you have multiple interested patrons. Don’t be unreasonable, however understand you most likely have the upper hand.
Bottom Line
The Eau Claire County housing market will remain strong throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing each.
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