The Florence County real estate market is anticipated to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of houses 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 inventory in almost three years with a dramatic 12 percent decline, pushing the number of properties for sale within the U.S. to the lowest degree since January 2018.”
The report additionally 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 on the market comes at a time when more buyers are expected 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 main age for many to buy their first residence. The significant inventory 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 traditionally low levels.”
The question is: What does this mean to you?
If You’re a Florence County Home Buyer…
Be patient during your home search. It might take time to find a residence you love. Once you do, nevertheless, be ready to move forward shortly. Get pre-approved for a mortgage, be able to make a competitive offer from the start, and understand that a} scarcity in stock might result in the resurgence of bidding wars. Calculate just how far you’re willing to go to safe a house, for those who actually like it.
If You’re a Florence County Home Seller…
Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an item on the identical time there’s a sturdy demand for that merchandise, the vendor of that item is in a very good place to barter. Whether it is price, transferring date, attainable repairs, or anything, you’ll be capable to demand extra from a possible purchaser at a time like this – especially if you have a number of consumers. Don’t be unreasonable, however understand you probably have the upper hand.
The Florence County housing market will stay sturdy throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing each.