The Fond du Lac County real estate market is expected to do very nicely this year as mortgage rates remain at historic lows. One problem to the housing industry is the shortage of properties available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest 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 virtually three years with a dramatic 12 percent decline, pushing the number of houses on the market within the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in accessible homes on the market comes at a time when more consumers are expected to enter the market:
“The market is fighting a big housing undersupply just as 4.eight million millennials are reaching 30-years of age in 2020, a chief age for a lot of to purchase their first dwelling. The numerous stock drop…is a harbinger of the continuing imbalance anticipated to plague this 12 months’s markets, because the number 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 Fond du Lac County Home Purchaser…
Be patient throughout your property search. It may take time to find a dwelling you like. When you do, nevertheless, be prepared to move forward rapidly. 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 simply how far you’re keen to go to safe a house, if you happen to actually adore it.
If You’re a Fond du Lac County Home Seller…
Understand that, in some ways, you’re in the driver’s seat. When there is a shortage of an item at the identical time there is a robust demand for that merchandise, the seller of that item is in an excellent position to barter. Whether or not it is worth, shifting date, possible repairs, or anything, you’ll be capable of demand extra from a possible purchaser at a time like this – particularly you probably have multiple interested consumers. Don’t be unreasonable, but understand you most likely have the higher hand.
The Fond du Lac County housing market will stay robust all through 2020. Understand what that means to you, whether you’re shopping for, selling, or doing both.