The Grant 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 properties out there on the market. Last week, move.com released a report showing that 2020 is beginning with the least accessible 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 almost three years with a dramatic 12 percent decline, pushing the number of homes on the market within the U.S. to the lowest degree since January 2018.”
The report additionally revealed that the decline in inventory stretches throughout all price points, as shown in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in obtainable homes for sale comes at a time when extra buyers are anticipated 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 prime 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, because the variety of houses on the market are poised to achieve historically low levels.”
The question is: What does this mean to you?
If You’re a Grant County Home Buyer…
Be patient throughout your home search. It may take time to find a home you love. When you do, however, be ready to move ahead quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a} shortage in inventory could lead to the resurgence of bidding wars. Calculate simply how far you’re keen to go to safe a home, if you truly like it.
If You’re a Grant County Home Seller…
Notice that, in some ways, you’re within the driver’s seat. When there’s a shortage of an item on the same time there’s a robust demand for that merchandise, the seller of that item is in a great position to negotiate. Whether or not it’s worth, shifting date, attainable repairs, or the rest, you’ll be capable to demand more from a possible purchaser at a time like this – especially if in case you have a number of patrons. Don’t be unreasonable, but perceive you in all probability have the upper hand.
The Grant County housing market will remain robust all through 2020. Understand what that means to you, whether you’re shopping for, selling, or doing both.