The Green Lake County real estate market is expected to do very well this 12 months as mortgage rates stay at historic lows. One problem to the housing industry is the shortage of houses out there on the market. Last week, move.com released a report showing that 2020 is beginning with the least 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 inventory in almost three years with a dramatic 12 % decline, pushing the number of houses for sale within the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in inventory stretches throughout all price points, as proven in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in accessible houses for sale comes at a time when more 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 primary age for many to buy their first dwelling. The significant stock drop…is a harbinger of the persevering with imbalance anticipated to plague this year’s markets, as the variety of homes on the market are poised to succeed in historically low levels.”
The question is: What does this mean to you?
If You’re a Green Lake County Home Buyer…
Be patient throughout your home search. It may take time to discover a dwelling you like. Once you do, nonetheless, be prepared to maneuver forward quickly. Get pre-approved for a mortgage, be able to make a competitive offer from the beginning, and understand that a} shortage in inventory could result in the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, when you actually find it irresistible.
If You’re a Green Lake County Home Seller…
Realize that, in some ways, you’re in the driver’s seat. When there’s a scarcity of an item on the similar time there is a strong demand for that item, the seller of that item is in a good position to barter. Whether or not it’s value, shifting date, potential repairs, or anything, you’ll be capable of demand more from a potential purchaser at a time like this – especially if in case you have multiple interested buyers. Don’t be unreasonable, however perceive you in all probability have the higher hand.
Bottom Line
The Green Lake County housing market will remain strong throughout 2020. Understand what that means to you, whether or not you’re shopping for, selling, or doing both.