The Juneau County real estate market is anticipated to do very well this yr as mortgage rates stay at historic lows. One problem to the housing industry is the lack of houses available on the market. Last week, move.com launched a report showing that 2020 is starting 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 almost three years with a dramatic 12 p.c decline, pushing the number of houses for sale in 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 within the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in obtainable properties for sale comes at a time when extra buyers are anticipated to enter the market:
“The market is struggling with a big housing undersupply simply as 4.eight million millennials are reaching 30-years of age in 2020, a primary age for many to buy their first house. The significant stock drop…is a harbinger of the persevering with imbalance expected to plague this yr’s markets, because the variety of houses for sale are poised to reach historically low ranges.”
The question is: What does this mean to you?
If You’re a Juneau County Home Purchaser…
Be patient during your house search. It may take time to discover a home you’re keen on. When you do, nonetheless, be prepared to move ahead quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the beginning, and understand that a} shortage in stock might result in the resurgence of bidding wars. Calculate simply how far you’re keen to go to safe a home, if you actually find it irresistible.
If You’re a Juneau County Home Seller…
Notice 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 or not it is worth, shifting date, doable repairs, or anything, you’ll have the ability to demand more from a possible purchaser at a time like this – especially when you have a number of interested consumers. Don’t be unreasonable, but understand you most likely have the upper hand.
The Juneau County housing market will remain sturdy throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing both.