The Kenosha County real estate market is expected to do very well this 12 months as mortgage rates stay at historic lows. One challenge to the housing industry is the lack of houses available on the market. Last week, move.com released a report showing that 2020 is starting with the lowest obtainable 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 virtually three years with a dramatic 12 p.c decline, pushing the number of properties for sale in the U.S. to the lowest stage since January 2018.”
The report additionally revealed that the decline in stock stretches throughout all price points, as shown in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more consumers are expected to enter the market:
“The market is scuffling with a big housing undersupply simply as 4.8 million millennials are reaching 30-years of age in 2020, a major age for a lot of to buy their first residence. The numerous stock drop…is a harbinger of the persevering with imbalance anticipated to plague this 12 months’s markets, because the number of homes on the market are poised to succeed in traditionally low levels.”
The question is: What does this mean to you?
If You’re a Kenosha County Home Purchaser…
Be patient during your home search. It might take time to discover a home you’re keen on. Once you do, nonetheless, be prepared to move ahead rapidly. Get pre-approved for a mortgage, be able to make a competitive offer from the start, and understand that a} shortage in stock may result in the resurgence of bidding wars. Calculate just how far you’re prepared to go to secure a house, if you actually adore it.
If You’re a Kenosha County Home Seller…
Realize that, in some ways, you’re in the driver’s seat. When there’s a scarcity of an merchandise at the identical time there is a sturdy demand for that merchandise, the seller of that merchandise is in a great position to negotiate. Whether or not it is value, shifting date, doable repairs, or anything else, you’ll be able to demand more from a potential purchaser at a time like this – particularly when you’ve got multiple interested consumers. Don’t be unreasonable, but perceive you most likely have the upper hand.
The Kenosha County housing market will stay strong throughout 2020. Understand what that means to you, whether or not you’re buying, selling, or doing both.