The Lafayette County real estate market is anticipated to do very nicely this 12 months as mortgage rates remain at historic lows. One problem to the housing industry is the lack of homes out there on the market. Last week, move.com launched a report showing that 2020 is starting with the least 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 almost three years with a dramatic 12 p.c decline, pushing the number of houses on the market in the U.S. to the lowest degree since January 2018.”
The report additionally revealed that the decline in stock stretches across 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 expected to enter the market:
“The market is scuffling with a large housing undersupply simply as 4.eight million millennials are reaching 30-years of age in 2020, a chief age for a lot of to purchase their first residence. The numerous stock drop…is a harbinger of the continuing imbalance expected to plague this yr’s markets, as the number of properties for sale are poised to succeed in historically low ranges.”
The question is: What does this mean to you?
If You’re a Lafayette County Home Purchaser…
Be patient throughout your property search. It may take time to discover a house you’re keen on. When you do, nonetheless, be ready to maneuver forward rapidly. Get pre-approved for a mortgage, be ready to make a competitive offer from the beginning, and understand that a} shortage in inventory may result in the resurgence of bidding wars. Calculate just how far you’re willing to go to safe a home, in case you actually like it.
If You’re a Lafayette County Home Seller…
Notice that, in some ways, you’re within the driver’s seat. When there is a shortage of an item on the identical time there is a sturdy demand for that merchandise, the seller of that item is in a very good position to barter. Whether it is price, moving date, attainable repairs, or the rest, you’ll be capable of demand more from a possible purchaser at a time like this – particularly if in case you have a number of patrons. Don’t be unreasonable, but understand you in all probability have the higher hand.
The Lafayette County housing market will remain sturdy throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing both.