The Lincoln 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 homes available on the market. Last week, move.com launched a report showing that 2020 is beginning 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 inventory in nearly three years with a dramatic 12 p.c 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 stock stretches across all price points, as proven within the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in available properties on the market comes at a time when more consumers are expected to enter the market:
“The market is battling a big housing undersupply simply as 4.eight million millennials are reaching 30-years of age in 2020, a first-rate age for many to purchase their first house. The numerous stock drop…is a harbinger of the persevering with imbalance anticipated to plague this year’s markets, as the number of houses for sale are poised to reach traditionally low ranges.”
The question is: What does this mean to you?
If You’re a Lincoln County Home Purchaser…
Be patient during your house search. It could take time to discover a residence you love. Once you do, nonetheless, be ready to maneuver ahead shortly. Get pre-approved for a mortgage, be able to make a competitive offer from the beginning, and understand that a} scarcity in inventory may lead to the resurgence of bidding wars. Calculate simply how far you’re willing to go to safe a house, if you happen to truly adore it.
If You’re a Lincoln County Home Seller…
Understand that, in some ways, you’re within the driver’s seat. When there is a shortage of an item at the similar time there’s a robust demand for that merchandise, the seller of that item is in a great place to negotiate. Whether it is worth, moving date, potential repairs, or anything else, you’ll have the ability to demand extra from a possible purchaser at a time like this – particularly in case you have a number of buyers. Don’t be unreasonable, but understand you probably have the higher hand.
Bottom Line
The Lincoln County housing market will stay strong throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing each.