The Manitowoc County real estate market is anticipated to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the shortage of properties available on the market. Last week, move.com launched a report showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains:
“Last month saw the largest the most important the biggest year-over-year decline of housing stock in nearly three years with a dramatic 12 percent decline, pushing the number of houses for sale within the U.S. to the lowest level since January 2018.”
The report additionally revealed that the decline in stock stretches throughout all price points, as proven in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes on the market comes at a time when more consumers are anticipated to enter the market:
“The market is battling a large housing undersupply just as 4.eight million millennials are reaching 30-years of age in 2020, a prime age for a lot of to purchase their first residence. The numerous stock drop…is a harbinger of the persevering with imbalance expected to plague this 12 months’s markets, because the variety of homes for sale are poised to succeed in traditionally low ranges.”
The question is: What does this mean to you?
If You’re a Manitowoc County Home Buyer…
Be patient throughout your house search. It might take time to find a residence you love. When you do, nonetheless, be ready to move ahead quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a} shortage in stock might lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, when you really find it irresistible.
If You’re a Manitowoc County Home Seller…
Notice that, in some ways, you’re within the driver’s seat. When there is a scarcity of an item at the similar time there is a strong demand for that item, the vendor of that item is in a good place to negotiate. Whether it is worth, transferring date, doable repairs, or anything, you’ll be able to demand more from a possible purchaser at a time like this – especially if you have a number of consumers. Don’t be unreasonable, but perceive you in all probability have the higher hand.
The Manitowoc County housing market will remain strong all through 2020. Understand what that means to you, whether you’re buying, selling, or doing both.