The Milwaukee County real estate market is expected to do very nicely this yr as mortgage rates remain at historic lows. One challenge to the housing industry is the shortage of houses out there on the market. Last week, move.com launched a report showing that 2020 is starting with the least 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 inventory in virtually three years with a dramatic 12 percent decline, pushing the number of properties on the market in the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in inventory stretches across all price points, as proven in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in accessible properties on the market comes at a time when more consumers are expected to enter the market:
“The market is struggling with a big housing undersupply just as 4.eight million millennials are reaching 30-years of age in 2020, a first-rate age for a lot of to buy their first home. The numerous inventory drop…is a harbinger of the persevering with imbalance anticipated to plague this 12 months’s markets, as the number of properties on the market are poised to succeed in traditionally low levels.”
The question is: What does this mean to you?
If You’re a Milwaukee County Home Purchaser…
Be patient throughout your own home search. It might take time to discover a dwelling you’re keen on. Once you do, nevertheless, be prepared to move forward shortly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a} shortage in stock could result in the resurgence of bidding wars. Calculate simply how far you’re keen to go to secure a house, for those who actually like it.
If You’re a Milwaukee County Home Seller…
Notice that, in some ways, you’re within the driver’s seat. When there’s a scarcity of an merchandise on the similar time there is a robust demand for that item, the seller of that merchandise is in a superb place to negotiate. Whether or not it is price, shifting date, doable repairs, or anything else, you’ll have the ability to demand more from a potential purchaser at a time like this – especially if in case you have multiple consumers. Don’t be unreasonable, however understand you probably have the higher hand.
The Milwaukee County housing market will stay robust throughout 2020. Understand what that means to you, whether or not you’re shopping for, selling, or doing each.