The Monroe County real estate market is expected to do very well this yr as mortgage rates stay at historic lows. One problem to the housing industry is the shortage of homes out there for sale. Last week, move.com launched a report showing that 2020 is beginning 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 inventory in nearly three years with a dramatic 12 percent decline, pushing the number of houses for sale in 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 in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in obtainable houses for sale comes at a time when more consumers are anticipated to enter the market:
“The market is combating a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a chief age for a lot of to purchase their first residence. The significant stock drop…is a harbinger of the continuing imbalance expected to plague this 12 months’s markets, as the number of homes on the market are poised to achieve traditionally low ranges.”
The question is: What does this mean to you?
If You’re a Monroe County Home Buyer…
Be patient throughout your home search. It might take time to discover a home you’re keen on. Once you do, nevertheless, be ready to maneuver forward quickly. Get pre-approved for a mortgage, be able to make a competitive offer from the beginning, and understand that a} scarcity in inventory may result in the resurgence of bidding wars. Calculate simply how far you’re willing to go to safe a home, for those who truly adore it.
If You’re a Monroe County Home Seller…
Notice that, in some ways, you’re within the driver’s seat. When there’s a scarcity of an item on the similar time there is a strong demand for that merchandise, the seller of that merchandise is in a superb place to negotiate. Whether it is worth, moving date, doable repairs, or anything, you’ll be capable of demand more from a possible purchaser at a time like this – particularly you probably have a number of patrons. Don’t be unreasonable, however perceive you most likely have the higher hand.
The Monroe County housing market will remain robust all through 2020. Understand what that means to you, whether or not you’re buying, selling, or doing each.