The Oneida County real estate market is expected to do very well this 12 months as mortgage rates remain at historic lows. One problem to the housing industry is the lack of houses available for sale. Last week, move.com launched a report showing that 2020 is beginning with the lowest obtainable 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 almost three years with a dramatic 12 p.c decline, pushing the number of properties for sale within the U.S. to the lowest stage since January 2018.”
The report also revealed that the decline in inventory stretches throughout all price points, as shown in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in accessible houses for sale comes at a time when more consumers are expected to enter the market:
“The market is struggling with a large housing undersupply just as 4.eight million millennials are reaching 30-years of age in 2020, a chief age for many to purchase their first house. The numerous stock drop…is a harbinger of the continuing imbalance expected to plague this year’s markets, as the variety of houses for sale are poised to succeed in traditionally low ranges.”
The question is: What does this mean to you?
If You’re a Oneida County Home Purchaser…
Be patient throughout your home search. It may take time to find a dwelling you like. Once you do, nonetheless, be ready to move ahead rapidly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a} scarcity in stock might lead to the resurgence of bidding wars. Calculate just how far you’re keen to go to secure a house, in case you really love it.
If You’re a Oneida County Home Seller…
Understand that, in some ways, you’re within the driver’s seat. When there’s a shortage of an merchandise on the similar time there’s a sturdy demand for that merchandise, the vendor of that merchandise is in a great place to barter. Whether or not it’s price, shifting date, possible repairs, or anything else, you’ll be capable to demand more from a possible purchaser at a time like this – particularly when you have multiple consumers. Don’t be unreasonable, but understand you most likely have the upper hand.
Bottom Line
The Oneida County housing market will remain robust all through 2020. Understand what that means to you, whether or not you’re shopping for, selling, or doing both.