The Polk County real estate market is anticipated to do very nicely this yr as mortgage rates stay at historic lows. One challenge to the housing industry is the lack of houses available on the market. Last week, move.com released a report showing that 2020 is starting 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 virtually three years with a dramatic 12 percent decline, pushing the number of properties on the market in the U.S. to the lowest stage 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 obtainable properties for sale comes at a time when extra consumers are expected to enter the market:
“The market is struggling with a big housing undersupply simply as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for a lot of to purchase their first home. The numerous inventory drop…is a harbinger of the continuing imbalance expected to plague this year’s markets, because the number of houses on the market are poised to succeed in traditionally low levels.”
The question is: What does this mean to you?
If You’re a Polk County Home Buyer…
Be patient during your house search. It might take time to discover a residence you like. Once you do, nevertheless, be ready to maneuver forward shortly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a} scarcity in stock may lead to the resurgence of bidding wars. Calculate just how far you’re keen to go to safe a home, should you really like it.
If You’re a Polk County Home Seller…
Understand that, in some ways, you’re in the driver’s seat. When there’s a shortage of an merchandise at the same time there’s a robust demand for that merchandise, the vendor of that merchandise is in a very good position to negotiate. Whether or not it is value, shifting date, doable repairs, or anything else, you’ll be capable of demand more from a possible purchaser at a time like this – particularly when you’ve got a number of buyers. Don’t be unreasonable, but understand you probably have the upper hand.
The Polk County housing market will remain sturdy throughout 2020. Understand what that means to you, whether or not you’re buying, selling, or doing each.