The Portage County real estate market is predicted to do very well this 12 months as mortgage rates remain at historic lows. One problem to the housing industry is the shortage of properties out there on the market. Last week, move.com released a report showing that 2020 is beginning with the least 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 stock in virtually three years with a dramatic 12 p.c decline, pushing the number of homes on the market within 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 available homes for sale comes at a time when extra buyers are expected to enter the market:
“The market is battling a big housing undersupply just 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 significant stock drop…is a harbinger of the persevering with imbalance anticipated to plague this 12 months’s markets, as the variety of properties for sale are poised to achieve traditionally low levels.”
The question is: What does this mean to you?
If You’re a Portage County Home Buyer…
Be patient during your property search. It may take time to find a dwelling you like. Once you do, nonetheless, be prepared to maneuver ahead rapidly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a} scarcity in inventory might result in the resurgence of bidding wars. Calculate simply how far you’re keen to go to safe a house, in the event you truly find it irresistible.
If You’re a Portage County Home Seller…
Notice that, in some ways, you’re in the driver’s seat. When there is a shortage of an item on the identical time there’s a robust demand for that item, the vendor of that merchandise is in a superb position to barter. Whether it’s price, moving date, potential repairs, or anything, you’ll have the ability to demand more from a potential purchaser at a time like this – especially in case you have a number of interested consumers. Don’t be unreasonable, however understand you probably have the upper hand.
The Portage County housing market will stay strong throughout 2020. Understand what that means to you, whether or not you’re shopping for, selling, or doing both.