The Price County real estate market is predicted to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of properties out there for sale. Last week, move.com launched a report showing that 2020 is beginning with the least available 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 percent decline, pushing the number of properties for sale in the U.S. to the lowest stage since January 2018.”
The report additionally revealed that the decline in stock stretches across all price points, as proven within the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in available properties on the market comes at a time when extra consumers are anticipated 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 prime age for many to buy their first house. The significant stock drop…is a harbinger of the persevering with imbalance anticipated to plague this 12 months’s markets, as the variety of homes on the market are poised to reach traditionally low ranges.”
The question is: What does this mean to you?
If You’re a Price County Home Buyer…
Be patient throughout your home search. It may take time to discover a home you like. Once you do, however, be ready to move ahead rapidly. Get pre-approved for a mortgage, be able to make a competitive offer from the start, and understand that a} scarcity in stock might result in the resurgence of bidding wars. Calculate simply how far you’re prepared to go to secure a house, if you really find it irresistible.
If You’re a Price County Home Seller…
Understand that, in some ways, you’re within the driver’s seat. When there is a scarcity of an merchandise at the same time there is a sturdy demand for that merchandise, the vendor of that merchandise is in position to barter. Whether it is price, shifting date, doable repairs, or anything else, you’ll be capable of demand more from a potential purchaser at a time like this – especially if in case you have multiple buyers. Don’t be unreasonable, but perceive you most likely have the upper hand.
The Price County housing market will remain strong throughout 2020. Understand what that means to you, whether or not you’re shopping for, selling, or doing both.