The Richland County real estate market is anticipated to do very nicely this 12 months as mortgage rates stay at historic lows. One problem to the housing industry is the lack of homes out there on the market. Last week, move.com released a report showing that 2020 is starting with the lowest available housing inventory in two years. The report explains:
“Last month saw the largest the most important the biggest year-over-year decline of housing inventory in almost 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 within the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in accessible properties for sale comes at a time when more buyers are anticipated to enter the market:
“The market is combating a big housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a chief age for many to buy their first residence. The significant inventory drop…is a harbinger of the continuing imbalance expected to plague this 12 months’s markets, as the variety of homes on the market are poised to succeed in traditionally low ranges.”
The question is: What does this mean to you?
If You’re a Richland County Home Purchaser…
Be patient throughout your home search. It could take time to find a home you’re keen on. Once you do, nevertheless, be prepared to move forward quickly. Get pre-approved for a mortgage, be able to make a competitive offer from the start, and understand that a} shortage in inventory could lead to the resurgence of bidding wars. Calculate just how far you’re prepared to go to secure a home, if you really love it.
If You’re a Richland County Home Seller…
Understand that, in some ways, you’re within the driver’s seat. When there is a shortage of an merchandise at the same time there’s a strong demand for that item, the vendor of that merchandise is in place to barter. Whether or not it is price, moving date, potential repairs, or the rest, you’ll be capable to demand more from a possible purchaser at a time like this – particularly when you have a number of patrons. Don’t be unreasonable, but perceive you most likely have the upper hand.
The Richland County housing market will stay strong throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing each.