The Rock County real estate market is predicted to do very well this yr as mortgage rates remain at historic lows. One problem to the housing industry is the lack of houses out there on the market. Last week, move.com launched a report showing that 2020 is beginning 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 stock in nearly three years with a dramatic 12 p.c decline, pushing the number of houses on the market within the U.S. to the lowest level since January 2018.”
The report additionally 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 properties on the market comes at a time when extra consumers are expected to enter the market:
“The market is fighting a large housing undersupply just as 4.eight million millennials are reaching 30-years of age in 2020, a prime age for a lot of to buy their first dwelling. The significant inventory drop…is a harbinger of the continuing imbalance anticipated to plague this yr’s markets, because the variety of properties on the market are poised to reach traditionally low levels.”
The question is: What does this mean to you?
If You’re a Rock County Home Purchaser…
Be patient throughout your property search. It could take time to discover a house you like. Once you do, however, be prepared to maneuver 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 keen to go to secure a home, in the event you actually find it irresistible.
If You’re a Rock County Home Seller…
Notice that, in some ways, you’re within the driver’s seat. When there’s a shortage of an item at the identical time there’s a strong demand for that item, the seller of that item is in an excellent position to barter. Whether it’s value, moving date, attainable repairs, or the rest, you’ll be able to demand extra from a potential purchaser at a time like this – especially you probably have multiple buyers. Don’t be unreasonable, however perceive you most likely have the higher hand.
The Rock County housing market will stay sturdy all through 2020. Understand what that means to you, whether you’re buying, selling, or doing both.