The Rusk County real estate market is expected to do very well this yr as mortgage rates remain at historic lows. One problem to the housing industry is the shortage of properties available for sale. Last week, move.com released a report showing that 2020 is beginning with the least 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 properties for sale within the U.S. to the lowest stage since January 2018.”
The report also revealed that the decline in stock stretches throughout all price points, as proven within the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in accessible homes on the market comes at a time when extra buyers are expected to enter the market:
“The market is battling a big housing undersupply just as 4.eight million millennials are reaching 30-years of age in 2020, a primary age for a lot of to purchase their first dwelling. The significant stock drop…is a harbinger of the persevering with imbalance expected to plague this 12 months’s markets, because the number of properties for sale are poised to reach traditionally low levels.”
The question is: What does this mean to you?
If You’re a Rusk County Home Purchaser…
Be patient throughout your home search. It might take time to find a dwelling you like. When you do, however, be prepared to maneuver ahead quickly. Get pre-approved for a mortgage, be able to make a competitive offer from the beginning, and understand that a} shortage in inventory may lead to the resurgence of bidding wars. Calculate just how far you’re prepared to go to secure a house, for those who really like it.
If You’re a Rusk County Home Seller…
Notice that, in some ways, you’re within the driver’s seat. When there’s a shortage of an merchandise on the identical time there’s a robust demand for that item, the vendor of that item is in a very good position to negotiate. Whether or not it is worth, shifting date, possible repairs, or anything, you’ll be able to demand extra from a possible purchaser at a time like this – especially if in case you have a number of buyers. Don’t be unreasonable, however understand you most likely have the upper hand.
Bottom Line
The Rusk County housing market will stay robust throughout 2020. Understand what that means to you, whether you’re buying, selling, or doing both.