The Taylor County real estate market is predicted to do very nicely this year as mortgage rates remain at historic lows. One problem to the housing industry is the lack of houses available for sale. Last week, move.com launched a report showing that 2020 is starting with the lowest 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 inventory in nearly three years with a dramatic 12 percent decline, pushing the number of properties for sale 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 accessible homes for sale comes at a time when more consumers are expected to enter the market:
“The market is struggling with a large housing undersupply simply as 4.eight million millennials are reaching 30-years of age in 2020, a first-rate age for many to buy their first dwelling. The significant inventory drop…is a harbinger of the persevering with imbalance expected to plague this 12 months’s markets, as the variety of houses on the market are poised to achieve historically low ranges.”
The question is: What does this mean to you?
If You’re a Taylor County Home Buyer…
Be patient throughout your house search. It could take time to find a house you like. When you do, nevertheless, be ready to maneuver ahead rapidly. Get pre-approved for a mortgage, be able to make a competitive offer from the start, and understand that a} scarcity in inventory could lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, if you happen to truly find it irresistible.
If You’re a Taylor County Home Seller…
Realize that, in some ways, you’re within the driver’s seat. When there’s a scarcity of an merchandise at the same time there’s a robust demand for that item, the vendor of that item is in place to negotiate. Whether or not it’s price, transferring date, possible repairs, or anything else, you’ll be able to demand extra from a potential purchaser at a time like this – particularly when you’ve got multiple patrons. Don’t be unreasonable, however perceive you probably have the upper hand.
The Taylor County housing market will remain robust all through 2020. Understand what that means to you, whether you’re shopping for, selling, or doing both.