The Trempealeau County real estate market is expected to do very well this year as mortgage rates remain at historic lows. One problem to the housing industry is the shortage of houses out there on the market. Last week, move.com released a report showing that 2020 is starting 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 homes on the market in 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 shown 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 more buyers are anticipated to enter the market:
“The market is scuffling with a large housing undersupply simply as 4.8 million millennials are reaching 30-years of age in 2020, a main age for many to purchase their first residence. The significant inventory drop…is a harbinger of the continuing imbalance expected to plague this 12 months’s markets, because the variety of houses on the market are poised to succeed in historically low ranges.”
The question is: What does this mean to you?
If You’re a Trempealeau County Home Purchaser…
Be patient throughout your home search. It may take time to discover a residence you’re keen on. Once you do, nevertheless, be ready to move ahead quickly. Get pre-approved for a mortgage, be able to make a competitive offer from the beginning, and understand that a} shortage in stock might lead to the resurgence of bidding wars. Calculate simply how far you’re keen to go to secure a house, if you really love it.
If You’re a Trempealeau County Home Seller…
Understand that, in some ways, you’re in the driver’s seat. When there is a shortage of an item at the same time there’s a sturdy demand for that merchandise, the seller of that item is in a superb position to barter. Whether or not it is value, transferring date, attainable repairs, or anything, you’ll be capable to demand extra from a potential purchaser at a time like this – particularly you probably have a number of interested patrons. Don’t be unreasonable, but understand you most likely have the upper hand.
The Trempealeau County housing market will remain robust throughout 2020. Understand what that means to you, whether or not you’re shopping for, selling, or doing both.