The Washburn County real estate market is anticipated to do very nicely this yr as mortgage rates remain at historic lows. One problem to the housing industry is the lack of houses available on the market. Last week, move.com released a report showing that 2020 is beginning with the lowest obtainable 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 almost three years with a dramatic 12 p.c decline, pushing the number of houses on the market in the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in stock stretches throughout all price points, as proven 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 struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a main age for many to buy their first house. The significant inventory drop…is a harbinger of the persevering with imbalance anticipated to plague this yr’s markets, as the variety of homes on the market are poised to achieve historically low ranges.”
The question is: What does this mean to you?
If You’re a Washburn County Home Purchaser…
Be patient throughout your home search. It may take time to find a house you like. Once you do, nonetheless, be ready to move forward shortly. Get pre-approved for a mortgage, be ready to make a competitive offer from the beginning, and understand that a} shortage in stock could lead to the resurgence of bidding wars. Calculate just how far you’re keen to go to safe a home, should you really love it.
If You’re a Washburn County Home Seller…
Realize that, in some ways, you’re in the driver’s seat. When there’s a shortage of an merchandise on the similar time there is a sturdy demand for that item, the seller of that item is in a great place to barter. Whether or not it is value, shifting date, attainable repairs, or anything, you’ll be able to demand more from a possible purchaser at a time like this – especially in case you have multiple interested buyers. Don’t be unreasonable, however perceive you probably have the upper hand.
Bottom Line
The Washburn County housing market will stay robust all through 2020. Understand what that means to you, whether or not you’re buying, selling, or doing each.