The Washington County real estate market is anticipated to do very well this yr as mortgage rates stay at historic lows. One challenge to the housing industry is the lack of homes out there on the market. Last week, move.com released a report showing that 2020 is beginning with the least 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 virtually three years with a dramatic 12 % decline, pushing the number of properties on the market in the U.S. to the lowest stage since January 2018.”
The report additionally revealed that the decline in stock stretches throughout all price points, as shown within the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in obtainable houses for sale comes at a time when extra buyers are anticipated to enter the market:
“The market is battling a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a chief age for many to buy their first home. The numerous inventory drop…is a harbinger of the persevering with imbalance anticipated to plague this yr’s markets, as the variety of properties for sale are poised to reach traditionally low levels.”
The question is: What does this mean to you?
If You’re a Washington County Home Buyer…
Be patient throughout your property search. It may take time to find a dwelling you like. When you do, nevertheless, be prepared to maneuver ahead rapidly. Get pre-approved for a mortgage, be ready to make a competitive offer from the beginning, and understand that a} scarcity in stock may result in the resurgence of bidding wars. Calculate simply how far you’re willing to go to secure a house, if you happen to truly find it irresistible.
If You’re a Washington County Home Seller…
Realize that, in some ways, you’re within the driver’s seat. When there is a shortage of an merchandise on the same time there is a sturdy demand for that merchandise, the seller of that merchandise is in a superb position to negotiate. Whether it’s price, moving date, attainable repairs, or anything else, you’ll have the ability to demand extra from a possible purchaser at a time like this – especially if you have a number of patrons. Don’t be unreasonable, however understand you most likely have the higher hand.
Bottom Line
The Washington County housing market will stay strong all through 2020. Understand what that means to you, whether or not you’re buying, selling, or doing each.