The Winnebago County real estate market is anticipated to do very well this 12 months as mortgage rates stay at historic lows. One problem to the housing industry is the lack of homes out there on the market. Last week, move.com launched a report showing that 2020 is starting with the lowest 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 almost three years with a dramatic 12 % decline, pushing the number of properties on the market in the U.S. to the lowest level since January 2018.”
The report additionally revealed that the decline in stock stretches across all price points, as shown within the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in accessible houses on the market comes at a time when more consumers are anticipated to enter the market:
“The market is battling a large housing undersupply simply as 4.eight million millennials are reaching 30-years of age in 2020, a prime age for a lot of to buy their first residence. The significant stock drop…is a harbinger of the persevering with imbalance expected to plague this year’s markets, as the variety of properties for sale are poised to achieve historically low levels.”
The question is: What does this mean to you?
If You’re a Winnebago County Home Purchaser…
Be patient during your house search. It could take time to discover a house you’re keen on. Once you do, nonetheless, be prepared to move forward quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a} shortage in stock might result in the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, should you really find it irresistible.
If You’re a Winnebago County Home Seller…
Notice that, in some ways, you’re in the driver’s seat. When there’s a scarcity of an item on the identical time there’s a robust demand for that merchandise, the vendor of that item is in a great position to negotiate. Whether it is price, transferring date, attainable repairs, or anything else, you’ll have the ability to demand more from a possible purchaser at a time like this – particularly in case you have multiple interested patrons. Don’t be unreasonable, however understand you probably have the higher hand.
The Winnebago County housing market will remain robust all through 2020. Understand what that means to you, whether you’re shopping for, selling, or doing each.