The Wood County real estate market is anticipated to do very nicely this year as mortgage rates stay at historic lows. One challenge to the housing industry is the lack of houses out there on the market. Last week, move.com released a report showing that 2020 is beginning 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 nearly three years with a dramatic 12 percent decline, pushing the number of homes for sale within 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 available homes on the market comes at a time when more buyers are anticipated to enter the market:
“The market is battling a big housing undersupply just as 4.eight million millennials are reaching 30-years of age in 2020, a chief age for many to purchase their first home. The numerous stock drop…is a harbinger of the persevering with imbalance anticipated to plague this year’s markets, because the number of properties on the market are poised to reach traditionally low levels.”
The question is: What does this mean to you?
If You’re a Wood County Home Purchaser…
Be patient during your home search. It might take time to discover a home you love. When you do, nevertheless, be prepared to move 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 may result in the resurgence of bidding wars. Calculate simply how far you’re willing to go to secure a house, should you truly adore it.
If You’re a Wood County Home Seller…
Realize that, in some ways, you’re in the driver’s seat. When there’s a scarcity of an merchandise on the identical time there’s a robust demand for that item, the vendor of that merchandise is in an excellent position to negotiate. Whether or not it’s worth, transferring 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 a number of interested buyers. Don’t be unreasonable, however perceive you probably have the upper hand.
Bottom Line
The Wood County housing market will stay strong throughout 2020. Understand what that means to you, whether you’re shopping for, selling, or doing each.