The Dane County real estate market is predicted 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 available for sale. Last week, move.com launched a report showing that 2020 is beginning with the lowest accessible 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 homes for sale 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 proven within 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 consumers are expected to enter the market:
“The market is scuffling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a primary age for a lot of to purchase their first dwelling. The numerous stock drop…is a harbinger of the persevering with imbalance expected to plague this year’s markets, as the variety of homes on the market are poised to reach traditionally low levels.”
The question is: What does this mean to you?
If You’re a Dane County Home Purchaser…
Be patient throughout your home search. It may take time to discover a residence you love. Once you do, nonetheless, be ready to maneuver ahead quickly. Get pre-approved for a mortgage, be able to make a competitive offer from the beginning, and understand that a} scarcity in inventory might lead to the resurgence of bidding wars. Calculate simply how far you’re keen to go to safe a home, when you really adore it.
If You’re a Dane County Home Seller…
Realize that, in some ways, you’re within the driver’s seat. When there is a shortage of an item at the similar time there is a strong demand for that item, the seller of that merchandise is in a very good position to negotiate. Whether or not it’s worth, moving date, possible repairs, or anything else, you’ll be capable of demand extra from a possible purchaser at a time like this – particularly in case you have multiple buyers. Don’t be unreasonable, but perceive you most likely have the higher hand.
The Dane County housing market will remain sturdy throughout 2020. Understand what that means to you, whether or not you’re buying, selling, or doing both.