The Green County real estate market is predicted to do very nicely this 12 months as mortgage rates remain at historic lows. One challenge to the housing industry is the shortage of properties out there for sale. Last week, move.com launched a report showing that 2020 is starting with the lowest obtainable 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 houses for sale within the U.S. to the lowest stage 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 obtainable properties for sale comes at a time when more consumers are anticipated to enter the market:
“The market is combating a big housing undersupply just as 4.eight million millennials are reaching 30-years of age in 2020, a major age for a lot of to purchase their first dwelling. The numerous inventory drop…is a harbinger of the continuing imbalance expected to plague this year’s markets, as the number of properties for sale are poised to succeed in historically low ranges.”
The question is: What does this mean to you?
If You’re a Green County Home Buyer…
Be patient throughout your own home search. It might take time to find a house you’re keen on. When you do, nonetheless, be ready to maneuver ahead shortly. Get pre-approved for a mortgage, be ready to make a competitive offer from the beginning, and understand that a} scarcity in inventory may result in the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, in the event you really find it irresistible.
If You’re a Green County Home Seller…
Realize that, in some ways, you’re in the driver’s seat. When there is a scarcity of an merchandise at the identical time there’s a sturdy demand for that merchandise, the seller of that merchandise is in place to barter. Whether or not it is worth, transferring date, attainable repairs, or anything, you’ll be capable to demand more from a possible purchaser at a time like this – especially if in case you have a number of consumers. Don’t be unreasonable, however perceive you probably have the upper hand.
The Green County housing market will remain robust all through 2020. Understand what that means to you, whether you’re shopping for, selling, or doing both.