The Jefferson County real estate market is predicted to do very well this 12 months as mortgage rates remain at historic lows. One challenge to the housing industry is the shortage of properties out there on the market. Last week, move.com launched a report showing that 2020 is beginning with the least 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 inventory in nearly three years with a dramatic 12 % decline, pushing the number of houses for sale within the U.S. to the lowest degree since January 2018.”
The report also revealed that the decline in inventory stretches across all price points, as shown within the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when extra buyers are anticipated to enter the market:
“The market is struggling with a large housing undersupply simply as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to buy their first home. The significant stock drop…is a harbinger of the continuing imbalance expected to plague this year’s markets, because the number of houses for sale are poised to reach historically low ranges.”
The question is: What does this mean to you?
If You’re a Jefferson County Home Purchaser…
Be patient during your house search. It might take time to discover a house you love. Once you do, however, be ready to move ahead rapidly. Get pre-approved for a mortgage, be ready to make a competitive offer from the beginning, and understand that a} scarcity in inventory might result in the resurgence of bidding wars. Calculate simply how far you’re willing to go to safe a house, if you happen to really like it.
If You’re a Jefferson County Home Seller…
Notice that, in some ways, you’re in the driver’s seat. When there’s a scarcity of an merchandise at the similar time there is a robust demand for that item, the vendor of that item is in an excellent place to negotiate. Whether it is price, transferring date, doable repairs, or anything else, you’ll have the ability to demand extra from a potential purchaser at a time like this – particularly in case you have a number of consumers. Don’t be unreasonable, however perceive you in all probability have the upper hand.
The Jefferson County housing market will remain robust all through 2020. Understand what that means to you, whether you’re buying, selling, or doing both.