The Ozaukee County real estate market is anticipated to do very nicely this year as mortgage rates stay at historic lows. One problem to the housing industry is the shortage of houses available for sale. Last week, move.com released a report showing that 2020 is starting 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 stock in virtually three years with a dramatic 12 percent decline, pushing the number of houses for sale within the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in stock 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 for sale comes at a time when more buyers 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 buy their first home. The numerous stock drop…is a harbinger of the persevering with imbalance anticipated to plague this year’s markets, as the variety of houses on the market are poised to reach historically low ranges.”
The question is: What does this mean to you?
If You’re a Ozaukee County Home Purchaser…
Be patient throughout your home search. It might take time to find a house you like. 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 could lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to secure a home, in the event you actually find it irresistible.
If You’re a Ozaukee County Home Seller…
Understand that, in some ways, you’re within the driver’s seat. When there is a scarcity of an item on the identical time there is a sturdy demand for that merchandise, the seller of that merchandise is in a very good place to negotiate. Whether it’s price, transferring date, potential repairs, or the rest, you’ll have the ability to demand more from a potential purchaser at a time like this – particularly when you have a number of interested patrons. Don’t be unreasonable, but understand you probably have the upper hand.
The Ozaukee County housing market will stay robust throughout 2020. Understand what that means to you, whether or not you’re shopping for, selling, or doing each.