The Pepin County real estate market is anticipated to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the shortage of homes available for sale. Last week, move.com released 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 inventory in almost three years with a dramatic 12 p.c decline, pushing the number of homes on the market in 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 in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in accessible properties for sale comes at a time when more consumers are expected to enter the market:
“The market is struggling with a large housing undersupply simply as 4.eight million millennials are reaching 30-years of age in 2020, a primary age for a lot of to purchase their first house. The significant stock drop…is a harbinger of the continuing imbalance expected to plague this yr’s markets, because the number of properties on the market are poised to achieve traditionally low ranges.”
The question is: What does this mean to you?
If You’re a Pepin County Home Purchaser…
Be patient throughout your own home search. It could take time to find a home you like. Once you do, nonetheless, be prepared to maneuver forward 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 lead to the resurgence of bidding wars. Calculate just how far you’re keen to go to safe a home, in the event you truly love it.
If You’re a Pepin County Home Seller…
Realize that, in some ways, you’re within the driver’s seat. When there is a scarcity of an merchandise on the identical time there’s a strong demand for that item, the seller of that item is in a very good position to barter. Whether or not it is price, transferring date, possible repairs, or the rest, you’ll be able to demand more from a possible purchaser at a time like this – particularly in case you have multiple interested consumers. Don’t be unreasonable, but understand you in all probability have the upper hand.
The Pepin County housing market will remain sturdy throughout 2020. Understand what that means to you, whether or not you’re buying, selling, or doing both.