The Pierce 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 houses out there on the market. Last week, move.com released a report showing that 2020 is beginning with the lowest available 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 % decline, pushing the number of homes on the market in the U.S. to the lowest stage since January 2018.”
The report also revealed that the decline in inventory stretches throughout 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 extra buyers 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 first-rate age for a lot of to purchase their first dwelling. The numerous inventory drop…is a harbinger of the persevering with imbalance expected to plague this yr’s markets, as 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 Pierce County Home Purchaser…
Be patient during your own home search. It may take time to discover a residence you’re keen on. When you do, nonetheless, be ready to move ahead rapidly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start, and understand that a} shortage in inventory may lead to the resurgence of bidding wars. Calculate just how far you’re willing to go to safe a home, should you really adore it.
If You’re a Pierce County Home Seller…
Notice that, in some ways, you’re in the driver’s seat. When there is a scarcity of an item at the identical time there’s a strong demand for that merchandise, the seller of that merchandise is in a great position to negotiate. Whether it is value, shifting date, potential repairs, or anything, you’ll be capable of demand extra from a possible purchaser at a time like this – especially in case you have multiple interested patrons. Don’t be unreasonable, however understand you probably have the upper hand.
The Pierce County housing market will stay robust all through 2020. Understand what that means to you, whether you’re shopping for, selling, or doing each.