The real estate market is expected to do very well this year as mortgage rates remain at historic lows. One challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report showing that 2020 is beginning with the lowest available housing inventory in two years.
The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:
So what does this mean for you?
Be patient during your home search. It may take time to find a home you love. Once you do, be prepared to move quickly. Get pre-approved for a mortgage, make a competitive offer, and understand that housing shortages can lead to bidding wars. Consider before you make he offer just how far you’re willing to go to buy that home.
In some ways, you’re in the driver’s seat. When there is strong demand for an item, the seller of that item is in a good position to negotiate. You may have multiple interested buyers. Don’t be unreasonable, but understand you probably have the upper hand.
The housing market will remain strong throughout 2020. Understand what that means to you, whether you’re buying, selling, or both! Make sure you contact Amanda when you’re ready. She will always have your best interests in mind!