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Housing Inventory Vanishing: What Is the Impact on You?
The real estate market is expected to do very well this year as mortgage rates remain at historic lows but the lack of homes available for sale is back. 2020 is beginning with the lowest available housing inventory since January 2018. The decline in inventory stretches across all price points. The market is struggling with a large housing undersupply. 4.8 million millennials are reaching 30-years of age in 2020. The significant inventory drop…is a harbinger of the continuing imbalance expected to plague this year’s markets, as the number of homes for sale are reaching historically low levels. What does this mean to you? If You’re a Buyer… Be patient during your home search. It may take time to find a home you love. Once you do, however, be ready to move forward quickly. Get pre-approved for a mortgage, be ready to make a competitive offer from the start and understand that a shortage in inventory could lead to bidding wars. Calculate just how far you’re willing to go to secure a home. If You’re a Seller… You’re in the driver’s seat. Whether it is price, moving date, possible repairs, or anything else, you’ll be able to demand more from a potential ... more

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