{"id":419,"date":"2020-01-16T23:38:52","date_gmt":"2020-01-16T23:38:52","guid":{"rendered":"http:\/\/phphouses.com\/blog\/?p=419"},"modified":"2021-02-02T15:39:58","modified_gmt":"2021-02-02T15:39:58","slug":"housing-inventory-vanishing-what-is-the-impact-on-you","status":"publish","type":"post","link":"https:\/\/phphouses.com\/blog\/housing-inventory-vanishing-what-is-the-impact-on-you\/","title":{"rendered":"Housing Inventory Vanishing: What Is the Impact on You?"},"content":{"rendered":"\r\n
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Alarm clock, house model and shopping cart model, home buying moment concept<\/figcaption>\r\n<\/figure>\r\n\r\n\r\n\r\n

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,\u00a0move.com<\/em>\u00a0released a\u00a0report<\/a>\u00a0showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains:<\/p>\r\n\r\n\r\n\r\n

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\u201cLast month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.\u201d<\/em><\/p>\r\n<\/blockquote>\r\n\r\n\r\n\r\n

The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:<\/p>\r\n\r\n\r\n\r\n

\"\"<\/figure>\r\n\r\n\r\n\r\n

George Ratiu,\u00a0Senior Economist<\/em>\u00a0at\u00a0realtor.com<\/em>, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter the market:<\/p>\r\n\r\n\r\n\r\n

\r\n

\u201cThe market is struggling with a large housing undersupply just as 4.8 million millennials are reaching 30-years of age in 2020, a prime age for many to purchase their first home. The significant inventory drop\u2026is a harbinger of the continuing imbalance expected to plague this year\u2019s markets, as the number of homes for sale are poised to reach historically low levels.\u201d<\/em><\/p>\r\n<\/blockquote>\r\n\r\n\r\n\r\n

The question is:\u00a0What does this mean to you?<\/em><\/p>\r\n\r\n\r\n\r\n

If You\u2019re a Buyer\u2026<\/strong><\/h4>\r\n\r\n\r\n\r\n

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\u00a0pre-approved<\/a>\u00a0for a mortgage, be ready to make a\u00a0competitive offer<\/a>\u00a0from the start, and understand that a shortage in inventory could lead to the resurgence of bidding wars. Calculate just how far you\u2019re willing to go to secure a home, if you truly love it.<\/p>\r\n\r\n\r\n\r\n

If You\u2019re a Seller\u2026<\/strong><\/h4>\r\n\r\n\r\n\r\n

Realize that, in some ways, you\u2019re in the driver\u2019s seat. When there is a shortage of an item at the same time there is a strong demand for that item, the seller of that item is in a good position to negotiate. Whether it is price, moving date, possible repairs, or anything else, you\u2019ll be able to demand more from a potential purchaser at a time like this \u2013 especially if you have multiple interested buyers. Don\u2019t be unreasonable, but understand you probably have the upper hand.<\/p>\r\n\r\n\r\n\r\n

Bottom Line<\/strong><\/h3>\r\n\r\n\r\n\r\n

The housing market will remain strong throughout 2020. Understand what that means to you, whether you\u2019re buying, selling, or doing both.<\/p>\r\n\r\n\r\n\r\n

Contact us:
PHP Houses<\/a>
142 W Lakeview Ave
Unit 1030
Lake Mary, FL 32746
Ph: (407) 519-0719
Fax: (407) 205-1951
email: info@phphouses.com<\/a><\/p>\r\n\r\n\r\n\r\n

Let’s Connect:
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Linkedin<\/a>
Twitter<\/a>
Instagram<\/a><\/p>\r\n","protected":false},"excerpt":{"rendered":"

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,\u00a0move.com\u00a0released a\u00a0report\u00a0showing that 2020 is beginning with the lowest available housing inventory in two years. The report explains: \u201cLast month saw… Finish Reading Housing Inventory Vanishing: What Is the Impact on You?<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":420,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[69],"tags":[15,18,85,27,57,52,83,25,9,66,49,84,42,40,20,12,48,13,47,19,17],"_links":{"self":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/419"}],"collection":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/comments?post=419"}],"version-history":[{"count":2,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/419\/revisions"}],"predecessor-version":[{"id":1440,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/posts\/419\/revisions\/1440"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media\/420"}],"wp:attachment":[{"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/media?parent=419"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/categories?post=419"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/phphouses.com\/blog\/wp-json\/wp\/v2\/tags?post=419"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}