Last year, homes for sale remained low compared to previous years and as we head into the selling season of 2020, those numbers haven’t changed. The demand for lower-priced properties is extremely high, but those buyers aren’t having many options to choose from as inventory is expected to plateau through the rest of the year.
With home prices high and interest rates low, now is the prime time for sellers to maximize the amount of money they receive for a home or property. This coupled with very strong buyer demand makes the timing ideal. Any property on the market will sell fast and at a strong price. There’s just one catch. “It’s somewhat of a catch-22,” said Mike Duffy, United Country Real Estate president. “Now this successful seller must find a new place to live and listing options are limited. The trick is finding a more favorable area to move to with a bigger supply of homes available. It might take some work, but it will be well worth the effort to capture the current price premiums available to sellers right now.”
The places Duffy is talking about are places in rural America, the towns and smaller cities outside of major metropolitan areas. Those markets are growing, have a lower cost of living and could have a larger supply of listings available. Those areas are also a great idea for those looking for a change. “The prices and available properties in these outer markets are much better and a smart consideration for someone willing to commute or working remotely, ready for a lifestyle or career change or retiring to a more peaceful life,” said Duffy. “You end up with a very nice property for 20-50 percent less per square foot and, if you are downsizing, you could own more land or save profits from the sale from your more expensive home in the city.” Overall, with the economy still booming and mortgage interest rates at an all-time low, Chief Economist for Freddie Mac, Sam Khater, said in a recent article that we have steady job growth, good wage growth, a flat rate environment and will have less broker competition that will make 2020 a great year for home buyers.
United Country Real Estate specializes in real estate in small cities, towns and rural areas across the United States. If you’re looking for a home in the country, hunting property, farmland, a mountain home or vacation property, visit www.UnitedCountry.com.