According to Realtor.com’s recent Housing Shortage Report, the US is experiencing the worst low inventory shortage in two decades. And while this presents a definite challenge for people looking to buy a home, it creates the perfect storm of opportunity for those wanting to sell.
According to Realtor.com’s research, the housing shortage can be attributed to the baby boomer generation being unwilling to sell in the current market. In fact:
- 72% of existing homeowners over the age of 55 feel their current home fits their needs
- 85% of those baby boomers don’t plan to sell their home in the next 12 months
Boomers are keeping approximately 33 million properties off the market — a huge contributor to the historically low inventory the US is experiencing.
But this historically low inventory means that there couldn’t be a better time to sell. Low inventory means more competition, and more competition typically means higher offers and a better deal for sellers — especially if you’re selling a starter home.
Thanks to millennials entering the homebuying market for the first time, starter homes are the most in demand selling point on the market. And since they experienced a 17% decrease in supply from 2016 to 2017, a great starter home will be an even hotter commodity in 2018.
The Low Inventory Takeaway
Low inventory can be a problem for buyers. But if you’ve been thinking about selling your home, low inventory means there’s never been a better time to put your property on the market.
Call me today 248-790-5594 for a free consultation for getting your home on the market to sell, it may be the best time ever to get the most for your home in the Oakland County, Michigan area.
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My Weekly Housing Market Updates in Your Area (use any city or zip code)
I work hard to keep my clients informed about the market while they’re buying or selling their home. These weekly reports use real-time data so my clients can make decisions based on what’s happening in the market right now and how the market is changing week by week.
A few questions these reports can help you answer:
Is now a good time to buy or sell? Check the “Market Action Index” to see if the market is heating up or cooling down.
How’s the market in my price range? Click into the “Market Segments” charts to see the how the market is behaving in different price ranges.
What can I get in my price range, and where should I look? Use the “Median List Price” charts to see what you can buy in your price range, and search by zip code to compare different neighborhoods.
Feel free to share this report with your friends and family, and please let me know if you have any questions about the market or if I can help you in any way.