2017

Why Are So Few Homes for Sale?

There is no doubt that the largest challenge in today’s housing market is a lack of housing inventory for sale. This challenge has been defined as an “overwhelming lack of supply,” and even a “straight up inventory crisis.”
First American just released the results of a survey which sheds light on the reasons for the current lack of supply.

The survey asked title agents and real estate professionals to identify what they believe are the top reasons for this lack of inventory in their markets. Here are the results of the survey:

47% - existing homeowners are worried that they will not be able to find a home to buy
6% - insufficient or negative equity in the home
6% - foreign buyer demand is absorbing a large share of available homes
5% - first-time buyer demand is absorbing a large share of available homes
3% - existing homeowners’ mortgage rates are lower than the current rates

The report on the survey explains:

“The crowd has spoken, and it seems in many markets home buyers and sellers alike are ‘imprisoned’ by the lack of housing inventory."

That leaves a tremendous opportunity for every homeowner not facing these concerns. If you can put your home on the market today, you are subject to far less competition than at any time in recent history. That will result in your home selling quickly and for the highest possible price.

Bottom Line

While many homeowners are feeling imprisoned for multiple reasons, those who are not handcuffed by these concerns have a once in a lifetime opportunity to sell their houses at a peak selling time.

If you are part of the 47% who feeling you won't be able to find suitable housing-call us and let us help you put together your plan. We are THE MILITELLO TEAM selling real estate North of Boston in Essex County on the North Shore for over 40 years! Put our experience to work for you.

THE MILITELLO TEAM