The recent Housing Shortage Report from Realtor.com suggests the U.S. is experiencing the worst inventory shortage in two decades. This presents a definite challenge for people looking to buy a home. At the same time, it creates the perfect storm of opportunity for sellers.
According to Realtor.com’s research, the housing shortage is a result of 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.
- Baby boomers are keeping about 33 million properties off the market, a huge contributor to the historically low inventory the U.S. is experiencing.
This historically low inventory means there couldn’t be a better time to sell. Low inventory means more competition, and more competition typically means higher offers and better deals for sellers, especially if you’re selling a starter home.
Thanks to millennials entering the home buying market for the first time, starter homes are the most in demand selling point on the market. Since they experienced a 17% decrease in supply from 2016 to 2017, a great starter home will be an even hotter commodity in 2018.
For buyers, low inventory can be a problem. Low inventory is good news for sellers. It means there has never been a better time to put your property on the market!
Available Inventory on Martha's Vineyard
Approximately 275 properties available on the island include:
- Vacation weeks in condo, condo, single family, multi family, and commercial in the 6 island towns
- Under $500,000 total 33 properties
- $500,000 - $700,000 total 47 properties
- $700,000 - $1,000,000 total 59 properties
- Over $1 million total 145 properties
- Over $2 million total 83 properties
Marilyn Moses began her Martha’s Vineyard real estate career over 10 years ago. She has successfully represented both buyers and sellers. Whether you are buying or selling a home, Marilyn will guide you through the complexities of the process while minimizing the hassles and stress. Learn more about how Marilyn can help you buy or sell your home on Martha’s Vineyard!