So, I have been working with two separate buyers since November and have yet to find a house for them to call home – frustrating? – you bet! Granted the winter typically isn’t the best time for home inventory but we are in mid-February and we are still not seeing an influx of new listings. Blame it on the Baby Boomers – yep that’s right – those darn Baby Boomers just don’t want to sell their homes. According to a survey conducted by Realtor.com last year a large majority of people at or near retirement age are happy where they are and 85% said they have no plans to sell their homes in the next year. And quite frankly it is sticky situation because even if Boomers wanted to downsize, most of the shortage is in the moderate to lower price range. Since there is not much to buy, they don’t want to sell, so there is not much to buy – I know, a vicious circle!
New home construction has risen slightly but once again more in the upper price ranges and not at a rate to make up for the shortfall in inventory of resale. FAAR (Fredericksburg Area Association of Realtors) 2017 Year-In-Review Housing Report states there was only 2.93 months of inventory. That is the time it would take to run out of homes for sale if no new inventory were added. A normal inventory should be 6 months according to the National Association of Realtors. That makes us more than 3 months short!!!!
If you ARE Thinking of selling your home – NOW is the time. I would love the opportunity to work with you. Check out Tips for Sellers under the resourse tab for tips on getting your home ready to sell and GIVE ME A CALL!!!