According to Realtor.com’s recent Housing Shortage Report, the US is experiencing the worst housing inventory shortage in two decades. This is true in Lancaster County and most of Central PA, where it is a solid Seller’s Market. 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.
Based on their research, the housing shortage can be largely 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 nationwide — 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, for all Lancaster County and Central PA Home Sellers. You may want to re-think the “wait awhile” strategy if you fall into that category. 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 home buying market for the first time, starter homes are one of 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.
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 at 717-371-0557!
Still have more questions? Do you want to sell or buy a property? Call me at 717-371-0557, I’ll be happy to help you!
If you want to search Lancaster County or Central PA homes for sale, visit www.JasonsHomes.com to access an MLS home search that shows you all the homes for sale in the Central PA Multiple Listing Service (MLS) !
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If you have questions, need real estate advice or want to buy or sell a home, you can call or text me at 717-371-0557, email me at Jason@JasonsHomes.com or contact me at the office at 717-291-1041!
Your Friend in Real Estate,
Certified Marketing Specialist
Weichert, Realtors – Welcome Home
717-371-0557 direct or text