If you’ve been reading my blog posts, you’ll know that I’ve written many posts about the shortage of available homes. But this time, I’ll be telling you about a survey of real estate professionals and title agents. These people were asked about, in their professional experience, why there is a shortage of available homes.
The largest reason cited was from 47% of the respondents. They said that the biggest reason people are not putting their homes up for sale is that people are worried that if they sell their home, they will ot be able to find a suitable new home for them to live in.
Another 6% of the respondents replied that people have either insufficient equity or no equity in the home they are now in.
And 3% are saying that the mortgage rate they would get if they purchased a new home is higher than their current interest rate.
The responses above tell me that a large number of people who should, at this time, be selling their homes are not putting them on the market. And if you are in a similar situation, I don’t blame you for not selling your home. But if the above reasons do not apply, you have a tremendous opportunity available to you. With such a severe shortage of available homes, if you were to put your home up for sale, it would probably sell very quickly. And you would probably get a higher price than the home would’ve brought in many a year.
But here’s the other part of the issue for you. Where will you find a new suitable home?
If you’re reading this, you are probably looking on my website of active adult community homes. Home sellers in active adult communities rarely have the issues about selling that are listed above. And while there is a shortage of available homes in many adult communities, we can usually find a suitable adult community home for our clients.
So if you are thinking about a move into an active adult, over 55 community, please give us a call at 732-598-7700. We can help you understand what your options are, for both buying and selling. Or you can visit our web sites below.