Home Inventory Shortage

There is a severe lack of housing inventory. Why?

1. Most sellers want to buy so the lack of inventory makes them wait.
2. Supply hasn’t kept up with demand because of high building prices.
3. Rising Mortgage rates encourage sellers to stay put.
4. Supply shortage is increasing.
5. Several years of job growth brings more buyers.
6. The age of sold homes has almost doubled since last housing collapse.  In 2006 median age was 15 years now it’s almost 30 yrs.
7. People are staying in homes longer. Until 2008, the average sale was every 5 yrs., now it’s 8 yrs.
8. Millennials are buying, causing Mom and Dad to downsize.
9. Renters are trying to buy.
10. The end of Govt. subsidies for flood insurance this Sept. are forcing old homes to sell.
11. On our barrier islands, increasing land costs are making old houses obsolete.
12. Many sellers are thinking that prices will continue to go up, so they’re waiting. 

We call these 12 items a “housing prisoner’s dilemma”. People need to sell while others need to buy. Both sides seem to be stuck. There are numerous solutions once we know your personal situation. Our weekly “Beach Talk” addresses all of these barrier Island concerns. Now you can join us online each Tues. from 4-5PM or come in person to 5050 Gulf Blvd. in St. Pete Beach.  Go to C21Wizard.com. No log in requested.

Warren buffet said “When others are fearful be greedy and when they are greedy be fearful”. Depending on your goals this may be a great time to sell or to buy. Join us to gather information to decide. There are many home evaluation sites to check prices. I’ve found www.Smarthome price.com to have the best analytics to determine market price. Since the internet does not know all of your personal business, don’t count on any one site for your value.

All the best, Jim “Property Wizard” Beggins, Broker, CENTURY 21Beggins Enterprises, with 13 offices and 400 agents serving Pinellas, Hillsborough, Manatee and Sarasota Counties. Since most opinions about real estate can be supported with facts. I will inform you to the best of my ability so you can unconfuse the facts to your personal advantage. I think I can use my “hands on” experience in Florida real estate since 1970 to achieve your desired outcome. Please let me know how I’m doing. mailto:jimbeggins@c21be.com 727 254 8144 Cell. Call, text or email with any questions.