Tight Inventory? Create Your Own
Homeowners stay in their houses longer, chilling the housing market. Some agents create their own inventory.
(Mountain Lakes, NJ, February 1, 2018) — Before the housing crash of 2008, Americans were a mobile bunch, bordering on rootless.
Realtors could count on homeowners to sell every five to seven years, a quick holding period that created both plentiful inventories and regular transactions.
Since the Great Recession, however, Americans have planted increasingly deep roots. The typical American who sold a home in 2016 and 2017 stayed in the property for 10 years, a record high, according to the National Association of Realtors.
To pry inventory out of the tight market, Atlanta Fine Homes agents often touch base with past clients who might be ready to sell but don’t want the hassle of staging and showing their properties.
"We try to encourage them that if they have considered selling, now is a great time," Rawlings says. "Many times, we will go to them with potential buyers before the house is on the market."
That approach works, Rawlings says, but it’s still only a Band-Aid on the broader challenge posed by Americans’ longer tenures in their homes.
More broker/owners share their strategies for coping with tight inventory in the February issue of Real Estate Broker’s Insider newsletter.
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