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May 19, 2014

No Inventory? Wha-Wha-What??

Filed under: Center City Real Estate,General Real Estate,Of Interest to Buyers,Of Interest To Sellers — Center City Philadelphia Real Estate Agent @ 8:57 am
We Will Remember 2014 As The
Year Of No Inventory
In my opinion, the cause is easy to pinpoint.
We are just now coming to a time in the market where prices have begun to rise. However, they have not risen to a point where many sellers have a ton of equity into their Center City condos.
As a result, they either choose not to sell or simply cannot sell because they do not have the equity to move into a new home. This creates a bottleneck of demand- buyers are buying but there is not enough product on the market to meet that demand.
We see this phenomenon once every 7 years or so when the market shifts from a buyers market to a sellers market.
Look for the situation to change next fall as more sellers gain the equity needed to move into a new home and list their current properties.
  Although I don’t mean to be the “big brain”….
We do have a fairly sizable amount of the
Center City Condo inventory for our buyers….
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