Inventory of available homes on the market is the lowest it’s been in two decades, but the reasons may surprise you.
Baby boomers are showing a desire to age in place in their current homes, and their refusal to sell is creating a clog in the market. Eighty-five percent of baby boomers surveyed say they are not planning to sell their home in the next year. That means 33 million properties—many of which are urban condos or suburban single-family homes—will stay off the market. Many of those properties would be popular choices for millennials, a generation still largely waiting in the wings to break into homeownership.
Call me now to downsize!