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Ryan Haley’s Buyer and Seller Tips for August 2020: Dealing With a Low-Inventory Market

Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty, talks about how the current market trends are affecting real estate buyers and sellers. 

The real estate market is currently in a low-inventory status at the beach. 

To put it in perspective, there are exactly 300 properties for sale within 10 miles of the beach. In the past 12 months, there have been 1,451 properties sold, translating to an average of 121 sales per month. 

With 300 properties for sale, that means we only have 2.48 months of supply, way below the normal standard of 6 months’ supply for the market to be neither a seller nor a buyer’s market. In Ocean City, which is a second-home destination, the balanced supply is set at 9 months of inventory. This means that if no new inventory is introduced in the next two and a half months, then we will be out of properties to sell. 

What Low Inventory Means for Sellers

For sellers: Low inventory, high demand, and low-interest rates fueling that demand mean that NOW may be the best time to sell your property to gain the most money as there is less competition in the market. 

As long as your property is well presented and gets marketed by an excellent real estate agent, even if the property is priced higher than the most recent sales, you can expect a lot of activity on your property, and there’s a strong chance that you will get multiple offers. 

What It Means for Buyers

For buyers: Low inventory does not mean that you cannot win in today’s market. As long as you are pre-approved, have proof of funds, and have a great real estate agent assisting you, then you are bound to find that perfect property you are looking for.

For more information about buying or selling, call us at 410.524.0919 and we’ll be happy to help. 

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