Buyer and Seller Tips for August 2020: Ryan Haley’s Take on Low-Inventory Market at the Beach
In this video, Ryan Haley, broker and owner of Atlantic Shores Sotheby’s International Realty, discusses how the current low-inventory market affects buyers and sellers of real estate in Ocean City.
The real estate market is currently in a low-supply status, with inventory dwindling at the beach.
Using current statistics as a basis, there are exactly 300 properties for sale within 10 miles of the beach. The company has sold 1,451 properties in the last 12 months, which means that an average of 121 sales were made per month. At 300 properties for sale, this translates to 2.48 months of supply.
Normally, the market needs 6 months of supply for it to be neither a seller nor a buyer’s market. In Ocean City, which is mainly a second-home destination, the typical supply is 9 months of inventory. This means that if no new inventory is introduced in the next two and a half months, then the company will run out of properties to sell.
Tips for Sellers
The current situation is advantageous to sellers since low inventory, high demand, and low-interest rates fueling that demand mean that they can gain the most money because of less competition.
What is important to note for sellers is that they have to make sure that their property shows well and that it is marketed by an excellent real estate agent. With the help of a reliable agent, even if the property is priced higher than the most recent sales, sellers can expect plenty of activities on their property, and there is strong possibility of getting multiple offers.
Tips for Buyers
For buyers, a low-inventory market is not at all disadvantageous. As long as the buyer is pre-approved, has proof of funds, and has the support of an excellent real estate agent, then the buyer will find that perfect property.
For more information about buying or selling in Ocean City, contact Atlantic Shores at 410.524.0919.