Buyer Demand Continues Outpacing the Supply of Homes for Sale
The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).
The map below was created after asking the question: “How would you rate buyer traffic in your area?”
The darker the blue, the stronger the demand for homes in that area. Only three states had a ‘stable’ demand level.
The index also asked: “How would you rate seller traffic in your area?”
As you can see from the map below, 21 states report a ‘weak’ sellers traffic, 25 states report a ‘stable’ sellers traffic, only 4 states and DC report a ‘strong’ sellers traffic. Meaning there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their dream homes.
Looking at the maps above, it is not hard to see why prices are appreciating in many areasof the country. Until the supply of homes for sale starts to meet the buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in the market now!
- Home Prices Have Appreciated 6.9% in 2018 - September 18, 2018
- Are Homebuyers Starting to Hit the ‘Pause’ Button? - September 16, 2018
- Charles Nagy and Theodore Van Laar win Second Quarter Sales Leader Award - August 6, 2018
- WHY HAVING A MENTOR CAN MAKE ALL THE DIFFERENCE - July 15, 2018
- Next Recession in 2020? What Will Be the Impact? - July 9, 2018
- Cost Across Time [INFOGRAPHIC] - July 9, 2018
- Homeowners & Appraisers See the Most Eye-to-Eye on Price in 3 Years - June 11, 2018
- Did Tax Reform Kill the Luxury Market? NOT SO FAR! - June 11, 2018
- UPDATE: The Cost of Renting vs. Buying [INFOGRAPHIC] - June 11, 2018
- Days on The Market Drops to New Low in April - June 11, 2018