The simple law of supply and demand supports why buyer demand continues to exceed inventory of homes for sale. The price of any item is configured by the supply of that item, while measuring 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.
The latest edition gives us a glimpse on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).
The map below was created after asking the question: “How would your rate buyer traffic in your area?”
The darker the blue, the stronger the demand for homes in that area. Only four states came in with a weak or moderate demand level: North Dakota, Wyoming, Connecticut, and Oklahoma.
The Index also asked: “How would your rate seller traffic in your area?”
In the map below, you can see the majority of the country has weak Seller Traffic, meaning there are far fewer homes on the market than what is needed to satisfy the buyers who are looking to purchase their dream homes.
Looking at the maps above, it’s easy to see why prices are appreciating in several areas of 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, meet with a local real estate professional in your area who can help you capitalize on the demand in the market now!
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If you have a home to sell, don’t let that get in the way of buying your dream home. Our move up buyer guarantee is the perfect solution. If you buy one of our homes, we will buy yours. It is that simple. To learn more, call 703-239-7120 or email [email protected].
The Keri Shull Team can meet any of your real estate needs – whether it’s your first time buying, you’re an experienced property investor, planning to sell, or even looking to rent. Contact us today!
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