The cost of any item is determined by the supply of that item, along with the buyer demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate agents about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their current edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).
The map below was made after asking the question: “How would you rate buyer traffic in your area?”
The darker the blue, the higher 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 notice 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. This means there are fewer homes on the market than what is needed to satisfy the buyer demand.
Looking at the maps above, it is not hard to see why prices are appreciating in many 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, let’s get together to help you capitalize on the demand in the market now!
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