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 six states had a weak demand level.
The Index also asked:“How would you rate seller traffic in your area?”
As you can see from the map below, 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 out looking for their dream homes.
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, meet with a local real estate professional in your area who can help you capitalize on the demand in the market now!
Here are TEN THINGS that require no talent. 1. Being on time
"Kristen helped us with both a home sale and purchase in Jan and Feb 2016. She went above and beyond to make sure a difficult sale completed and ensured we were updated every step along the way. Kristen also helped us with a purchase in East Texas outside her normal sales area. She made what we expected to be a painful effort smooth and easy! Her knowledge, follow-up, and attention to detail really made the selling and buying experience a pleasure."