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.
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. I can help you capitalize on the demand in the market now!
As always, we will serve you with total integrity, total transparency and total commitment to doing what is in your best interest at all times! We invite you to join us. Whether you are buying or selling real estate, we would look forward to the opportunity to earn your business!
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Jim Jacobus Realtor
Keller Williams Southwest