Buyer Demand Is Outpacing the Supply of Homes for Sale
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 survey shows the relationship between Seller Traffic (supply) and Buyer Traffic (demand).
The map below illustrates how agents rate buyer traffic in their area:
The darker the blue, the stronger the demand for homes in that area. Only six states had a weak demand level.
And, here is how agents rate seller traffic in their area. As you can see from the map, the majority of the country has weak Seller Traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are looking to pruchase.
Real Estate Bottom Line
Looking at the maps above, it is not hard to see why homes 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 thinking about listing your home, let’s get together to help you capitalize on the strong buyer demand in the market!