BUYER DEMAND STILL OUTPACING THE SUPPLY OF HOMES FOR SALE

Dated: March 29 2018

Views: 33


Buyer Demand Still Outpacing the Supply of Homes for Sale


The price of any item is determined by the supply of that item, as well as 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).

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”

Buyer Demand Still Outpacing the Supply of Homes for Sale | Keeping Current Matters

The darker the blue, the stronger the demand for homes in that area. Only four states had a ‘stable’ demand level.

Seller Supply

The index also asked: “How would you rate seller traffic in your area?”

As you can see from the map below, 25 states reported ‘weak’ seller traffic, 21 states reported ‘stable’ seller traffic, 3 states and Washington D.C. reported ‘strong’ seller traffic, and only 1 state reported ‘very strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are out looking for their dream homes.

Buyer Demand Still Outpacing the Supply of Homes for Sale | Keeping Current Matters

Bottom Line

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 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!

Blog author image

Bevia Patrick

Since its inception in 1995, Patrick Team Properties has exemplified a profound commitment to its clients by providing the highest standard of service, integrity and work ethic in the field. Patri....

Latest Blog Posts

What Is The Strongest Tailwind To Todays Recovering Economy

What Is the Strongest Tailwind to Today’s Recovering Economy?Last year started off with a bang. Unemployment was under 4%, forecasters were giddy with their projections for the economy, and

Read More

Is It A Good Time To Sell My House

Is It a Good Time to Sell My House?Last year, many homeowners thought twice about selling their houses due to the onset of the health crisis. This year, however, homeowners are beginning to regain

Read More

How Smart Is It To Buy A Home Today

How Smart Is It to Buy a Home Today?Whether you’re buying your first home or selling your current house, if your needs are changing and you think you need to move, the decision can be complicated.

Read More

Did You Outgrow Your Home In 2020

Did You Outgrow Your Home in 2020?It may seem hard to imagine that the home you’re in today – whether it’s your starter home or just one you’ve fallen in love with along the way – might

Read More