How Supply and Demand Can Impact Your Buying and Selling Goals
In today’s housing market, there are far more buyers looking for homes than sellers listing their houses. Based on the concept of supply and demand, this means home prices will naturally rise. Why is that? When there are more people trying to buy an item than there are making that item available for sale, that drives prices up. And that’s exactly the case in today’s housing market. So, knowing what’s happening with the inventory of homes for sale and the demand for housing is crucial for today’s buyers and sellers.
Nationally, Demand Is High and Supply Is Very Low
The latest buyer and seller activity data from the National Association of Realtors (NAR) indicates buyer traffic heavily outweighs seller traffic today, as shown in the maps below. There are far darker blues (strong buyer activity) on the left and much lighter blues (weak seller activity) on the right. In other words, this shows how the demand for homes is significantly greater than what’s available to purchase.
What Does This Mean if You’re a Seller?
Supply is struggling to keep pace with demand. In fact, the inventory of homes for sale recently hit an all-time low. That gives you an incredible advantage when you sell your house. With so few listings, it’s likely more potential buyers will view your house – especially if you work with an agent to price it right. That means there’s a high chance you’ll receive multiple offers or buyers will enter a bidding war for your house. And that dynamic can drive the sale price of your home up.
Recommended by LinkedIn
What Does This Mean if You’re a Buyer?
As a buyer with fewer options available, you’re likely to see more competition, so you need to be strategic to win. First, make sure you have a trusted professional on your side. Your real estate agent will help you understand your local market and work with you to act quickly when the time is right. Even when it’s challenging to find a home, you can still succeed as a buyer today if you have a trusted advisor on your side every step of the way.
Bottom Line
Whether you’re a homebuyer, seller, or both, knowledge truly is power. Let’s connect today so you can better understand what’s happening in our local market and achieve your homebuying and selling goals this year.
🥰 𝑰 𝒂𝒑𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒆 𝒚𝒐𝒖 𝒂𝒔 𝒂 𝒄𝒍𝒊𝒆𝒏𝒕 𝒂𝒏𝒅 𝒂 𝒇𝒓𝒊𝒆𝒏𝒅. 𝑰 𝒂𝒑𝒑𝒓𝒆𝒄𝒊𝒂𝒕𝒆 𝒚𝒐𝒖𝒓 𝒃𝒖𝒔𝒊𝒏𝒆𝒔𝒔, 𝒚𝒐𝒖𝒓 𝒍𝒐𝒚𝒂𝒍𝒕𝒚, 𝒕𝒓𝒖𝒔𝒕 𝒂𝒏𝒅 𝒚𝒐𝒖𝒓 𝒓𝒆𝒇𝒆𝒓𝒓𝒂𝒍𝒔. 𝑰𝒕 𝒊𝒔 𝒎𝒚 𝒈𝒐𝒂𝒍 𝒕𝒐 𝒑𝒓𝒐𝒗𝒊𝒅𝒆 𝒕𝒉𝒆 𝒗𝒆𝒓𝒚 𝒃𝒆𝒔𝒕 𝒄𝒐𝒖𝒏𝒔𝒆𝒍, 𝒂𝒅𝒗𝒊𝒄𝒆 𝒂𝒏𝒅 𝒔𝒆𝒓𝒗𝒊𝒄𝒆 𝒑𝒐𝒔𝒔𝒊𝒃𝒍𝒆 𝒇𝒐𝒓 𝒚𝒐𝒖𝒓 𝒓𝒆𝒂𝒍 𝒆𝒔𝒕𝒂𝒕𝒆 𝒏𝒆𝒆𝒅𝒔. 𝑰𝒇 𝑰 𝒎𝒂𝒚 𝒆𝒗𝒆𝒓 𝒃𝒆 𝒐𝒇 𝒂𝒔𝒔𝒊𝒔𝒕𝒂𝒏𝒄𝒆 𝒕𝒐 𝒚𝒐𝒖𝒓𝒔𝒆𝒍𝒇, 𝒂 𝒓𝒆𝒍𝒂𝒕𝒊𝒗𝒆, 𝒇𝒓𝒊𝒆𝒏𝒅 𝒐𝒓 𝒄𝒐-𝒘𝒐𝒓𝒌𝒆𝒓 𝒑𝒍𝒆𝒂𝒔𝒆 𝒅𝒐𝒏’𝒕 𝒉𝒆𝒔𝒊𝒕𝒂𝒕𝒆 𝒕𝒐 𝒄𝒂𝒍𝒍 𝒎𝒆. 𝑰 𝒍𝒐𝒐𝒌 𝒇𝒐𝒓𝒘𝒂𝒓𝒅 𝒕𝒐 𝒕𝒉𝒆 𝒐𝒑𝒑𝒐𝒓𝒕𝒖𝒏𝒊𝒕𝒚 𝒕𝒐 𝒔𝒆𝒓𝒗𝒆 𝒚𝒐𝒖.
☎️ 1-718-909-0233
#housingmarket #realestate #mortgagerates #firstimehomebuyer #realtor #newyork #housingmarket