Let’s Connect: 
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).
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Buyer 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.
Seller Supply
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.
In Broward County/South Florida Single Family Homes under $500,000 have less than 4 Months of inventory. Meaning if no other home came on the market we would be out of houses to sell in 4 months. There is a huge buyer demand and not enough inventory. If you are a seller take advantage of this market before there is more competition and home prices stop going up as much as they have. If you are a buyer hire a real estate professional who understands that and can help you get the home you desire among all the competition for the buyers wanting the same home.
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 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!
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