According to a survey conducted by the National Association of Realtors (NAR), the demand for homes continues to exceed the available supply. There is an average of four client home tours versus an average of one new listing reported for the month.
Source: Keeping Current Matters
How Does Supply and Demand Impact Home Prices?
When there are more buyers looking for homes than the supply available for sale, as for any item in the market, the prices can go up. Although this may sound alarming for some, it is actually a great time for sellers to start listing their homes. More potential buyers are eager to view properties and ready to make offers right away.
Surprisingly, the situation could also be favorable to buyers if they work with the right people. With lesser options available in the market, teaming up with a licensed real estate agent could be beneficial. Realtors® know the ins and outs of the homebuying process so they can spare you from most headaches that most people go through when they work on their own, especially in a challenging environment where there is huge competition.
Source: National Association of Realtors (NAR)
At the end of the day, it doesn't matter whether you are a buyer, a seller, or both. The bottom line is having the knowledge and getting the right people to help you achieve your dreams. Selling your home or buying your dream house shouldn't be daunting if you have people who can help you see a clear picture of the housing market that you want to tap into.
Contact the best real estate agent and real estate team: The Island Wide Team today!
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