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, home prices will naturally rise.
Why is that? When more people are trying to buy an item than they are making it 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.
What Does This Mean if You’re a Seller?
Supply is struggling to keep pace with demand. 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, more potential buyers will likely 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.
What Does This Mean if You’re a Buyer?
As a buyer with fewer options, you’re likely to see more competition, so you must be strategic to win. First, make sure you have a trusted professional on your side. Your real estate agent in the Chicagoland Area and Surrounding Suburbs will help you understand your local market and work with you to act quickly when the time is right. Even when finding a home is challenging, 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 home buyer, seller, or both, knowledge is power. Let’s connect with real estate experts at KM Realty Group LLC today so you can better understand what’s happening in our local market and achieve your home-buying and selling goals this year.
