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Buyer Demand Still Outpacing Supply Of New Jersey Homes For Sale
We all know the supply of an item, as well as market demand for an item, determines its price. 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), and confirms that waiting to buy your New Jersey home isn’t a good idea!
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 four states had a ‘stable’ demand level. New Jersey rated as “strong” demand.
The index also asked: “How would you rate seller traffic in your area?”
The map below shows 25 states reported ‘weak’ seller traffic (including New Jersey), 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 needed to satisfy buyers seeking their dream homes.
Looking at the maps above, it’s 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’re debating listing your home for sale and/or buying a new home, call Team Nest Builder’s Lynn Garafola at 973-222-3777 to help you in the market now! Liked this article? Check out our blog for loads of helpful information on real estate, home improvement and community events!
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