There’s a well-known economic theory – the law of supply and demand – that explains what’s happening with prices in the current real estate market. Put simply, when demand for an item is high, prices rise. When the supply of the item increases, prices fall. Of course, when demand is very high and supply is very low, prices can rise significantly.
Understanding the impact both supply and demand have can provide the answers to a few popular questions about today’s housing market:
• Why are p...
This year, Americans are moving for a variety of reasons. The health crisis has truly reshaped our lifestyles and our needs. Spending so much more time in our current homes has driven many people to reconsider what homeownership means and what they find most valuable in their living spaces.
According to the 2020 Annual National Movers Study:
“For customers who cited COVID-19 as an influence on their move in 2020, the top reasons associated with COVID-19 were concerns for personal and famil...
Homebuyers are flooding the housing market right now to take advantage of record-low mortgage rates.
Many have a sense of urgency to find a home soon since experts forecast a steady rise in both rates and home prices this year and next.
As a result, buyer demand greatly outweighs the current housing supply.
Here’s how the shortage of houses for sale sets yours up to be the oasis in an inventory desert.
According to the National Association of Realtors (NAR), today’s housing invent...
In a sellers’ market, some homeowners might be tempted to try to sell their house on their own (known as For Sale By Owner, or FSBO) instead of working with a trusted real estate professional. When the inventory of homes for sale is as low as it is today, buyers are eager to snatch up virtually any house that comes to market.
This makes it even more tempting to FSBO. As a result, some sellers think selling their house will be a breeze and see today’s market as an opportunity to FSBO.
Let...
Hidden away along the eastern shores of Little Sarasota Bay in southern Sarasota is one of the areas’ most historic neighborhoods - The Field Club.
With the fast rate of growth across all of southwest Florida over the past decade, many of the most popular areas to live in, are newly built neighborhoods, conveniently adjacent to shopping and dining, or master-planned communities a little further away from town.
Older neighborhoods with that undefinable “old-Florida charm” are rare gems for...
The real estate market was on fire during the second half of 2020. Buyer demand was way up, and the supply of homes available for sale hit record lows. The price of anything is determined by the supply and demand ratio, so home prices skyrocketed last year.
Dr. Lynn Fisher, Deputy Director of the Federal Housing Finance Agency (FHFA) Division of Research and Statistics, explains:
“House prices nationwide recorded the largest annual and quarterly increase in the history of the FHFA Home Pr...
