Riverside Real Estate Supply & Demand
If you took an economics class in school you probably learned about the basic supply and demand rule. We all learned that when selling anything, you will get the most money if the demand for that item is high and the inventory of that item is low. It is the well-known Theory of Supply & Demand. If you are thinking of selling your home, here are two graphs that strongly suggest that the time is now.
According to research at the National Association of Realtors (NAR), buyer activity last month (January) was three times greater than it was last January. These are purchasers who are ready, willing and able to buy. The research shows that they are in the market in great numbers.
The most recent Existing Home Sales Report from NAR revealed that the months’ supply of housing inventory had fallen to 4.4 months which is the lowest it has been in over a year. In Riverside we have been faced with a short supply of quality homes to sell for quite some time. This means that if you list now, before the “spring rush” you’ll have fewer homes to compete with.
If you have been thinking about selling your home and you are not sure if this is the time, rest assured, it is a great time to get your home sold. The Ransom-McKenzie Team can help you understand the market for your neighborhood in Riverside so give us a call today. We love Riverside!