If you’re thinking of selling your home, you may be wondering about the current market demand for homes like yours. Will there be a lot of qualified buyers eager to see it? Will your home compete with so many similar listings that it may take a few weeks to sell?
In basic economics, demand is defined as the number of buyers versus the amount of inventory. There’s a fancy scientific formula that calculates demand, but in real estate terms it’s simple:
- High demand: More buyers looking than there are homes like yours available. (Example: 15 active buyers but only 10 homes like yours on the market.)
- Low demand: Fewer buyers looking than there are homes like yours available. (Example: 10 active buyers on the market and 15 homes like yours listed.)
The demand impacts not only how long it may take to sell your property, but also the asking price and marketing.
Fortunately, you can sell your home even in a low demand cycle. You just need to stage it well, price it right, and market it effectively.