The rule of supply and demand is the #1 reason to sell your Manahawkin home now, before spring.
Supply and demand is one of the most fundamental concepts of economics and it is the backbone of a market economy. Demand refers to how much (quantity) of a product (in this case, houses) is desired by buyers. The quantity demanded is the amount of a product people are willing to buy at a certain price; the relationship between price and quantity demanded is known as the demand relationship. Supply represents how much the market can offer. The quantity supplied refers to the amount of a certain good producers (home owners and/or builders) are willing to supply when receiving a certain price.
The correlation between price and how much of a good or service is supplied to the market is known as the supply relationship. Price, therefore, is a reflection of supply and demand.
The price of any item (including residential real estate) is determined by this ‘supply and demand’ rule. If many people are looking to buy an item and the supply of that item is limited, the price of that item increases.
In Manahawkin, the demand for homes far outweigh the supply. Current absorption rates are below 4 months, which indicates a very limited supply of homes presently on the market.
According to the National Association of Realtors (NAR), the supply of homes for sale dramatically increases every spring. As an example, here is what happened to housing inventory at the beginning of 2017:
Putting your Manahawkin home on the market now instead of waiting for increased competition in the spring might make a lot of sense.
Buyers in the market during the winter months are truly motivated purchasers. They want to buy now. With limited inventory currently available in Manahawkin, sellers are in a great position to negotiate.
One of the top reasons to hire a real estate professional is their understanding of your local market and how the conditions in your neighborhood will impact your experience. Karl Hess & Keller Williams Shore Properties provides expert real estate services to residential buyers and sellers in Southern Ocean County. Contact us today for more information on Ocean County Real Estate and for professional assistance navigating this complex home market.
As always, thank you for your time and feel free to get in touch if you have any questions. Karl Hess, Keller Williams Shore Properties - #1 Real Estate Office in Ocean County
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