How Supply & Demand Can Impact Your NY Property Goals in 2022

Today's Market

Today’s market is without a doubt, a seller’s market. There are far more buyers looking for properties than sellers looking to sell their homes. Due to the basic principles of supply and demand, this inevitably means that house prices will gradually rise. With the unfortunate nature of scarcity, when there are more people attempting to buy an item than there is stock on the market, the price drives up, which is precisely what is happening with today’s market. So, understanding the causes behind our current market is essential for having an upper hand when buying your property.

National Supply & Demand

Nationally, we have found that demand is extremely high, whilst supply is very low. It can be more helpful to have a visual aid to fully understand the impact that supply and demand have on our market. As seen in the maps below, the dark blue areas of strong buyer activity on the left, significantly outweigh the much lighter blues of weak seller activity on the right. The current market is making it increasingly harder for people to find new homes. This is where we at Team Rivera come in and can help you secure the right property for you!

Supply & Demand in Property in Jan 22

What Does This Mean for You as a Seller?

Nationally, our supply of properties has reached an all-time low as we struggle to keep up with demand. As a seller, however, this puts you in a fantastic position. You will likely receive an incredible advantage when you sell your house. If you were to list your house now, there are more potential buyers than ever. If you were to also work with an agent, like Team Rivera, there is a high chance you will receive either multiple offers on your property or a bidding war as well! This sales dynamic can be fantastic for driving up the sales price of your home and allowing you to move into the best new property possible for you.

What Does This Mean for You as a Buyer?

With few viable options available, you are likely to find fierce competition within the real estate market. You will need to be strategic and quick to secure your new home. Even though it is a challenging market, you can still succeed as a buyer with the right estate agent team supporting you. A trusted advisor, like Team Rivera, can support you through every step of your purchasing experience. Buying a house is meant to be a fun and exciting period of your life. Full of potential and new plans, not high stress, and ambiguity. That’s where we come in to take the hassle out of your new property and allow you to enjoy the fun side of real estate.

So, what is the overall outcome?

Whether you are a homeowner or buyer, or even both, knowledge of and understanding your current market is crucial. One thing is certainly clear, even with a market in flux, we are still a nation in love with our houses.

Connect with us at Team Rivera today to better understand the housing market and its intricacies. We can help make your home buying and selling dreams come true this year.