Why are home prices still rising? It is a simple answer. There are more purchasers in the market right now than there are available homes for them to buy. This is an example of the theory of “supply and demand” which is defined as:
“the amount of a commodity, product, or service available and the desire of buyers for it, considered as factors regulating its price.”
When demand exceeds supply, prices go up. This is currently happening in the residential real estate market.
Here are the numbers for supply and demand as compared to last year for the last three months(March numbers are not yet available):
In each of the last three months, demand (buyer traffic) has increased as compared to last year while supply (number of available listings) has decreased. If this situation persists, home values will continue to increase.
The reason home prices are still rising is because there are many purchasers looking to buy, but very few homeowners ready to sell. This imbalance is the reason prices will remain on the uptick.
Author:Kenneth Landers Phone: 972-400-3634 Dated: April 5th 2018 Views: 600 About Kenneth: Kenneth Landers was born and raised in Dallas proper. He attended First Baptist Academy in the hear...
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Steve Rigely was born and raised in San Antonio, Texas. He moved to Dallas in 1998 to attend Texas Christian University. He graduated from TCU with a BA in History and a minor in Business.
Steve’s passion for helping people and his business savvy helped guide him to residential real estate in 2003.
“Real estate just felt right. After connecting all the dots, I knew that my career was in residential real estate. I loved the idea that I don’t have any limitations and every day is different than the last.”
Since starting his career, Steve has worked to build lasting relationships with his clients and prides himself in being resourceful in today’s evolving economy. Steve strives to treat each of his clients with the same consideration and revere.
Being able to see Dallas transform has been quite the experience for Steve. Being one of Victory Park’s first residents has given Steve a great platform when it comes time to try to win a potential client’s business.
“I’ve been fortunate to have lived in some of Dallas’ most unique neighborhoods. Uptown and Victory Park have been my home for quite a while now and I am still in amazement at the amount of growth and business opportunity that has been created in just a few short years. I have loved being in the heart of the action.”
Steve took his career to the next level when he joined Rogers Healy and Associates in 2009. Whether you are buying, selling, investing, or just need advice, Steve looks forward to working for you.