Ever wondered why home prices fluctuate so much? 🤔 Let's break down one of the most fundamental principles of economics that directly impacts the real estate market: supply and demand.
Opposite of the situation in this video: Imagine a city where there are 100 homes for sale (that's your supply) and only 10 people who want to buy those homes (that's your demand). 📉 In this scenario, the supply is high but the demand is low. This means the power shifts to the buyers. 💪
With a high supply and low demand, home sellers are now the ones competing to attract buyers. They might lower prices, offer better deals, or add incentives to make their homes more appealing. It's the complete opposite of a market where there are few homes and many buyers, driving prices up. 📈
Supply and demand is the biggest influencer of home prices. When there's more of something available than people want, prices go down.
Conversely, when there’s less available and more people want it, prices go up. Understanding this dynamic can give you a huge advantage whether you're buying, selling, or just trying to get a grasp on the market.
Stay tuned for more insights into the housing market and how you can navigate it like a pro. 📊
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