Why is this the hottest real estate market? Most people would answer that demand is driving this market, but that is a fallacy. Rather this market is being driven by the scarcity of homes for sale. Yes, our demand has been slightly above normal. But demand could drop well below normal levels and still have little impact on the market simply because the current supply is so scarce. We need about 7 times the amount of homes currently for sale to balance the market. Therefore the key to the market rebalancing is increased listings – both active and new to market - not decreased demand.
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