This blog post was written by Karen Belita, Data Scientist.
In the monthly REALTORS® Confidence Index Survey, the National Association of REALTORS® asks members if they have additional comments or information regarding demand-supply conditions, changing buyer profile and preferences, mortgage/credit issues, or other issues impacting the market in their own words.
Based on the additional comments by the members in the March 2017 REALTORS® Confidence Index Survey, one of the main issues and/or concerns of the members is the low inventory in the current housing market. This is supported by the word frequency of the following words and phrases: “low inventory,” “inventory low,” “shortage,” and “inventory.” The frequency of the phrase “multiple offer” also indicates that members are noticing that the current market is a seller’s market, and many buyers are competing for the few listings available.
The word frequency represents the most popular words and/or phrases within the collection of comments from the members. Word frequency is represented as size in the word cloud below. How does this compare with your local housing market?