Hey guys, is there one giant national real estate market? The answer is no. Real estate, like politics, is all local. One market is going to be different from the next, and what drives conditions in every market across the country is supply and demand.

Supply and demand determine what sellers can ask for a home and what buyers can ask from sellers. This is true in every market in America.

If we broke the national market down, we could look at it in four distinct regions, as often done by NAR: the South, the West, the Midwest, and the Northeast. These markets are wildly different.

I live in the West, where there are currently more sellers than buyers. Sellers here are feeling the pressure—reducing prices, offering concessions, and being more aggressive to attract buyers.

In the Midwest and Northeast, it’s the opposite. There are more buyers than sellers, giving sellers pricing power. Agents in those regions might say, “What are you talking about? It’s completely different here.”

He...