What term describes the amount of goods people are willing and able to buy at a given time?

The correct term that describes the amount of goods people are willing and able to buy at a given time is demand. Demand encompasses both the desire for a product and the ability to purchase it, which are critical components in determining how much of a good or service will be sold in a marketplace.

Understanding demand is vital in real estate as it directly affects market activity, property values, and pricing. When demand for housing increases, for instance, prices typically rise, reflecting the purchasing power and urgency of prospective buyers. Conversely, if demand decreases, prices may fall as sellers adjust to the buying habits in the market.

Recognizing the definition of demand assists real estate professionals in making informed decisions based on current market conditions, guiding strategies for listings, pricing, and marketing efforts.