Buyer Traffic is Still Stronger than the Norm
Are you delaying the sale of your home due to concerns about the state of the housing market with regards to mortgage rates? If that’s the case, it’s important to know that recent data indicates there are still plenty of active buyers in the market, and they are actively purchasing homes. Here’s the data to support this claim.
The ShowingTime Showing Index, which measures the number of buyers touring homes, provides us with valuable insights. The graph below utilizes the most recent data available and compares it to the same month in previous years to illustrate the high level of activity among today’s buyers:
As you can see, when we compare the numbers from June 2023 to the typical housing market activity for this time of year, it becomes evident that buyers remain highly active and, in fact, more active than the norm.
You might be wondering how this is possible, considering the rise in mortgage rates. The explanation is that buyers have adjusted to the higher mortgage rate environment and have come to accept it as the new normal. As Danielle Hale, Chief Economist at Realtor.com, explains:
“Interest rate hikes continue to further cut into buyers’ purchasing power, although they appear to have adapted to the higher mortgage rate environment . . .”
In essence, buyers will always have a need to purchase homes, and those who can afford to do so at today’s rates are taking advantage of the opportunity.
The Key Takeaway for You
While it’s true that the market has cooled down from the frenetic pace of the past few years, it does not mean that today’s market is stagnant. The reality is that buyer traffic remains robust, even in the current mortgage rate environment. Many buyers are actively pursuing their homeownership goals. So, why delay your own move when there is evidently a market for your house?
There’s no need to postpone your plans out of concern that no one will buy your home. Quite the opposite is true, as there are more active buyers than usual. Feel free to reach out to me today for a complimentary home listing consultation, so we can prepare your house for sale and make a lasting impression on these eager buyers. “Let’s connect and Get You Moving.”