As a homeowner contemplating selling your property, you may be curious if the current market conditions are favorable for selling. Fortunately, there is positive news as buyer activity is actually on the rise, despite higher mortgage rates. According to the latest ShowingTime Showing Index, which measures the number of potential buyers actively visiting homes, there has been a significant increase in buyer demand over the past few months, as demonstrated in the graph below.
The data from the graph indicates that there was a remarkable surge in buyer traffic during the first two months of 2023. This increase can be attributed to the limited inventory of homes for sale, which created a sense of urgency among potential buyers to make a purchase even during the colder months. The graph shows the comparison of foot traffic in February 2023 with that of the previous six years’ Februarys. This comparison provides valuable insights, as it highlights that February 2023 was one of the most active months for buyer activity in recent years.
The rise in buyer demand is a positive sign for homeowners considering selling their homes, as it indicates that the market is favorable for sellers. However, it’s essential to keep in mind that the market can be subject to fluctuations and that it’s crucial to consult with a real estate professional before making any major decisions.
The graph shows that the months of February in 2021 and 2022 had the highest number of people looking to buy homes (represented in green). However, these years were not typical for the housing market. If we compare this year’s February (2023) to the years before the pandemic, we can see that there has been a clear increase in the number of people looking to buy homes. This is good news for homeowners who are thinking of selling their homes. Additionally, this increase happened even though mortgage rates went up in February. The Freddie Mac 30-year fixed mortgage rate went up from 6.09% to 6.50% during this time. But despite this increase, more people were looking to buy homes. This is a sign that there is strong demand in the market.
Jeff Tucker, who is a Senior Economist at Zillow, thinks that the increase in buyer activity will continue in the coming months. He believes that there will be more buyers who will start looking for homes during the usual time of the year when people tend to shop for homes, which is between March and April. For homeowners who want to sell their homes, this is good news because it means that there are still buyers in the market who may be interested in buying their homes. To take advantage of this favorable market condition, it’s recommended to work with a real estate professional to list your house and attract potential buyers.
Bottom Line
The increased foot traffic in the housing market this year is a positive sign that buyers are actively looking to purchase homes despite the higher mortgage rates. This indicates that there is a strong demand in the market, which can be good news for homeowners who are considering selling their homes. If you’re one of them, it’s a good time to connect with a real estate professional to explore your options and take advantage of the current market conditions.
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Tue, 09 May 2023 02:27:49 +0000
by Mottek Group