Are you delaying selling your house because you’re afraid that no one is buying homes due to high mortgage rates? Well, don’t worry, because recent information tells us that there are still many people buying houses right now. Let’s look at the data to see for ourselves.
The ShowingTime Showing Index helps us understand how many buyers are visiting homes for sale. In the chart below, we have the most up-to-date numbers, and we’re comparing them to the same month in previous years before the pandemic to see just how many buyers are still actively looking for homes today:
As you can see, when we compare the numbers for June 2023 to what we typically expect in the housing market during this time of year, it’s evident that buyers are still very active. In fact, they’re even more active than usual.
You might be wondering how this is possible. Well, it’s because buyers are becoming accustomed to the idea of higher mortgage rates and are accepting them as the new normal. As Danielle Hale, the Chief Economist at Realtor.com, explains:
“The increase in interest rates continues to reduce the purchasing power of buyers, but it seems they have adapted to this higher mortgage rate environment…”
It’s quite simple, really. Buyers will always have a need to purchase homes, and those who can afford to do so at today’s interest rates are taking the opportunity to make their move.
The Key Takeaway for You
It’s important to acknowledge that the real estate market has cooled down a bit compared to the intense activity of the past few years. However, this doesn’t mean that the current market is stagnant. In fact, the truth is that there is still a robust flow of potential buyers in today’s market.
Despite the current mortgage rates, many buyers are actively pursuing their home-buying goals. So, if there’s a market for your house, why wait any longer to make your move? Don’t delay when there are still plenty of buyers out there eager to purchase homes.
Bottom Line
Don’t delay your plans just because you’re concerned that there won’t be any takers for your home. In reality, the situation is quite the opposite, with a higher level of buyer activity than usual. Let’s connect and prepare your house for sale, ensuring it leaves the best possible first impression on these enthusiastic buyers.
Find out why Kaya Homes is the leader in Long Island Real Estate and are your go-to realtor in the Lynbrook, Oceanside, Malverne, Hewlett, Valley Stream, East Rockaway, Woodmere, Cedarhurst, Baldwin, North Woodmere, Woodsburgh, Hewlett Neck Hewlett Harbor, Bellmore,Wantagh,Merrick and Freeport area.
Sun, 03 Sep 2023 22:14:37 +0000
by Mottek Group