Have you been holding off on selling your home due to concerns about the state of the housing market amidst fluctuating mortgage rates? If so, it’s time to reconsider, as the latest data paints a different picture – one of active and eager buyers still making their move in the real estate arena.
Let’s delve into the facts:
The ShowingTime Showing Index provides valuable insights into buyer activity, measuring the number of home tours conducted by potential buyers. The graph below illustrates the most recent data, comparing it to historical averages for the same time of year:
Clearly, when we stack up the figures from June 2023 against what’s traditionally seen in the housing market during this season, it’s evident that buyers are not just present – they’re exceptionally active. In fact, they are surpassing the usual levels of activity.
You might wonder how this is possible, given the current mortgage rate scenario. The answer lies in the fact that buyers are adapting to the new reality of higher mortgage rates. 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 . . .”
The bottom line is straightforward: buyers will always exist, and those who can afford to make a move in today’s rate environment are seizing the opportunity to do so.
While it’s true that the market has witnessed a shift from the frenzy of the past few years, it’s essential to recognize that the real estate market today is far from stagnant. In reality, buyer traffic remains strong, even in the face of current mortgage rates. There is indeed a market for your house, so why wait any longer?
Don’t allow concerns about the housing market to delay your plans any further. The evidence is clear: there are more active buyers in the market than usual. Let’s connect to prepare your house for sale, ensuring it makes a stellar first impression on these eager buyers.
The market is calling – are you ready to answer?
Rest assured, there’s a thriving market for your home. Don’t delay your move any longer; let’s explore your selling options today.