Despite higher rates in the current market, buyer activity is up.
In today’s housing market, it can be confusing to make sense of real estate headlines. Is it a good time to sell? Is it a good time to Buy? Does anyone really know? Well let's look at the data:
The latest info from the ShowingTime Showing Index (a measure of buyers actively touring homes) is very telling. According to their statistics, buyer demand has increased in recent months. The first two months of 2023 showed a noticeable rise in buyer traffic. Why? Likely because low inventory forced shoppers to continue searching even during the winter.
To gain an understanding of why this data is important, let’s look at the month of February. This February was one of the best Februarys for buyer activity in the last six years. The only better Februarys were in 2021 and 2022, which were influenced by the pandemic. Those years were highly unusual in the housing market. In short, compared to normal pre-pandemic years, data shows 2023 marks a distinct increase in buyer activity.
Moreover, this data is even more significant considering February’s increase in rates. During the week of February 2nd, the average 30-year fixed mortgage rate rose to 6.09%. In the week of February 23rd, it climbed even higher to 6.50%. However, even with higher rates, more buyers were still searching for a home.
In light of these facts, economists are predicting buyer activity could continue strong. What does this mean for you as a potential seller? It is a good idea to list now while inventory is still scarce. This way, you’re likely to get top dollar for your home while buyers try to outbid each other.
Working with a seasoned industry professional is the best way to get your house in front of eager buyers. If you’re ready to discuss selling strategies, contact Gary today!
Source: KeepingCurrentMatters.com