Are you putting off selling your house because youre worried no ones buying because of where mortgage rates are? If so, know this: the latest data shows plenty of buyers are still out there, and theyre purchasing homes today. Heres the data to prove it.
The ShowingTime Showing Index is a measure of buyers touring homes. The graph below uses the latest numbers available and compares them to the same month in the last normal years to show just how active todays buyers still are:
As you can see, when June 2023 numbers are stacked alongside whats typical for the housing market at this time of year, it's clear buyers are still active. And, theyre actually a lot more active than the norm.
If youre wondering how this could possibly be true, its because buyers are getting used to higher mortgage rates and accepting them as the new reality. As Danielle Hale, Chief Economist, 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 . . .
Its simple. Buyers will always need to buy, and those who can afford to move at todays rates are going to do so.
The Key Takeaway for You
While its true things have slowed down from the frenzy of the last couple of years, it doesnt mean todays market is at a standstill. The reality is: buyer traffic is still strong today. Even with todays mortgage rates, plenty of buyers are still making their moves. So why delay your own move when theres clearly a market for your house?
Bottom Line
Dont put off your plans because youre worried no one will buy your home. The opposite is true, and more buyers are more active than the norm. Connect with a real estate agent to get your house ready to sell, so it makes the best first impression possible on those eager buyers.
