Are you putting off selling your home because you’re worried no one’s buying because of where mortgage rates are? If so, know this: the latest data shows plenty of buyers are still out there and purchasing homes today. Here’s 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 average years to show just how active today’s buyers still are:
As you can see, when June 2023 numbers are stacked alongside what’s typical for the housing market at this time of year, it’s clear buyers are still active. And they’re a lot more involved than the norm.
If you’re wondering how this could be true, 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 . . .”
It’s simple. Buyers will always need to buy, and those who can afford to move at today’s rates will do so.
The Key Takeaway for You
While things have slowed down from the frenzy of the last couple of years, it doesn’t mean today’s market is at a standstill. The reality is buyer traffic is still intense today. Even with today’s mortgage rates, many buyers are still making their moves. So why delay your move when there’s a market for your house?
Don’t put off your plans because no one will buy your home. The opposite is true; more buyers are more active than the norm. Let’s connect to get your house ready to sell so it makes the best first impression possible on those eager buyers.
Other educational articles about the market and your home search are under Karen’s Blog. Additionally, explore the search bar for other topics of interest.