Sell Smart, Move Fast: Capitalize on the Current Housing Climate

Remember the "unicorn years" of the housing market? Those heady days of frenzied bidding, record-low mortgage rates, and ever-escalating home values? While things have undoubtedly cooled down, that doesn't mean the market has ground to a halt. Instead, we're experiencing a welcome shift from frenzy to balance, with buyers and sellers adjusting to the new normal.

Headlines might paint a picture of a housing market in freefall, but the reality on the ground tells a different story. While the frenzied pace of the "unicorn years" has subsided, national demand remains surprisingly robust compared to historical norms. Don't just take our word for it – let's dive into the data that proves plenty of buyers are still making moves.

Increased Showing Activity

Ever wondered how busy the housing market is at any given time? The ShowingTime Showing Index gives us a fascinating glimpse into the world of buyer behavior, revealing just how frequently they're out viewing homes. Imagine stepping into a bustling real estate office, buzzing with agents coordinating showings and excited buyers eager to tour potential dream homes. The ShowingTime Index captures that very same energy, translating it into a numerical picture of national buyer activity.

Within the chart, the 'unicorn' years are depicted in pink, showcasing a noticeable decline in demand since that period, attributable to elevated mortgage rates. However, when contrasting 2023 with the blue bars on the left, representing the last typical market years (2018-2019), it becomes evident that buyers are still more actively engaged than the standard levels.

However, indicating robust buyer demand extends beyond showing traffic. The volume of offers received by other sellers and the average duration homes spend on the market convey the same narrative.

Data Reveals Multiple Offers Still Thriving

The housing market may have shifted gears, but there's one thing that hasn't changed: sellers are still experiencing the sweet sensation of multiple offers. According to the latest data from the National Association of Realtors (NAR), the average home now receives a healthy 2.5 offers – and that's not just a fleeting trend. Let's delve deeper and see how this stacks up against previous years.

Indeed, this figure is lower than the quantity of offers sellers received during the 'unicorn' years (illustrated in pink). However, in comparison to the previous year, there is a slight increase in the number. Furthermore, it surpasses the levels observed in the comparatively more typical years preceding the 'unicorn' era in the housing market.

Accurate Valuation Can Lead to a Swift Home Sale

Moreover, it's not just that sellers are consistently receiving more than the average number of offers; they are also experiencing rapid sales of their homes. This immediate turnaround is a direct outcome of robust buyer demand, as highlighted by Zillow:

"Low inventory levels are fueling unexpectedly robust competition, as demand continues to demonstrate resilience, and well-priced listings are swiftly finding traction."

To illustrate the continued rapid pace of home sales, let's examine data from the National Association of Realtors (NAR) concerning the median days on the market for the same period from 2018 to the present (refer to the graph below):

As depicted in the graph, homes this year are spending just marginally more time on the market than they did during the frenzy of the 'unicorn' years. In comparison to the last typical market years, homes are still selling considerably faster than they did in that period. This is encouraging news for sellers, indicating a presence of enthusiastic buyers in the current market.

Bottom Line

The opportunity to sell remains open in a market where sellers are garnering numerous offers, and homes are moving swiftly. When you decide to sell your house, reach out to a local real estate agent to initiate the process.