Unlocking Opportunities: Capitalizing on Active Buyer Traffic in Today's Market

Are concerns about sluggish home sales due to mortgage rates deterring you from listing your house? If that's the case, be aware that recent data indicates a substantial number of buyers are actively in the market and making home purchases. Here's the compelling data as evidence.

The ShowingTime Showing Index quantifies the level of home tours by buyers. The following graph utilizes the most recent data and contrasts it with the corresponding month in previous typical years, effectively illustrating the continued high activity of present-day buyers:

As evident from the comparison between June 2023 figures and the customary housing market trends for this period, it's apparent that buyers remain engaged. In fact, their level of activity surpasses the standard significantly.

If you're curious about the validity of this phenomenon, it's because buyers are acclimating to heightened mortgage rates and acknowledging them as the prevailing reality, as noted by Danielle Hale, Chief Economist at Realtor.com:

"The ongoing increase in interest rates continues to erode buyers' ability to make purchases, although they seem to have acclimated to the elevated mortgage rate environment . . ."

The principle is straightforward: buyers will consistently have the need to make purchases, and those with the means to transition at the current rates will undoubtedly proceed to do just that.

The Key Takeaway for You

Although there has been a reduction in the rapid pace observed over the past couple of years, this doesn't imply that today's market has come to a halt. The fact remains: buyer activity remains robust. Despite the prevailing mortgage rates, a substantial number of buyers are actively pursuing their real estate objectives. Hence, why postpone your own plans when there evidently exists a demand for your property?

Bottom Line

Avoid delaying your intentions due to concerns about finding a buyer for your home. The reality is quite the opposite, as there is an increased level of buyer activity beyond the standard. Reach out to a real estate agent to prepare your house for sale, ensuring it creates a favorable initial impression on these enthusiastic buyers.