If you’re nervous about selling your house because you’re worried no one’s buying because of where mortgage rates are? If so, put your mind at ease! The latest data shows plenty of buyers are still out there, and they are still purchasing homes today. I have even personally witnessed multiple offers recently. 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 normal years (considering 2020-2023 as outliers due to the historically low interest rates during that time) to show just how active today’s buyers still are:
Notice the June 2023 numbers are stacked alongside and you’ll see what’s typical for the housing market at this time of year. It is abundantly clear buyers are still active. And, they’re actually a lot more active than the norm.
If you’re wondering how this could possibly be true, it’s because buyers are getting used to higher mortgage rates and accepting them as the new reality. Added to the fact that, at least in our local Puget Sound market, we’re NOT seeing home prices crash. 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 are going to do so.
The Key Takeaway for You
While we all know 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 strong today. Even with today’s mortgage rates, plenty of buyers are still making their moves. So why delay your own move when there’s clearly a market for your house?
Don’t put off your plans because you’re worried no one will buy your home. The opposite is true, and 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.