Buyer Activity Is Up Despite Higher Mortgage Rates
If you’re a homeowner contemplating selling your home, you might be wondering whether it’s still a good time to do so. Despite the recent rise in mortgage rates, the good news is that buyer activity is on the upswing. This is a positive indication for anyone looking to sell their property.
Showingtime Data of Home Showings
Data from the latest ShowingTime Showing Index, which measures buyer traffic to homes, indicates a notable increase in buyer demand in the first two months of 2023. This is likely due to the limited number of homes available for sale, which has kept buyers searching even during the colder months.
Foot Traffic Vs Last Year
A comparison of foot traffic this February with that of the last six years shows that this year marked a clear rise in buyer activity. Although the most active Februarys were in 2021 and 2022, these years were highly unusual for the housing market. Therefore, when comparing February 2023 with the more normal, pre-pandemic years, the data still indicates a noticeable increase in buyer activity.
The rise in buyer traffic is all the more remarkable given the increase in mortgage rates during February. The Freddie Mac 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd. Nevertheless, even with the higher rates, there were still more buyers looking to purchase homes.
Jeff Tucker, Senior Economist at Zillow, believes the increased buyer activity could continue, saying, “More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April . . .”
If you’re considering selling your house, seeing that buyers are still active in the market this year should be encouraging. It’s a sign that buyers are looking for a property like yours. Partnering with a real estate professional to list your house now will help you get your home in front of eager buyers today.
Simplifying The Market
The rise in buyer activity is a positive development for this year’s housing market, indicating that buyers are still looking to purchase homes despite higher mortgage rates. It’s also noteworthy that the limited number of homes for sale is keeping buyer demand high.
Partnering with a real estate professional can help you take advantage of this increased buyer activity. An experienced agent can help you list your home and attract eager buyers who are looking for a property like yours. With buyer demand still strong, now is a good time to sell your home and move onto your next adventure.
In summary, rising foot traffic is a bright spot for the housing market in 2023, indicating that buyers are still eager to purchase even with higher mortgage rates. If you’re ready to sell your house, a real estate professional can help you take advantage of this demand and get your home sold quickly and at the best price possible.