If you own a home, you may be wondering if now is a good time to sell. The good news is that it might be. Home buyers are slowly making their way back into the market. In spite of higher mortgage rates, buyer activity is accelerating.
The ShowingTime Showing Index®’s data shows that home showing traffic is gradually returning to normal. The index in February was 52% higher than in 2019 and 2020, which is still above pre-pandemic levels.
The graph indicates that there was an evident rise in buyer traffic during the first two months of 2023. Mortgage rates are among the factors causing this upward shift.
“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April,” – Jeff Tucker, Zillow senior economist.
As a result, buyers who can overcome affordability barriers will experience a much friendlier market this time. In the previous 6 years, 2021 and 2022 saw the most buyer traffic in February. Those years, however, were incredibly unusual for the housing market. In light of this, data indicates that 2023 represents a higher level of buyer activity compared to the typical years.
The increase in buyer activity is even more notable in light of the rise in mortgage rates. As we have learned from the recent blog, mortgage rates are one of the factors contributing to affordability challenges. However, more buyers were looking for a home despite it.
It should be urging to see buyers remaining active in the market this year. It’s a sign that buyers are accessible and might want a house like yours. You can get your home in front of interested buyers right away by working with a local expert.
The Bottom Line
Despite the circumstances in the housing market right now, buyers are still searching. If you are ready to sell your home, it would be best for you to take action. Consequently, there will be more competition for buyers. Which will result in a higher price for your home. If you want the most out of your real estate endeavors, get in touch with your go-to local expert today.
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