If you're mulling over whether it's the right time to put your house on the market, the good news is this: the current real estate landscape is teeming with potential buyers, even amidst climbing mortgage rates.
Recent data from the ShowingTime Showing Index, a tool that captures the frequency of prospective buyers actively viewing properties, presents a compelling narrative of burgeoning buyer demand in the early months of 2023. The index's graph captures a distinct uptick in the flow of buyers, likely a response to the dwindling number of available homes, which has spurred prospective homeowners to continue their search even in the colder months.
To further contextualize the significance of this data, let's draw comparisons between foot traffic in February 2023 and that of the same month for the preceding six years. This year, February stands out as one of the most active in recent memory in terms of potential buyer activity.
While 2021 and 2022—illustrated in green in the above graph—saw the highest February buyer traffic in the past six years, it's important to remember that those years were anomalies in the housing market. Comparing February 2023 with the more typical pre-pandemic years still indicates a definite surge in buyer activity.
The increased footfall of buyers becomes all the more remarkable when we consider the concurrent rise in mortgage rates in February 2023. According to Freddie Mac, the 30-year fixed mortgage rate jumped from 6.09% in the first week of February to 6.50% by the week of February 23rd. Yet, this uptick did not deter prospective buyers from house hunting.
Jeff Tucker, a Senior Economist at Zillow, suggests that this heightened buyer activity could continue to grow. He notes, "More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April..."
For homeowners contemplating selling, this enduring surge in buyer activity should provide ample encouragement. It signifies a market brimming with prospective buyers potentially seeking a home like yours. Partnering with a real estate professional to list your house now will put you in an excellent position to capture the attention of these eager buyers.
In conclusion, the continued rise in foot traffic shines a positive light on this year's housing market. It demonstrates that despite escalating mortgage rates, buyer interest in purchasing homes remains undeterred. If you're prepared to navigate the selling process, now could be an opportune moment to step into the seller's market. Let's connect to explore your options.
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