While the adrenaline-pumped real estate days of the past couple of years have simmered down, this certainly doesn't spell stagnation in today's market. In fact, the pulse of buyer activity remains vigorous and vivacious.
The ShowingTime Showing Index provides insights into the frequency of house showings, acting as a barometer for buyer enthusiasm. A deeper dive into its historical data paints a more nuanced picture of current market dynamics.
Historically, real estate has always showcased seasonality. During what can be termed 'standard' or 'normal' years, there's a pronounced ebb and flow. Spring tends to be a crescendo of buyer activity, which gradually tapers as the year progresses.
Come March 2020, the onset of the pandemic threw this predictable pattern into disarray, manifesting as a pronounced dip (highlighted in blue). Subsequently, the real estate landscape entered the 'unicorn' phase, characterized by rock-bottom mortgage rates and skyrocketing buyer interest. While the seasonality persisted, it occurred at significantly heightened levels.
Fast-forward to 2023. While we're observing a dip from the dizzying highs of the 'unicorn' era, this isn't a dramatic plummet. Instead, it's a gradual shift towards the more traditional real estate rhythms. As elucidated by the ShowingTime report:
"Although May witnessed a 10% drop in showing traffic, this mirrors the age-old seasonal trajectory, which, after the pandemic's disruption, is reverting back." Further emphasizing the relative robustness of today's market is a snapshot of May's data over the past half-decade. It's evident that buyer interest remains hearty and steadfast.
The market might not be as feverish as it was, but it's important to realize that the appetite for homes is far from waning. In fact, May 2023 witnessed more activity than May 2022, when the real estate market was grappling with the initial jitters induced by rising mortgage rates.
The existing dynamism could be even more pronounced if it weren't for the scarcity of available homes. U.S. News succinctly summarizes the sentiment:
"While housing markets have tempered a bit, the appetite remains undiminished, primarily because of the dearth of listed homes."
Today's market remains ripe with potential, driven by an active pool of enthusiastic buyers. If you've been contemplating selling, there's no better time to present your property to this eager audience. Ready to make a move? Let’s join forces and maximize your selling success.
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