Why now is still a fantastic time to sell
Why Selling Your House Right Now Is Still a Fantastic Idea!
If you've been wondering whether the enthusiasm from buyers has waned due to rising mortgage rates, let's put those worries to rest. The numbers are in, and there's no shortage of interested buyers in the market. Sure, things might not be as wild as they were during the 'unicorn' years, when demand was off the charts, mortgage rates were at historic lows, and home values were soaring like never before. But that doesn't mean the real estate market has hit a standstill. Far from it!
Nationally, demand is still strong when compared to the pre-'unicorn' years in the housing market. Plenty of eager buyers are actively making moves right now. Let's take a look at the data that supports this.
**Buyer Interest Is on the Rise**
The ShowingTime Showing Index is a handy tool to measure how often potential buyers are visiting homes for sale. Check out the graph below, which shows buyer activity over the past eight Octobers:
In this graph, the 'unicorn' years are shown in pink, and it's clear that demand has cooled off a bit since then, largely in response to higher mortgage rates. However, if you compare 2023 to the blue bars on the left, representing the last normal years in the market (2018-2019), you'll see that buyers are still more active than the norm.
But that's not the only sign that buyer demand is still robust. The number of offers that sellers are receiving and the average time homes spend on the market tell the same story.
**Sellers Are Still Getting Multiple Offers**
According to the latest data from the National Association of Realtors (NAR), sellers are now receiving an average of 2.5 offers on their houses. Let's look at how that compares to recent years:
It's true that this is fewer than the number of offers sellers were receiving during the 'unicorn' years (shown in pink). However, when compared to last year, the number has actually increased slightly. Plus, it's higher than what sellers experienced in the more typical years before the 'unicorn' era.
**Homes Priced Right Are Selling Swiftly**
Not only are sellers typically receiving multiple offers, but they're also seeing their homes sell rapidly. This is a direct result of the strong buyer demand. According to Zillow:
". . . low inventory levels are spurring surprisingly strong competition . . . demand has remained resilient, and attractive, appropriately priced listings are moving quickly."
To illustrate just how quickly homes are selling, let's examine data from NAR on the median days a home spends on the market from 2018 to the present:
As you can see, this year homes are sitting on the market only slightly longer than they were during the frenzy of the 'unicorn' years. Compared to the last normal years in the market, homes are still selling much faster. This is fantastic news for sellers because it means there are eager buyers out there right now.
You haven't missed the boat on selling your home, not when sellers are still receiving multiple offers and properties are selling quickly. When you're ready to sell your house, let's connect and get the ball rolling. The market is still very much in your favor! 🏡💫