Why Now Is Still a Great Time to Sell Your House
Are you contemplating putting your home on the market but worried about the impact of rising mortgage rates on buyer demand? The good news is that the data suggests now is still an excellent time to sell your house. While the housing market may not be as frenzied as it was during the 'unicorn' years, there are plenty of motivated buyers actively searching for their dream homes.
High Buyer Demand Persists
Despite a slight dip in demand due to higher mortgage rates, the national housing market remains strong. The ShowingTime Showing Index, a reliable measure of buyer activity, indicates that buyers are actively touring homes. Comparing this year's data to the pre-'unicorn' years (2018-2019), it's evident that buyers are still more active than the historical norm.
Showing Traffic and Seller Offers Are Up
Sellers are still experiencing a healthy level of interest in their properties. According to the National Association of Realtors (NAR), sellers are receiving an average of 2.5 offers on their houses. While this might be fewer than during the peak 'unicorn' years, it represents a slight increase from the previous year and surpasses the numbers seen in the more normal years before the market boom.
Homes Priced Right Are Selling Fast
One of the key indicators of a thriving market is the speed at which homes are selling. The current low inventory levels are fostering strong competition, and appropriately priced listings are moving quickly. Zillow reports that attractive listings are experiencing surprisingly strong demand, contributing to a fast-paced market.
Median Days on Market Remain Low
For sellers, the median days on market is a crucial metric. Current data from NAR shows that homes are spending only slightly more time on the market than during the frenzy of the 'unicorn' years. Importantly, homes are still selling much faster than in the last normal years, indicating a continued eagerness among buyers.
The real estate market is far from stagnant. Sellers are still receiving multiple offers, and homes priced right are selling swiftly. If you've been contemplating selling your house, now is an opportune time to make your move.
Don't miss out on the chance to capitalize on the current market. When you're ready to sell, connect with us. Take advantage of the continued high demand and sell your house with confidence.