Buyer Traffic Remains Robust Despite Mortgage Rate Concerns
Are you hesitating to sell your home due to concerns about the impact of current mortgage rates on potential buyers? If so, it's important to understand that recent data reveals a strong presence of buyers in the market who are actively purchasing homes. Let's delve into the data that substantiates this fact.
The ShowingTime Showing Index serves as a barometer for gauging buyer interest in touring homes. The graph below showcases the most recent data, comparing it to the same months in past typical years, illustrating the remarkable level of activity among today's homebuyers:
As depicted, when we stack the numbers from June 2023 against the historical benchmarks for this time of year, it becomes evident that buyers remain highly engaged. In fact, they are significantly more active than what has traditionally been considered the norm.
You might wonder how this is possible, given the prevailing higher mortgage rates. The answer lies in buyers adapting to the new reality of elevated mortgage rates. As explained by Danielle Hale, Chief Economist at Realtor.com:
"Interest rate hikes continue to further cut into buyers' purchasing power, although they appear to have adapted to the higher mortgage rate environment..."
The simple truth is that buyers will always have the need to purchase homes, and those who can afford to do so under today's rates are continuing to move forward with their plans.
So, What's the Key Takeaway for You?
While it's true that the housing market has seen a shift from the frenzied pace of the past couple of years, it's crucial to recognize that today's market remains active. Despite the current mortgage rate landscape, buyer traffic remains robust. Many buyers are still eager to make their moves in the housing market. Therefore, there's no reason to delay your own plans when there's evidently a market for your house.
Don't postpone your selling plans out of fear that no one will be interested in buying your home. On the contrary, the market is teeming with active buyers, and their presence is more pronounced than the historical norm. To capitalize on this opportunity, consider connecting with a real estate agent who can help you prepare your home to make a lasting impression on these eager buyers.