If you were worried purchaser demand vanished when home mortgage rates increased, the information shows there are lots of interested buyers still out there. The housing market isn \’t as crazy as it was throughout the ‘unicorn’ years when purchaser demand was through the roofing system, mortgage rates were traditionally low, and home worths increased like we’ve never ever seen before. But that doesn’t imply the market is at a grinding halt.

Nationally, demand is still high compared to the last regular years in the housing market and a lot of buyers are making moves today. Here’s the data to show it.

Showing Traffic Is Up

The ShowingTime Showing Index is a measure of how frequently buyers are touring homes. The chart below uses that index to reveal buyer activity over the previous 8 Octobers:

In

the graph, the ‘unicorn’ years are displayed in pink. You can see need has actually dipped some ever since. That’s in action to higher home loan rates. However, when you compare 2023 to the blue bars left wing that represent the last normal years in the market (2018-2019), you can inform purchasers are still more active than the norm.

But revealing traffic isn’t the only method to see purchaser need is still high. The number of deals other sellers are getting and the typical days homes are on the market tell the very same story.

Sellers Are Still Seeing Multiple Offers

According to the most recent information from the National Association of Realtors (NAR), sellers are receiving an average of 2.5 offers on their homes. Let’s take a look at how that compares to recent years (see chart listed below):

It

‘s real that’s fewer than the variety of offers sellers were receiving during the ‘unicorn’ years (shown in pink). However compared to in 2015, the number is up somewhat. And it’s higher than it was in the more normal, pre-‘unicorn’ years in the real estate market too.

Houses Priced Right Are Selling Fast

And it’s not just that sellers are still typically getting multiple offers more than the norm, they’re likewise seeing their homes offer quickly. That’s a direct result of strong buyer demand. According to Zillow:

“… low inventory levels are stimulating surprisingly strong competition … need has actually stayed resistant, and appealing, properly priced listings are moving quickly.”

To help display that homes for sale are still going rapidly, let’s take a look at information from NAR on the median days on market for this same time of year from 2018 through now (see graph below):

As

the chart shows, this year homes are resting on the market only somewhat longer than they were during the craze of the ‘unicorn’ years. And compared to the last normal years in the market, homes are still selling much faster than they did back then. That’s good news for sellers because it indicates there aspire purchasers out there today.

Bottom Line

You haven \’t missed your opportunity to sell at a time when sellers are getting multiple offers, and homes are selling quick. When you’re ready to offer your house, let’s connect to get the ball rolling.