Providing insight on whether or not today’s market favors buyers.
Today we’re here to answer the question: Will my home sell in today’s market? Are you worried you’ve missed your chance to sell after seeing recent headlines about the housing market cooling and buyer demand moderating? Here’s what you need to know.
Buyer demand hasn’t disappeared, it’s just eased from the peak intensity we saw over the past two years. Mortgage rates hit record lows during the pandemic, and that spurred a significant rise in buyer demand. This year, buyer demand has softened as a result of factors like rising inflation. The latest data from ShowingTime confirms this trend.
The number of showings in January 2021 was about 236,000. Then, it went up the following January to 254,000. It eventually peaked in March 2022 at 285,000. Unfortunately, the slow-up in showings was significant from April through July of 2022. That’s the largest cooldown in the volume of home showings the market has seen since mortgage rates started to rise.
Let’s put this in perspective and compare those numbers to pre-pandemic levels. We’re averaging well above the number of showings before the pandemic, and let’s not forget that those pre-pandemic years were great years for the housing market.
That goes to show there’s still demand if you want to sell your house today. While things have cooled a bit, it’s still a seller’s market. If you work with a trusted local expert to price your home at the current market value, the demand is still there, and it should sell quickly.
Let’s connect today so you can have expert insights on how the market has shifted and how to plan accordingly for your sale. Give us a call at 1-800-722-2585. We’d love to help you!