Why the Current Moment Remains an Opportune Time to Sell Your House

If concerns about declining buyer demand due to rising mortgage rates crossed your mind, the statistics indicate a sustained interest from potential buyers. While the housing market may not exhibit the same level of intensity seen during the 'unicorn' years marked by unprecedented buyer demand, historically low mortgage rates, and soaring home values, it is by no means stagnant.

On a national scale, the demand in the housing market remains robust, even when compared to the preceding years considered as the baseline for normalcy. There is clear data indicating that numerous buyers are actively engaging in the market at present.

There is an increase in showing traffic

The ShowingTime Showing Index, a gauge of home tour frequency, reveals the level of buyer activity across the last eight Octobers, as illustrated in the graph below:

In the graph, the 'unicorn' years are depicted in pink, indicating a decrease in demand since then due to higher mortgage rates. However, when compared to the blue bars on the left representing the last normal years in the market (2018-2019), it's evident that buyers are still more active than the historical norm in 2023.

However, gauging buyer demand isn't solely reliant on website traffic. The volume of offers that other sellers are receiving and the average duration homes spend on the market convey a consistent narrative.

Sellers continue to receive numerous offers

As per the most recent data provided by the National Association of Realtors (NAR), sellers are currently averaging 2.5 offers on their homes. Let's examine how this compares to the figures from recent years (refer to the graph below):

Certainly, the current average of 2.5 offers per seller is lower than the figures seen during the 'unicorn' years (illustrated in pink). However, in comparison to last year, there is a slight increase. Moreover, it surpasses the levels observed in the relatively typical pre-'unicorn' years in the housing market.

Well-priced homes are experiencing swift sales

It's not only that sellers are consistently receiving more than one offer, but their homes are also selling rapidly, a direct outcome of robust buyer demand, as reported by Zillow:

. . . low inventory levels are spurring surprisingly strong competition . . . demand has remained resilient, and attractive, appropriately priced listings are moving quickly.”

To underscore the continued trend of homes selling rapidly, let's examine data from NAR on the median days on the market for the same period from 2018 to the present (refer to the graph below):

As depicted in the graph, this year homes are lingering on the market just a bit longer than they did during the fervor of the 'unicorn' years. In contrast to the last typical years in the market, homes are still selling considerably faster than they did in that period. This is positive news for sellers, indicating a current presence of eager buyers in the market.

Bottom Line

You haven't missed your chance to sell at a time when sellers are receiving multiple offers, and homes are selling fast. When you’re ready to sell your house, let’s connect to get the ball rolling.

You haven't missed your chance to sell at a time when sellers are receiving multiple offers, and homes are selling fast. When you’re ready to sell your house, let’s connect to get the ball rolling.

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