Why Selling Your Home Now is a Smart Decision
Worried that buyer interest has waned amid rising mortgage rates? Fear not, as the data tells a different story. While the housing market may not mirror the frenzied 'unicorn' years of soaring demand, historically low mortgage rates, and unprecedented home value increases, it's far from static.
Nationwide, demand remains robust compared to the last 'normal' years in the housing market, with buyers actively pursuing their dream homes. The ShowingTime Showing Index reflects this buyer activity, indicating a consistent level of interest over the past eight Octobers.
Yes, the 'unicorn' years showcased a peak in demand, but even in 2023, buyers are more active than the last normal years (2018-2019), despite a dip in response to higher mortgage rates. Showing traffic isn't the sole indicator; the number of offers sellers receive and the average days homes spend on the market tell the same tale.
According to the National Association of Realtors (NAR), sellers are still attracting an average of 2.5 offers on their homes. While this may be fewer than during the 'unicorn' years, it's an uptick from last year and surpasses the pre-'unicorn' years in the housing market.
Crucially, homes priced appropriately are not only receiving multiple offers but are also selling swiftly. Low inventory levels are fostering robust competition, keeping demand resilient. Zillow notes that well-priced listings are moving quickly, highlighting the enduring strength of buyer demand.
Examining data from NAR on the median days on the market, this year's homes linger slightly longer than the frenzy of the 'unicorn' years but are still significantly faster-selling than the last normal years.
The bottom line? Your opportunity to sell is far from missed. Sellers continue to receive multiple offers, and homes are selling at a brisk pace. When you're ready to make your move, connect with a local real estate agent to kickstart the process and capitalize on the current market dynamics.