Although mortgage rates are on the rise, prospective buyers remain in a strong position. According to the ShowingTime Showing Index, a measure of home-tours conducted by real estate agents, housing market activity has seen significant improvement in recent months (see graph below).
For homeowners considering selling their houses, now appears to be an opportune moment for making a move.
The data from the first two months of 2023 reveals an apparent uptick in millennial buyer traffic. Factors driving this increase include an overall limited housing supply that has kept would-be buyers interested throughout the lower season.
For additional context, let’s compare monthly foot traffic figures over the last six years (see graph below). The numbers suggest that February 2021 was one of the most active times for residential buyer activity in recent memory.
The housing market has seen a marked increase in buyer activity this February despite the rise in mortgage rates. Compared to the pre-pandemic months of 2019 and 2020, the current activity rate surpasses those periods.
In fact, the highest levels of buyer traffic occurred in 2021 and 2022—years that saw record-breaking levels of housing demand. Even with mortgage rates at 6.50%, house hunting still remains popular amongst potential home buyers.
Jeff Tucker, Senior Economist at Zillow, says the increased buyer activity could continue:
More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April…
This year, it is a promising sign to see buyers taking an active interest in the housing market. This could mean potential buyers are searching for homes just like yours, and this could be your chance to put your house on the market. To make sure your house reaches interested buyers as soon as possible, you may want to consider working with a real estate professional to list it. Now is the perfect time and you can get started right away!
What We Say…
Rising foot traffic is a bright spot for this year’s housing market and indicates that buyers are looking to purchase this year, even with higher mortgage rates. If you’re ready to sell your house, let’s connect.
Leave a Reply