The housing market has been cooling down recently, which means that the demand for homes has decreased. ‘How likely is it that my house will sell?’ is a reasonable question. However, this doesn’t mean that you can’t sell your home. The demand for homes is still high, but it isn’t as high as it was a couple of years ago.
Buyer Demand Then and Now
The pandemic caused mortgage rates to hit record lows, which increased demand from buyers. This year, as rates have increased due to factors like rising inflation, buyer demand has pulled back or softened. The latest data from ShowingTime confirms this trend (see graph below):
The orange bars in the graph above represent the last few months of data. The clear cooldown in the volume of home showings the market has seen since mortgage rates started to rise can be seen. However, it is important to look at the July data for the past six years to get a full picture of today’s demand.
This second graph shows that, while moderating compared to the frenzy in 2020 and 2021, showing activity is still beating pre-pandemic levels. This proves that there is still demand for houses today.
What That Means for You When You Sell
The key to selling in a changing market is understanding where the housing market is now. It’s not the same market we had last year or even earlier this year, but that doesn’t mean the opportunity to sell has passed.
In order to get a good idea of where the market is, it’s important to look at recent sales data and compare it to your own home. If your home is priced too high, you might miss out on potential buyers who are looking in a different price range than your home is listed for.
Even though the market has cooled off a bit, it is still a sellers’ market. If you work with a local expert to price your house at the current market value, you will be able to find buyers quickly. According to a recent survey from realtor.com, 92% of homeowners who sold in August were satisfied with the outcome of their sale.
Sandi & Debbie Say…
People are still looking to buy houses, but there are fewer people wanting to buy houses right now. If you want to sell your house today, let’s talk so you can understand how the market has changed and what you need to do to sell your house.
*Info & data from Keeping Current Matters ©2022.
Leave a Reply