headlines about the housing market cooling and buyer demand moderating have you
worried you’ve missed your chance to sell, 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.
Demand Then and Now
pandemic, mortgage rates hit record lows, and that spurred a significant rise
in buyer demand. This year, as rates increased due to factors like rising
inflation, buyer demand pulled back or softened as a result. The latest data
from ShowingTime confirms this trend (see graph below):
bars in the graph above represent the last few months of data and the clear
cooldown in the volume of home showings the market has seen since mortgage
rates started to rise. But context is important. To get the full picture of
where today’s demand stands, let’s look at the July data for the past six years
(see graph below):
visual makes it clear that, while moderating compared to the frenzy in 2020 and
2021, showing activity is still beating pre-pandemic levels – and those
pre-pandemic years were great years for the housing market. That goes to show
there’s still demand if you sell your house today.
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.
have cooled a bit, it’s still a sellers’ market. If you work with a trusted
local expert to price your house at the current market value, the demand is
still there, and it should sell quickly. According to a recent survey from
realtor.com, 92% of homeowners who sold in August reported being satisfied with
the outcome of their sale.
hasn’t disappeared, it’s just moderated this year. If you’re ready to sell your
house today, let’s connect so you have expert insights on how the market has
shifted and how to plan accordingly for your sale.