Are you putting off selling your house because you’re worried no one’s buying because of where mortgage rates are? If so, know this: the latest data shows plenty of buyers are still out there. Buyers are purchasing homes today.
The Showing Time Showing Index is a measure of buyers touring homes. The group below uses the latest numbers available. It compares them to the same month in the last normal years to show just how active buyerss still are.
As you can see, when June 2023 numbers are stacked alongside what’s typical for the housing market at this time of year, it’s clear buyers are still active. And, they are actually a lot more active than the norm.
If you are wondering how this could possibly be true, it’s because buyers are getting used to higher mortgage rates and accepting them as the new reality.
“Interest rate hikes continue to further cut into buyers’ purchasing power. They appear to have adapted to the higher mortgage rate environment…” (source: Realtor.com)
It’s simple. Buyers will always need to buy, and those who can afford to move at today’s rates are going to do so.
The Key Takaway for You
While it’s true things have slowed down from the frenzy of the last couple of years, it doesn’t mean todays market is at a standstill. The reality is: buyer traffic is still strong today. Even with today’s mortgage rates, plenty of buyers are still making their moves. So why delay your own move when there is clearly a market for your house?