The Perfect Time to Sell Your House is Now

Why Now Is Still a Great Time To Sell Your House
Should concerns arise about vanishing buyer demand due to rising mortgage rates, the data affirms that numerous interested buyers remain active. While the housing market is not as frenzied as during the 'unicorn' years with soaring demand, historically low mortgage rates, and unprecedented home value increases, it doesn't imply a stagnant market. Nationally, demand remains elevated compared to the last typical years in the housing market, with many buyers actively engaging in transactions. The supporting data is provided to substantiate these observations.

Showing Traffic Is Up

The ShowingTime Showing Index is a measure of how frequently buyers are touring homes. The graph below uses that index to show buyer activity over the past eight Octobers:

 

The graph depicts the 'unicorn' years in pink, revealing a decline in demand since then, attributed to increased mortgage rates. However, comparing 2023 to the blue bars representing the last typical market years (2018-2019) on the left indicates that buyers are still more active than the norm.

Yet, demonstrating interest isn't solely evident in showing traffic. The number of offers received by sellers and the average days homes spend on the market convey the same narrative about the continued high demand from buyers.

Sellers Are Still Seeing Multiple Offers

According to the latest data from the National Association of Realtors (NAR), sellers are receiving an average of 2.5 offers on their houses. Let’s look at how that compares to recent years (see graph below):

 

It’s true that’s fewer than the number of offers sellers were receiving during the ‘unicorn’ years (shown in pink). But compared to last year, the number is up slightly. And it’s higher than it was in the more normal, pre-‘unicorn’ years in the housing market too.

Homes Priced Right Are Selling Fast

And it’s not just that sellers are still typically getting multiple offers more than the norm, they’re also seeing their homes sell fast. That’s a direct result of strong buyer demand. According to Zillow:

“. . . low inventory levels are spurring surprisingly strong competition . . . demand has remained resilient, and attractive, appropriately priced listings are moving quickly.”

To help showcase that homes for sale are still going quickly, let’s look at data from NAR on the median days on market for this same time of year from 2018 through now (see graph below):

  

As the graph shows, this year homes are sitting on the market only slightly longer than they were during the frenzy of the ‘unicorn’ years. And compared to the last normal years in the market, homes are still selling much faster than they did back then. That’s good news for sellers because it means there are eager buyers out there right now.

Bottom Line

The opportunity to sell is still open, with sellers receiving multiple offers, and homes moving swiftly. When you're prepared to sell your house, reach out to a local real estate agent to initiate the process.

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