Why Now Is Still a Great Time To Sell Your House

As we enter the closing months of 2023, you might be wondering if the opportune moment to sell your house has passed with the fluctuations in mortgage rates. Rest assured, the data paints a different picture. While the housing market may not be experiencing the same frenzied conditions seen during the 'unicorn' years, characterized by soaring buyer demand, historically low mortgage rates, and unprecedented home value appreciation, it's far from dormant. In fact, there are compelling reasons why now remains an excellent time to sell your home.

The Data Speaks: Buyer Demand Persists

Contrary to concerns about diminishing buyer demand amid rising mortgage rates, the data reveals that there are still plenty of motivated buyers in the market.

Showing Traffic Is Up

The ShowingTime Showing Index, which measures how frequently buyers are touring homes, provides a clear indication of buyer activity. Let's take a look at the data from the past eight Octobers:

In this graph, the 'unicorn' years are represented in pink, reflecting the peak of buyer demand. While it's true that demand has eased since then, primarily in response to higher mortgage rates, a comparison with the blue bars on the left, which depict the last normal years in the housing market (2018-2019), demonstrates that buyers remain more active than in the pre-pandemic era.

However, showing traffic is just one facet of the story. The number of offers that sellers are receiving and the average days homes spend on the market corroborate the resilience of buyer demand.

Sellers Are Still Receiving Multiple Offers

The latest data from the National Association of Realtors (NAR) reveals that, on average, sellers are receiving 2.5 offers for their homes. Let's examine how this compares to recent years:

While it's true that the number of offers may not reach the heights seen during the 'unicorn' years (indicated in pink), it has risen slightly compared to the previous year. Moreover, it surpasses the levels observed in the more typical pre-'unicorn' years of the housing market.

Homes Priced Right Are Selling Fast

The buoyancy in buyer demand is also evident in the speed at which homes are selling. According to Zillow, low inventory levels have stimulated robust competition, and appropriately priced listings are moving swiftly:

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

To illustrate this, let's refer to data from the NAR on the median days on market for this time of year, spanning from 2018 to the present:

As the graph illustrates, this year's homes are spending only slightly more time on the market than during the 'unicorn' years' frenzy. Furthermore, when compared to the last normal years in the market, homes are selling considerably faster. This bodes well for sellers, indicating that there are eager buyers actively seeking homes.

Bottom Line

The opportunity to sell your house remains as vibrant as ever, with sellers consistently receiving multiple offers, and homes selling swiftly. When you're ready to initiate the selling process, don't hesitate to reach out. Let's connect to capitalize on the current market dynamics and set your home on the path to a successful sale.

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