Why Now Is Still a Great Time To Sell Your House

If you were worried that buyer demand had disappeared due to rising mortgage rates, the data shows that there are still plenty of interested buyers in the housing market. While the real estate market might not be as frenzied as it was during the 'unicorn' years, when buyer demand was at its peak, mortgage rates were historically low, and home values soared, it is by no means at a standstill. In fact, the current housing market presents excellent opportunities for sellers. Let's delve into the data that supports this claim

High Buyer Activity

One key indicator of the robustness of the housing market is the frequency with which buyers are touring homes. The ShowingTime Showing Index measures this activity, and the graph below illustrates buyer activity over the past eight Octobers:

In the graph, the 'unicorn' years are represented in pink. It's evident that demand has decreased somewhat since then, mainly due to higher mortgage rates. However, when we compare 2023 to the blue bars on the left, which represent the last normal years in the market (2018-2019), it's clear that buyers are still more active than the historical norm.

But showing traffic isn't the only way to gauge buyer demand; the number of offers sellers are receiving and the average number of days homes spend on the market tell a similar story.

Sellers Are Still Attracting Multiple Offers

Recent data from the National Association of Realtors (NAR) shows that sellers are receiving an average of 2.5 offers on their houses. Let's compare this to recent years with the help of the graph below:

While it's true that this is fewer offers than sellers were receiving during the 'unicorn' years (shown in pink), it's worth noting that this number is slightly higher than the previous year. Furthermore, it surpasses the average number of offers received during the more normal pre-'unicorn' years in the housing market.

Homes Priced Right Are Selling Quickly

It's not just that sellers are generally receiving multiple offers; their homes are also selling rapidly. This is a direct consequence 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 illustrate this point further, let's examine data from the National Association of Realtors (NAR) regarding the median days on the market for this time of year, spanning from 2018 to the present:

As shown in the graph, this year, homes are spending only slightly more time on the market than they did during the frenzy of the 'unicorn' years. Moreover, compared to the last normal years in the market, homes are still selling much faster. This is excellent news for sellers, as it indicates that there are eager buyers actively searching for homes.

In conclusion, you haven't missed the opportunity to sell your house in a market where sellers are still attracting multiple offers, and homes are selling quickly. If you're contemplating selling your property, now is a great time to get started. Connect with a trusted real estate professional to initiate the process and take advantage of the current favorable conditions in the housing market.

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