If you’re a homeowner contemplating selling your house, you may be curious whether it’s a good time to do so. Fortunately, there is positive news. Despite the increase in mortgage rates, the number of prospective buyers touring homes has risen significantly.
The latest ShowingTime Showing Index provides data on the level of buyer activity, indicating the recent surge in demand for homes (as depicted in the graph below):
As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.
To help tell the story of why the latest report is significant, let’s compare foot traffic this February with each February for the last six years (see graph below). It shows this was one of the best Februarys for buyer activity we’ve seen recently.
Over the past six years, the highest level of buyer traffic during the month of February occurred in 2021 and 2022, as indicated by the green line in the graph above. However, those years were atypical for the housing market. Therefore, when comparing February 2023 with the more typical pre-pandemic years, the data reveals a noticeable increase in buyer activity this year.
The uptick in buyer traffic is even more noteworthy, considering the increase in mortgage rates this February. The Freddie Mac 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd. But even with higher speeds, more buyers were looking for a home.
Jeff Tucker, Senior Economist at Zillow, says the increased buyer activity could continue:
“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April . . .”
If you’re looking to sell your house, seeing buyers still active in the market this year should be encouraging. It’s a sign buyers are out there and could be looking for a home just like yours. Working with a real estate professional to list your house now will help you get your home in front of eager buyers today.
Rising foot traffic is a bright spot for this year’s housing market and indicates buyers are looking to purchase this year, even with higher mortgage rates. So if you’re ready to sell your house, let’s connect.