Unveiling the Active Housing Market: Buyer Traffic Remains Strong
Although the housing market has calmed down from the frenzy of recent years, it doesn't mean it's come to a complete halt. In fact, buyer activity remains robust in today's market.
The ShowingTime Showing Index provides valuable insights into buyer behavior, showcasing trends over time. Real estate has a seasonal pattern, with buyer activity typically peaking in the first half of each year, during the spring homebuying season, and slowing down towards the year's end. This pattern was disrupted by the pandemic in 2020, leading to a surge in buyer demand (shown in pink), fueled by record-low mortgage rates.
Fast forward to 2023, we observe a decline in traffic compared to the peak 'unicorn' years, but it's important to note that this isn't a steep drop-off in demand. Instead, it represents a gradual return to more normal seasonality. Buyers are still actively touring homes, and their activity level exceeds that of May 2022 when the impact of higher mortgage rates was felt.
In essence, the market is still active, and buyers are actively searching for homes. The only constraint is the limited supply of available homes for sale, which is propping up demand in many areas. So, if you're considering selling your house, keep in mind that there are plenty of motivated buyers out there right now. To get the ball rolling, reach out to a real estate agent who can guide you through the process.
source: keeping current matters ®, real estate blog and ShowingTime