If recent headlines about the housing market cooling and buyer demand moderating have you worried you’ve missed your chance to sell? Here’s what you need to know. Buyer demand hasn’t disappeared. It’s just eased from the peak intensity we saw over the past two years.
Buyer Demand Then and Now
During the pandemic, mortgage rates hit record lows, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising inflation, buyer demand pulled back or softened as a result. The latest data from Showing Time confirms this trend.
The orange bars in the graph above represent the last few months of data and the clear cooldown in the volume of home showings the market has seen since mortgage rates started to rise. But context is important. To get the full picture of where today’s demand stands, let’s look at the July data for the past six years.
The second visual makes it clear that, while moderating compared to the frenzy in 2020 and 2021, showing activity is still beating pre-pandemic levels. Those pre-pandemic years were great years for the housing market. That goes to show there’s still demand if you sell your house today.
What That Means for You When You Sell
The key to selling in a changing market is understanding where the housing market is now. It’s not the same market we had last year or even earlier this year, but that doesn’t mean the opportunity to sell has passed.
While things have cooled a bit, it’s still a sellers’ market. The demand is still there.
Bottom Line
Buyer demand hasn’t disappeared, it’s just moderated this year. If you are ready to sell your house today, let’s connect so you have expert insights on how the market has shifted and how to plan accordingly for your sale.