Hey homeowners, I’ve got news for you – now is still a fantastic time to sell your house! Even in these times of uncertainty, the real estate market is buzzing with activity. If you were worried buyer demand disappeared when mortgage rates went up, the data shows there are plenty of interested buyers still out there. The housing market isn’t as frenzied as it was during the ‘unicorn’ years when buyer demand was through the roof, mortgage rates were historically low, and home values rose like we’ve never seen before. But that doesn’t mean the market is at a standstill.
So sit back, relax, and let me tell you why selling your house right now is a smart move. Here’s the data to prove it.
Showing Traffic Is Up
Alright, hold your horses! Let’s talk about the exciting news first – traffic is still up and about like a hyperactive squirrel on a sugar rush! So, if you’re thinking of selling your humble abode, fear not. There’s still potential buyers out there, eagerly looking at their calendars with anticipation, just dying to step foot inside your majestic domain. Get ready to welcome them with open arms (and maybe some freshly baked cookies) because it’s time to put on a show-stopping “for sale” extravaganza!
Now, let’s talk data. The ShowingTime Showing Index is a measure of how frequently buyers are touring homes. The graph below uses that index (and some amazing unicorned themed graphics) to show buyer activity over the past eight Octobers:
While it is evident that yes, things have slowed, that’s mostly in response to higher mortgage rates. When you compare 2023 to the blue bars on the left that represent the last normal years in the market (2018-2019), you can tell buyers are still more active than the norm.
Sellers Are Still Seeing Multiple Offers
Even though the unicorn years may have faded away like a fleeting rainbow, the real estate market is still strutting its stuff with confidence and swagger. Sellers are experiencing a whirlwind of excitement as multiple offers swoop in from all directions like a flock of eager seagulls fighting over a bag of french fries. The stakes are high, the adrenaline is pumping, and it’s anyone’s game to win. So buckle up and get ready for some real estate action that could give an episode of Game of Thrones a run for its money!
According to the a recent report, sellers are receiving an average of 2.5 offers on their houses. Let’s look at how that compares to recent years:
It’s true that’s fewer than the number of offers sellers were receiving during the ‘unicorn’ years. But compared to last year, the number is up slightly. And it’s higher than it was in the more normal, pre-‘unicorn’ years in the housing market too.
Homes Priced Right Are Selling Fast
Homes that are priced just right are selling faster than a cheetah on a mission to catch its lunch! Seriously, the demand for these perfectly-priced properties is high, and buyers are ready to pounce quicker than you can say “sold!” So if your home fits the bill and is priced like a dream, it will go fast. So don’t wait around thinking that the timing isn’t right or that you should hold off until things calm down. Now is the time to seize the opportunity and make that move! Selling your house has never been this exciting – trust me, it’ll be worth it!
To help showcase that homes for sale are still going quickly, let’s look at data from NAR on the median days on market for this same time of year from 2018 through now:
As the graph shows, this year homes are sitting on the market only slightly longer than they were during the frenzy of the ‘unicorn’ years. And compared to the last normal years in the market, homes are still selling much faster than they did back then. That’s good news for sellers because it means there are eager buyers out there right now.
Bottom Line
You haven’t missed your chance to sell at a time when sellers are receiving multiple offers, and homes are selling fast. When you’re ready to sell your house, let’s connect to get the ball rolling.
Anytime between “now” and “right now” is a good time to take action on shaping your best life, and that includes where you live. Let’s get the ball rolling on your next steps.
(702) 374-6807. Or drop me a line here.
