The real estate market is constantly changing with questions regarding the impact of mortgage rates on buyer demand. Interestingly, a closer look at the data reveals optimism. Although the current housing market may not mirror the frenzied pace of the COVID 'unicorn' years, buyer demand remains high.
Let's take a peek!
One key metric shedding light on buyer interest is the ShowingTime Showing Index. This index measures the frequency of home tours, providing a tangible indicator of buyer engagement. Despite changes in mortgage rates, showing traffic remains robust, showcasing that prospective buyers are exploring the market.
The National Association of Realtors (NAR) data underscores the vibrancy of the current market. Sellers, on average, are receiving 2.5 offers on their homes this year. This figure is not only a testament to the enduring buyer demand but also suggests a competitive environment where multiple offers are commonplace. While homes may linger on the market slightly longer than during the peak 'unicorn' years, they continue to sell at a faster pace compared to the last normal years.
Of course, these numbers vary from neighborhood to neighborhood and even from home to home. But it's important to remember that buyer demand remains strong and it might be the perfect time to list a home.
Homes selling quickly is a positive sign for sellers, indicating that there's a pool of eager buyers ready to make a move. The market dynamics, with multiple offers and relatively shorter days on the market, present an opportune time for those looking to sell their homes.
Curious about your home's value in today's market? Or, are you considering taking the plunge into homeownership in 2024? Let's connect and get started on making those dreams a reality!
