As mortgage rates have experienced some instability, concerns about the health of the real estate market have surfaced. However, a closer look at the data reveals that buyer demand remains robust. While the market may not mirror the frenzy of the COVID 'unicorn' years, sellers can still find plenty of opportunity in the current landscape.
Showing Traffic Is Up
The ShowingTime Showing Index serves as a key indicator of buyer activity, showcasing an increase in home tours. Elevated showing traffic is not the sole testament to strong demand, as additional factors like the number of offers sellers receive and the average days homes spend on the market further support this narrative.
Sellers Are Still Seeing Multiple Offers
Recent data from the National Association of Realtors (NAR) indicates that sellers are, on average, receiving 2.5 offers on their homes. This suggests that the market remains competitive, with eager buyers making their presence known. While homes are spending slightly more time on the market than during the 'unicorn' years, they continue to sell faster compared to the last "normal" years in the market.
The current real estate landscape provides sellers with a favorable environment. Multiple offers, coupled with a faster sales pace, demonstrate that buyer demand is alive and well. If you're considering selling your home, now is a viable time to explore opportunities. To navigate the process effectively, it's advisable to call today and I can provide insights and guidance tailored to your specific neighborhood.
I would love to provide a personalized CMA for your home and a strategic plan for bringing your home to the market. Let me put my experience to work for YOU.
With the right partner, Sellers can leverage buyer demand to make successful transactions in the current market.