Will My House Still Sell in Today’s Market?
If recent headlines about the housing market cooling and buyer demand diminishing have you worried that 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, spurring a significant rise in buyer demand. As rates increased due to this year’s rising inflation, buyer demand pulled back or softened. The latest data from Showing Time confirms this trend (see graph below):
The orange bars in the graph above represent the last few months of data. The market has seen a clear cooldown in the volume of home showings since mortgage rates started to rise. But context is important. To get the complete picture of where today’s demand stands, let’s look at the July data for the past six years (see graph below):
This second visual makes it clear that, while lessening compared to the frenzy in 2020 and 2021, showing activity is still beating pre-pandemic levels – and those pre-pandemic years were great years for the housing market. That shows 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, it’s still a sellers’ market. According to a recent survey from realtor.com, 92% of homeowners who sold in August reported being satisfied with the outcome of their sale. If you work with a trusted local expert to price your house at the current market value, the demand is still there, and you should sell quickly.
Buyer demand hasn’t disappeared. It just moderated this year. If you’re 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.