Why The Current Market Presents an Opportunity for Selllers
January 2024
In the wake of rising mortgage rates, you might be wondering if buyer interest has waned. Contrary to concerns, the data reveals a robust market with a significant pool of prospective buyers. While the housing landscape may not mirror the frenzy of the 'unicorn' years, characterized by unprecedented buyer demand, historically low mortgage rates, and soaring home values, it's far from stagnant.
Sustained Buyer Activity: National demand remains notably high, even when compared to the pre-'unicorn' years in the housing market. The ShowingTime Showing Index, which gauges buyer home tours, illustrates this sustained interest. While demand has adjusted in response to increased mortgage rates, the comparison to the last normal market years (2018-2019) indicates that buyers are still more active than the historical norm.
Multiple Offers and Swift Sales: Sellers are experiencing a healthy level of competition, with an average of 2.5 offers on their properties, as per the latest National Association of Realtors (NAR) data. While this figure is lower than the 'unicorn' years, it surpasses last year's numbers and outperforms the pre-'unicorn' years. Moreover, appropriately priced homes are selling swiftly, a testament to the enduring strength of buyer demand.
Quick Turnaround for Well-Priced Homes: The scarcity of inventory has intensified competition, resulting in surprisingly strong buyer demand. Zillow notes that appropriately priced listings are moving swiftly, with low inventory levels fostering heightened competition. Analyzing the median days on market from 2018 to the present, homes are selling only marginally slower than during the 'unicorn' years, and notably faster than the last normal market period.
In Summary: The current market offers an opportune moment for sellers. Multiple offers, a steady flow of interested buyers, and swift sales characterize the landscape. If you've been contemplating selling your house, rest assured that the window of opportunity remains wide open. When you're ready to make a move, let's connect to initiate the selling process and capitalize on the current market dynamics.