Homeowners who are considering selling their houses may be wondering if it’s still a good time to do so, given the current state of the housing market. The good news is that despite higher mortgage rates, there has been an increase in buyer traffic. The latest ShowingTime Showing Index, which measures buyers touring homes, shows that there has been a noticeable rise in buyer demand in the first two months of 2023. This increase could be due to the limited number of homes for sale that kept shoppers looking even during the colder months.
Comparing the foot traffic in February 2023 to that of the last six years, it’s evident that this year’s February had one of the highest levels of buyer activity. Although 2021 and 2022 had more February buyer traffic, those years were unusual for the housing market, and February 2023 still marks a clear rise in buyer activity compared to the pre-pandemic years. The increase in buyer traffic is noteworthy, especially considering the rise in mortgage rates in February. According to Jeff Tucker, Senior Economist at Zillow, the increased buyer activity could continue throughout March and April.
If you’re considering selling your house, the rising foot traffic is a positive indication that buyers are actively looking to purchase even with higher mortgage rates. Working with a real estate professional to list your house now could help you get your home in front of eager buyers who are looking for a home like yours.
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