Will My House Sell in Today's Market?

If recent headlines about the housing market cooling and buyer demand moderating have you worried 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, and that spurred a significant rise in buyer demand. This year, as rates increased due to factors like rising inflation, buyer demand softened as a result. The latest data from ShowingTime confirms this trend.

The orange bars in the graph above represent the last few months of data and the clear cooldown home showings the market has seen since mortgage rates started to rise. Context is important. To get the full picture of where today's demand stands, let's look at the July data for the past six years.

This second visual makes it clear that, compared to the frenzy of 2020 and 2021, showing activity is still beating pre-pandemic levels – and those pre-pandemic years were great years for the housing market. That goes to show 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 a bit, it’s still a sellers’ market. If you work with a trusted local expert to price your house at the current market value, the demand is still there, and it should sell quickly. According to a recent survey from realtor.com, 92% of homeowners who sold in August reported being satisfied with the outcome of their sale.

BOTTOM LINE

Buyer demand is still present, and has changed from the last couple of years. If you’re ready to sell your house today, let’s connect to discuss how to plan accordingly for your sale.