Don't sweat it if you thought that higher mortgage rates meant buyers would disappear. Actually, the data shows that there are still plenty of interested buyers in the market. It's not as crazy as it was during the 'unicorn' years when demand was super high, rates were incredibly low, and home values were skyrocketing. But hey, the market is still moving along!

The demand for homes across the country is still really strong, even when compared to the housing market in previous years. Lots of buyers are actively looking for properties. And we've got the data to back it up!

Showing Traffic Is Up

The ShowingTime Showing Index basically tells us how often potential buyers are going out to check out houses. The graph below gives you an idea of buyer activity in the last eight Octobers using that index.

In the graph, the pink bars represent the 'unicorn' years, and you'll notice that the demand has decreased since then, mainly due to the increase in mortgage rates. However, if you look at 2023 compared to the blue bars on the left, which show the market's activity during the last normal years (2018-2019), you can see that buyers are still more active than usual.

You know what? Traffic isn't the only indicator of high buyer demand. Check this out - the number of offers that other sellers are getting and the average days homes are on the market also show that demand is still sky-high. It's pretty cool how all these factors tell the same story, right?

Sellers Are Still Seeing Multiple Offers

The most recent info from the National Association of Realtors shows that, on average, sellers are getting around 2.5 offers on their houses. We can check out the graph below to see how that stacks up against previous years.

Yes, there are fewer offers than during the crazy 'unicorn' years, as you can see in the pink section. But if we look at last year, there's a slight increase in the number of offers. Plus, it's even higher than it was in the more typical years before the 'unicorn' period in the housing market.

Homes Priced Right Are Selling Fast

Hey, not only are sellers still getting more offers than usual, but their homes are also selling really quickly. This is all thanks to the high demand from buyers.

““. . . low inventory levels are spurring surprisingly strong competition . . . demand has remained resilient, and attractive, appropriately priced listings are moving quickly.”
”

— Zillow

Want to see how fast homes are selling these days? Let's check out some data from NAR on how long it's taking for homes to sell from 2018 until now. I think you'll be surprised!

Looking at the graph, it seems like this year homes are taking just a bit longer to sell compared to the crazy market back in the 'unicorn' years. But when we compare it to the regular market years, homes are actually still selling a lot faster. This is great news for sellers because it shows that there are plenty of eager buyers out there at the moment.

Bottom Line

Don't worry you still have a great opportunity to sell your house. Right now, sellers are getting lots of offers, and homes are selling quickly. When you're ready to sell, just reach out to me, and we can get started right away!