Homebuyers Are Still More Active Than Usual

Even though the housing market is no longer experiencing the frenzy that was so characteristic of the last couple of years, it doesn’t mean today’s market is at a standstill. In actuality, buyer traffic is still strong today.

The ShowingTime Showing Index is a measure of how much buyers are touring homes. The graph below uses that index to illustrate buyer activity trends over time to help put today into the proper perspective.

It shows there’s seasonality in real estate. If you look at the last normal years in the market (shown in gray), there was a consistent pattern as buyer activity peaked in the first half of each year (during the peak homebuying season in the spring) and slowed as each year came to a close.

When the pandemic hit in March of 2020, that trend was disrupted as the market responded to the resulting uncertainty (shown in blue in the middle). From there, we entered the ‘unicorn’ years of housing (shown in pink). This is when mortgage rates were record-low and buyer demand was sky high. Similar seasonal trends still existed even during that time, just at much higher levels.

Now, let’s look at 2023. Traffic is down from the previous month and it’s also lower than the peaks we saw in the ‘unicorn’ years. But what’s happening isn’t a steep drop off in demand – it’s a slow return toward more normal seasonality. As the ShowingTime report explains:

“Showing traffic declined about 10% in May . . . This follows a typical seasonal pattern – disrupted by the pandemic but now beginning to return . . .”

And, to highlight this isn’t a drastic decline, let’s zoom in. Here’s a graph using just the May data for the last five years. It shows just how strong buyer demand still is.

What Does That Mean for You?

Buyers are still out there touring homes. They’re more active than they were in May 2022 (when sticker shock over higher mortgage rates started to set in) and certainly more than they were in the last normal years. So, remember, buyer activity is still strong. And it could actually be even stronger if it wasn’t constrained by the limited supply of homes for sale. According to U.S. News:

“Housing markets have cooled slightly, but demand hasn’t disappeared, and in many places remains strong largely due to the shortage of homes on the market.”

Bottom Line

Keep in mind that the real estate market remains highly active today. If your house isn't listed, it won't be exposed to the numerous eager buyers currently seeking a purchase. To get started, reach out to a real estate agent like Anne-Britt, associated with Mountain Rose Realty, to begin the process.

In conclusion, the housing market is experiencing significant changes, with low inventory and rising prices driving fast-paced sales. Whether you're considering buying or selling a home, staying up-to-date with these trends is crucial for making informed decisions.

To gain a deeper understanding of your local market and how it impacts your real estate plans, it's wise to seek the expertise of a seasoned professional. That's where Anne-Britt and Mountain Rose Realty come into play. With their extensive knowledge and experience, they can provide you with valuable insights and guide you through the complexities of the real estate landscape.

Don't hesitate to connect with Anne-Britt and Mountain Rose Realty to make the most of your home buying or selling journey. Their expertise and dedication will ensure that you achieve your goals with confidence and success.

Remember, the right real estate partner can make all the difference, so reach out to Anne-Britt and Mountain Rose Realty today! Happy house hunting or selling!