Why Now Is Still a Great Time To Sell Your House

If concerns linger about a decline in buyer demand due to increased mortgage rates, the data reveals that there remains a considerable number of interested buyers. Unlike the hyperactive years of the past, often referred to as the ‘unicorn’ years, characterized by soaring buyer demand, historically low mortgage rates, and unprecedented increases in home values, the current housing market exhibits a less frenzied atmosphere. However, this doesn’t imply a stagnant market.

On a national scale, demand continues to be robust when compared to the preceding normal years in the housing market, and numerous buyers are actively engaged in real estate transactions at present. The following data serves as evidence supporting this observation.

Showing Traffic Is Up

The ShowingTime Showing Index is a measure of how frequently buyers are touring homes. The graph below uses that index to show buyer activity over the past eight Octobers:

According to the latest data from the National Association of Realtors (NAR), sellers are receiving an average of 2.5 offers on their houses. Let’s look at how that compares to recent years (see graph below):

It’s true that’s fewer than the number of offers sellers were receiving during the ‘unicorn’ years (shown in pink). But compared to last year, the number is up slightly. And it’s higher than it was in the more normal, pre-‘unicorn’ years in the housing market too.

Homes Priced Right Are Selling Fast

And it’s not just that sellers are still typically getting multiple offers more than the norm, they’re also seeing their homes sell fast. That’s a direct result of strong buyer demand. According to Zillow:

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

To help showcase that homes for sale are still going quickly, let’s look at data from NAR on the median days on market for this same time of year from 2018 through now (see graph below):

As indicated by the graph, this year, homes are experiencing only a marginal increase in the time they spend on the market compared to the frenetic pace of the ‘unicorn’ years. Furthermore, when juxtaposed with the last typical years in the market, homes are still selling considerably faster than they did in that period. This presents positive prospects for sellers, signifying the presence of eager buyers in the current market.

Bottom Line

You haven’t missed your chance to sell at a time when sellers are receiving multiple offers, and homes are selling fast. When you’re ready to sell your house, let’s connect to get the ball rolling.