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Homebuyers are still really active

Posted by on August 5, 2023

Homebuyers are still really active these days. Even though the housing market isn’t as crazy as it was a couple of years ago, it’s definitely not at a standstill. In fact, there’s still a lot of buyer traffic happening.

The ShowingTime Showing Index measures how many buyers are touring homes. The graph below shows the trends in buyer activity over time, which gives us a good perspective on the current market.

It’s clear from the graph that there’s a certain seasonality to the real estate market. In normal years (shown in gray), buyer activity tends to peak in the first half of the year, during the spring homebuying season, and then slow down as the year comes to a close.

But things got disrupted in March 2020 when the pandemic hit (shown in blue in the middle). The market reacted to all the uncertainty, and we entered what you might call the “unicorn” years of housing (shown in pink). Mortgage rates were super low, and there was a huge demand from buyers. Even during that time, there were still seasonal trends, just at much higher levels.

Now let’s look at 2023. Buyer traffic has decreased compared to the previous month and it’s also lower than the peaks we saw during the “unicorn” years. But it’s not a dramatic drop in demand. It’s more of a slow return to normal seasonality. According to the ShowingTime report, “Showing traffic declined about 10% in May… This follows a typical seasonal pattern – disrupted by the pandemic but now beginning to return…”

To give you a closer look, here’s a graph that focuses only on the May data from the past five years. It shows just how strong buyer demand still is.

So, what does all this mean for you? Well, buyers are still out there touring homes. They’re even more active than they were in May 2022 (when mortgage rates started to rise) and definitely more active than they were in the pre-pandemic years. So, it’s important to remember that buyer activity is still strong. And it could be even stronger if there were more homes available 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.”

In conclusion, don’t underestimate how active the market still is today. If your house isn’t on the market, you’re missing out on all those buyers who are looking to make a purchase right now. Let’s connect and start the process.

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