As the leaves start to change colors and the air becomes crisp, it's time for Maine homeowners to prepare their homes for the fall season. Fall is the perfect time to tackle essential home
Buyer Activity Is Up Despite Higher Mortgage Rates: A Positive Sign for Homeowners
Dated: May 3 2023
If you're a homeowner considering selling your property, you may be wondering whether now is a good time to put your house on the market. Despite higher mortgage rates, recent data shows that buyer activity is actually on the rise. This is great news for sellers who may have been concerned about a slower market.
The latest ShowingTime Showing Index, a measure of active home buyers, demonstrates the increase in buyer demand in recent months. The graph shows a notable surge in buyer traffic during the first two months of 2023. This uptick is likely due to a limited number of homes for sale, which kept homebuyers searching for their dream home even during the colder months.
Comparing foot traffic in February 2023 to that of the past six years reveals that this year marks one of the best Februarys for buyer activity. Although 2021 and 2022 were exceptional years for the housing market, with the most February buyer traffic in the past six years, February 2023 shows a clear increase in buyer activity compared to pre-pandemic years.
Even more noteworthy is the fact that buyer traffic increased despite a rise in mortgage rates during February. The 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd, yet more buyers continued to look for their perfect home.
According to Jeff Tucker, Senior Economist at Zillow, the upward trend in buyer activity is likely to continue as we enter the spring season:
“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April…”
In summary, the rise in buyer activity in recent months is a positive sign for homeowners looking to sell their properties. Despite higher mortgage rates, buyers are still actively searching for their dream homes. If you're ready to sell, now is a great time to connect with a real estate professional and get your property in front of eager buyers. Don't miss out on this opportunity to take advantage of a growing market!
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- Where Will You Go If You Sell Your House? Know your options!
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- Are You Thinking About Buying a Home? The process of buying a home can be overwhelming at times, but you don't need to go through it alone. You may be wondering if now is a good time to buy a home…or if interest rates are projected to rise or fall, this free eGuide below will answer many of your questions.
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- Planning to buy a house in Scarborough, Saco, Portland, Old Orchard Beach, Kennebunk, South Portland, Gorham, and Westbrook? You must be well aware about the status of their Housing Market, check this video to check the latest Market Udate of these towns.
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