Buyer Activity Is Up Despite Higher Mortgage Rates

Buyer Activity Is Up Despite Higher Mortgage Rates




If you’re a homeowner thinking about making a move, you may wonder if it’s still a good time to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is actually picking up speed.

Data from the latest ShowingTime Showing Index, which is a measure of buyers actively touring homes, helps paint the picture of how much buyer demand has increased in recent months (see graph below):

As the graph shows, the first two months of 2023 saw a noticeable increase in buyer traffic. That’s likely because the limited number of homes for sale kept shoppers looking for homes even during colder months.

To help tell the story of why the latest report is significant, let’s compare foot traffic this February with each February for the last six years (see graph below). It shows this was one of the best Februarys for buyer activity we’ve seen in recent memory.

In the last six years, we saw the most February buyer traffic in 2021 and 2022 (shown in green above), but those years were highly unusual for the housing market. So, if we compare February 2023 with the more normal, pre-pandemic years, data shows this year still marks a clear rise in buyer activity.

The uptick in buyer traffic is even more noteworthy considering the increase in mortgage rates this February. The Freddie Mac 30-year fixed mortgage rate rose from 6.09% during the week of February 2nd to 6.50% in the week of February 23rd. But even with higher rates, more buyers were looking for a home.

Jeff Tucker, Senior Economist at Zillow, says the increased buyer activity could continue:

“More buyers will keep coming out of the woodwork. We always see a seasonal uptick in home shoppers in March and April . . .”

If you’re looking to sell your house, seeing buyers still active in the market this year should be encouraging. It’s a sign buyers are out there and could be looking for a home just like yours. Working with a real estate professional to list your house now will help you get your home in front of eager buyers today.

Bottom Line

Rising foot traffic is a bright spot for this year’s housing market and indicates that buyers are looking to purchase this year, even with higher mortgage rates. If you’re ready to sell your house, let’s connect.

https://hmbt.co/3GV8d8

2410 Properties
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5
Beds
3F11/2
Baths
2,622
Sq.Ft.
2005
Year Built
1
Day on Site
66024026251
MLS
2
Beds
1
Baths
960
Sq.Ft.
1940
Year Built
1
Day on Site
67024026252
MLS
$350,000
Neighborhood: Quail Woods Condo
3
Beds
3F11/2
Baths
2,800
Sq.Ft.
2005
Year Built
1
Day on Site
20240035171
MLS
3
Beds
2
Baths
1,425
Sq.Ft.
1930
Year Built
1
Day on Site
56050143240
MLS
$569,900
Neighborhood: Nottingham Forest # 03
4
Beds
2F11/2
Baths
2,924
Sq.Ft.
1989
Year Built
1
Day on Site
20240035662
MLS
5
Beds
3F11/2
Baths
1,956
Sq.Ft.
2024
Year Built
1
Day on Site
68024026256
MLS
3
Beds
2
Baths
1,140
Sq.Ft.
1948
Year Built
1
Day on Site
66024026257
MLS
3
Beds
1F11/2
Baths
1,752
Sq.Ft.
1921
Year Built
1
Day on Site
65024026255
MLS
$49,900
Neighborhood: Dixie Hills
2
Beds
1
Baths
800
Sq.Ft.
1958
Year Built
1
Day on Site
20240036014
MLS
$385,000
Neighborhood: Windsong West Condo
2
Beds
3
Baths
1,381
Sq.Ft.
2005
Year Built
1
Day on Site
20240036024
MLS
1
Beds
1
Baths
800
Sq.Ft.
1952
Year Built
1
Day on Site
78080046314
MLS
$249,500
Neighborhood: Woodridge Hills Condo
2
Beds
2
Baths
1,185
Sq.Ft.
1989
Year Built
1
Day on Site
20240034541
MLS

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