VARA Weekly Broadcast & Market Update
September 6, 2023
Are you putting off selling your house because you’re worried no one’s buying because of where mortgage rates are? If so, know this: the latest data shows plenty of buyers are still out there, and they’re purchasing homes today. Here’s the data to prove it.
The ShowingTime Showing Index is a measure of buyers touring homes. The graph below uses the latest numbers available and compares them to the same month in the last normal years to show just how active today’s buyers still are:
As you can see, when June 2023 numbers are stacked alongside what’s typical for the housing market at this time of year, it’s clear buyers are still active. And, they’re actually a lot more active than the norm.
If you’re wondering how this could possibly be true, it’s because buyers are getting used to higher mortgage rates and accepting them as the new reality. As Danielle Hale, Chief Economist, Realtor.com, explains:
“Interest rate hikes continue to further cut into buyers’ purchasing power, although they appear to have adapted to the higher mortgage rate environment . . .”
It’s simple. Buyers will always need to buy, and those who can afford to move at today’s rates are going to do so.
The Key Takeaway for You
While it’s true things have slowed down from the frenzy of the last couple of years, it doesn’t mean today’s market is at a standstill. The reality is: buyer traffic is still strong today. Even with today’s mortgage rates, plenty of buyers are still making their moves. So why delay your own move when there’s clearly a market for your house?
Bottom Line
Don’t put off your plans because you’re worried no one will buy your home. The opposite is true, and more buyers are more active than the norm. Let’s connect to get your house ready to sell, so it makes the best first impression possible on those eager buyers.
It’s time to announce the winner of this Month’s Fun Day Monday!
This month’s quiz question was:
What part of your face is home to the glabella?
A. Earlobe
B. Dimples
C. Between the eyebrows
D. Tip of the nose
The answer is (C) Between the eyebrows!
The winner this month is Ausrine S. , who is receiving a $25 gift card to Amazon. Congratulations !
Keep playing and best of luck next month!
Thank you for your time today. We look forward to working with you now or in the future!
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*The information contained, and the opinions expressed, in this article are not intended to be construed as investment advice. VARA Realty, Inc. does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. VARA Realty, Inc. will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.