If recent headlines about the housing market cooling and buyer demand moderating have you worried youve missed yourchance to sell, heres what you need to know.Buyer demand hasnt disappeared, its just eased from the peak intensity we saw over the past two years.
Buyer Demand Then and Now
During the pandemic,mortgage rateshit record lows, and that spurred a significant rise in buyer demand.This year, as rates increased due to factors like risinginflation, buyer demand pulled back or softened as a result.Thelatest datafromShowingTimeconfirms this trend (see graph below):
The orange bars in the graph above represent the last few months of data and the clear cooldown in the volume of home showings the market has seen since mortgage rates started to rise. But context is important. To get the full picture of where todays demand stands, lets look at the July data for the past six years (see graph below):
This second visual makes it clear that, while moderating compared to the frenzy in 2020 and 2021, showing activity is still beating pre-pandemic levels and those pre-pandemic years were great years for the housing market. That goes to show theres still demand if yousell your housetoday.
What That Means for You When You Sell
The key to selling in a changing market is understanding where the housing market is now. Its not the same market we had last year or even earlier this year, but that doesnt mean the opportunity to sell has passed.
While things have cooled a bit, its still asellers market. If you work with a trusted Seven Gables advisor to price your house at thecurrent market value,the demand is still there, and it should sell quickly. According to arecent surveyfromrealtor.com, 92% of homeowners who sold in August reported being satisfied with the outcome of their sale.
Bottom Line
Buyer demand hasnt disappeared, its just moderated this year. If youre ready to sell your house today, connect with a Seven Gables advisor so you have expert insights on how the market has shifted and how to plan accordingly for your sale.
