If you’re a homeowner considering moving, you may wonder if it’s still an excellent time to sell your house. Here’s the good news. Even with higher mortgage rates, buyer traffic is 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
As the housing market changes, you may wonder where it’ll go from here. One factor you’re probably thinking about is home prices, which have come down a bit since they peaked last June. And you’ve likely heard something in the news or on social media about a price crash on the horizon. As a result, you may be holding off on buying a home until prices drop significantly. But that’s not the best strategy.
A recent survey from Zonda shows 53% of millennials are still renting because they’re waiting for home prices to come down. But here’s the thing: the most recent data shows that home prices have bottomed out and are now rising again. Selma Hepp, Chief Economist at CoreLogic, reports:
“U.S. home prices rose by 0.8% in February . . . indicating
The housing market’s been going through a lot of change lately, and there’s been uncertainty surrounding what will happen this spring. You may be wondering if more homes will go on the market, what’s next with home prices and mortgage rates, or what the best advice is for someone in your current position.
Here’s what industry experts are saying right now about the spring housing market and what it means for you:
Selma Hepp, Chief Economist, CoreLogic:
“We see more competition among buyers . . . Housing supply also tends to grow during the spring months. And this is also the time of year when relatively more migration happens, as people graduate and move elsewhere looking for jobs.”
The spring season is warming up in housing as more and more buyers enter the market. And after rising mortgage rates sidelined so many buyers last year, that's a good sign for sellers. Realtor.Com has the latest: "Spring is officially here, and like green shoots emerging from the bleak winter, new data suggests that more buyers are back in the market, although more subdued than a year ago."
We know buyer activity is trending up because of mortgage purchase application data. According to Investopedia: "A mortgage application is a document submitted to a lender when you apply for a mortgage to purchase real estate."
That means the number of mortgage applications shows how many buyers are applying. Put another way, an increase in mortgage
Are you thinking about selling your house? If you've been waiting for the right time, it could be now while the supply of homes for sale is so low. Housingwire shares: ". . . The big question is whether we are finally starting to see the seasonal spring increase in inventory. Unfortunately, the answer is no, because active listings fell to a new low last week for 2023 ."
The National Association of Realtors (NAR) confirms today's housing inventory is low by looking at the months' supply of homes on the market. In a balanced market, about a six-month supply is needed. Anything lower is a sellers' market. And today, the number is much lower: "Total housing inventory registered at the end of February was 980,000 units, identical to January and up
There have been a lot of shifts in the housing market recently. Mortgage rates rose dramatically last year, impacting many people's home-buying ability. And after several years of rapid price appreciation, home prices finally peaked last summer. These changes led to a rise in headlines saying prices would end up crashing.
Even though we're no longer seeing the buyer frenzy that drove home values up during the pandemic, prices have been relatively flat at the national level. Lawrence Yun, chief economist at the National Association of Realtors (NAR), doesn't expect that to change: "[H]ome prices will be steady in most parts of the country with a minor change in the national median home price."
You might think sellers would have to lower prices to
Even though activity in the housing market has slowed from the frenzy we saw over a year ago, today's low supply of homes for sale is still a sellers' market. But what does that mean? And why are conditions today so good if you want to list your house?
It starts with the number of homes available for sale. The latest existing home sales report from the National Association of Realtors (NAR) shows housing supply is still astonishingly low. Today, we have a 2.6-month supply of homes at the current sales pace. Historically, a 6-month supply is necessary for a 'normal' or 'neutral' market in which there are enough homes available for active buyers (see graph below):
Spring has arrived, which means more people are getting their homes ready to sell. But with recent shifts in real estate, this year's spring housing market will be different from the frenzy of the past several years. To sell your house quickly, without hassles, and for the most money, be sure to follow these four simple tips:
1. Make sure you give buyers access One of the biggest things you can improve as a seller is limiting the days and times when buyers can view your home. In any market, if you want to maximize the sale of your house, you can't limit potential buyers' access to view it. If it's not accessible, it could cost you by sitting on the market longer and ultimately selling for a lower price.
If you're considering selling this spring, it's time to get moving – the best week to list your house is fast approaching. Experts at realtor.com looked at seasonal trends from recent years (excluding 2020 as an uncharacteristic year due to the onset of the pandemic) and determined the ideal week to list a house this year:
"Home sellers on the fence waiting for that perfect moment to sell should start preparations because the best time to list a home in 2023 is approaching quickly. The week of April 16-22 plans to have the ideal balance of housing market conditions that favor home sellers more than any other week in the year." If you've been waiting for the best time to sell, this is your chance. But remember, before you put your house on the
If you're considering selling this spring, it's time to get moving – the best week to list your house is fast approaching. 
