If you’re wondering whether people are still moving, the answer is a resounding yes. While some folks are holding off, plenty of buyers are actively looking right now. And we’ve got the data to prove it.
The ShowingTime Showing Index, which tracks how often buyers are touring homes, shows that buyer activity is still happening. Check out this graph showing buyer activity for March over the past seven years:
What the Data Tells Us
Looking at the graph, you’ll notice that demand has dipped since those ‘unicorn’ years (highlighted in pink) due to higher mortgage rates, rising prices, and limited inventory. But here’s the kicker: when you focus on the blue bars representing the more “normal” market years (2018-2019), you’ll see that demand is still pretty strong. So yes, your house still has a great chance of selling!
Can I Afford My Next Home?
Thinking about your next move and worried about the costs? You might have more equity in your current home than you realize. Homeowners have gained significant equity over the past few years, and this can really help when buying your next place. Some people even have enough equity to buy their next home with cash and skip the mortgage altogether.
As Jessica Lautz from the National Association of Realtors says:
“Those who have earned housing equity through home price appreciation are the current winners in today’s housing market. One-third of recent home buyers did not finance their home purchase last month—the highest share in a decade. For these buyers, interest rates may be less influential in their purchase decisions.”
The Little Things Matter
When buyers tour homes, it’s often the small details that make a big difference. Here’s what we’re seeing buyers focus on:
- Parking: Is there enough street parking for guests?
- Laundry Location: Why is the laundry in the basement?
- Garage Space: Will my car fit in the garage? (This was a dealbreaker for a recent home we sold!)
In today’s high-interest-rate environment, we’ve seen buyers walk away over these seemingly minor issues. So, we always tell our homebuilder clients to prioritize livability:
- Parking
- Storage and Closet Space
- Outdoor Space for Kids and Pets
- Privacy: Hedges can hide neighboring homes.
- Small Rooms: Walk-in pantries, laundry rooms, and finished basements for storage are highly desirable. For high-end homes, water closets are a secret to a happy marriage.
- Pool/Yard: Since COVID, these have become must-haves.
What Our Sellers Are Seeing
For our sellers, the pre-listing preparation is crucial. Addressing minor issues before listing can make a significant difference because buyers will notice them. For example, a little chipping paint can be enough to make them walk away. We’ve been working closely with sellers to ensure their homes are in top shape before hitting the market.
Bottom Line
If you’ve been on the fence about selling, now is a good time. A recent survey from Realtor.com found that over 85% of potential sellers have been thinking about selling for over a year. Among those who recently sold, 79% wish they’d done it sooner. The demand is still there, and with the right preparation, your home can really shine in today’s market. Let’s chat and make sure you’re ready to make the most of this opportunity!