Good news for homeowners who would like to sell their existing homes! Have you been putting off selling your home since you feel no one’s buying due to mortgage rates?
Know this – the latest data shows plenty of buyers are still out there, and they’re purchasing homes today. Below is 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 few years to show just how active today’s buyers are:
As you can see, the June 2023 numbers are actually more active than the norm on this chart for this time of year.
Oh, you are saying to yourself, “How is this possible?’ It’s simple: buyers are getting used to higher mortgage rates and accepting them as the new reality. Danielle Hale, Chief Economist at 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 . . .”
Just remember – buyers will always need to buy, and those who can afford to move at today’s rates will do so.
The Big Takeaway
While we are not seeing the frenzy of the last couple of years, the housing market is certainly not at a standstill. Buyer traffic is still strong today, even with today’s mortgage rates. Las Vegas has plenty of buyers that are still making their moves. Don’t delay your own move when there’s clearly a market for your home.
Contact the Smith King Team at 702- 212-2099 and let’s get you and your home ready to be sold for the best possible price.
Keep in mind that whether you are interested in buying or selling a home, a Realtor should represent you. This person is working for your benefit and will help you navigate through the buying or selling process. We have celebrated selling both New and Resale Homes for over thirty years.
We are here to answer any questions you might have – just email Jennifer at jennifer@smithteamlasvegas.com
Thanks and make it a terrific day.
